Loopring Community Call #2

Loopring Community Calls — where we answer questions direct from our community — have returned, and now in a new format — LIVE on stage in Discord. Below is a recap of our call from Thursday, Jan.25th, 2024.

It was another great turn out from the community — with lots great questions as always. We always appreciate everyone from the community who comes out to spend their time with us and participate in the future of Loopring!

Below is a full written recap of all of the questions and answers from the entire session👇

If you’d like to hear the full call recording instead, you can check it out on YouTube here:

Now onto the written recap👇

(please note that the questions / answers here are not verbatim from the call — they have been summarized or re-done completely for better reading — some even include updated answers from the team)

Loopring Community Call #2: Questions + Answers

Q#1:

Is the Loopring team growing or shrinking? We’ve seen a few departures from people like Winda and Adam from the team. What is the state of the team now?

A#1:

Byron/Magic: It’s true that we’ve had some departures in the company. Adam, who was the head of growth is gone and Winda, who was working on the web app has also departed now. Both of them were amazing team members and for sure they will be missed, however we have already been able to fill these roles.

We’ve had some part time developers and others step up and be promoted into new full time roles.

UPDATE: We’ve also just hired 3 new developers in the month of February to help expand the team. New focuses on Go language and React on the front end will help streamline and optimize our development.

Winda’s role has already been filled and as far as Adam’s role, myself, Chris and Magic are all filling the role of Growth for Loopring for now.

For those that don’t know, Magic is relatively new to the team as the now VP of Product + Operations but has a ton of experience from Senior VP and VP roles in growing companies around China like Cheech Mobile, Marvell and others. He’s managed multiple apps in the past with over 50M daily active users and is now bringing his expertise to growing Loopring.

Our core team right now is over 20, which is around the same level, if not higher than it was a year ago and we are very confident with the team we have. It’s full of talent that is fully capable of growing Loopring a lot over these next few years. This is not to say we are not going to hire more in the future. We will be hiring again once we hit the next big growth phase with multi-network and the expanding of the Smart Wallet and Earn DApp, but at this moment we are focused on putting out some core developments, and gaining some core adoption metrics. After this, then we will look at hiring more to help scale it up.

Q#2:

Does the team have plans to comply with the L2 Beat standards for Rollup Stages regarding security councils and exit windows to help boost user security and move up the rankings there?

A#2:

Byron/Magic: The short answer is yes. We are always working to improve our standards and have spoken to L2 Beat in the past about what we need to improve our ratings there.

We’re currently working on creating a security council for more serious bug fixes where the update needs to happen fast and perhaps information around code cannot be released publicly before the fix is implemented because it could expose users funds. This is where the security council comes in, who can basically vouch for the fix and relay that information to the community, so the community does not need to trust solely on the team.

These are things we want to implement as soon as we can, but require a lot of planning to do right.

And as far as time delays, for regular upgrades, we have nothing against extending them to 30 days or whatever the ongoing standard is. It’s very easy for us to change it from 7 days to 30 days if needed, but we also have to think about if this is the best way to keep users safe. Users security is and has always been our top priority and we’ll continue to prioritize this and role out as many improvements as we can.

Outside of just the L2 Beat standards, we are also thinking about other ways to help improve user security and are planning some bigger updates this year. We want to give users multiple layers of security to keep their assets safe, so that if the worst case scenario happens and maybe they don’t have time to withdraw their assets, users still have extra protections in place to make sure their assets are always secure.

We also talk with other teams in the space all the time and share best practices so we can stay at the forefront of where the space is going. If you zoom out, we’re still super early and many of us (Rollup projects) are moving forward in a similar way. As one project makes progress on these fronts, we share best practices and then we can all move forward together. This is why you see a lot of the Rollups all at similar stages at the moment.

It’s helpful though to get this feedback from the community to know which standards or proposals are important to others as it helps us prioritize. So keep it coming.

Q#3:

What is the status of the Loopring DAO? Does Loopring foresee a future in which it would operate as an actual DAO, with token holders being able to create Loopring Improvement Proposals?

A#3:

Byron: This is for sure a possibility in the future but is not currently prioritized. As I am sure anyone who has been following along for awhile has seen we implemented the DAO with snapshot voting for LRC holders. In the past it was used for more minor improvements like token pair listings or switching of AMM fee incentives.

In the future, we do envision this becoming more and more decentralized over time. The end goal would be to make Loopring a fully distributed ecosystem, where everyone is incentivized and works toward the same goal of growing the ecosystem and helping build or promote it to make this happen. We aren’t there today, and we think the Loopring Foundation will still be a core part of this growth for the next few years at least, but we will slowly build towards this future we envision.

A key part of this will be our Multi-Network strategy and making both the Loopring Smart Wallet and Loopring DApps unique, and widely used products through more smart technology and smart earning + trading opportunities. Once these products are widely available, we can market them more to make them more widely adopted. Once adopted more, we can roll out a better tokenomics models to help align incentives and participation to help fuel even more growth.

All of this will help get us to our end goal.

Q#4:

AMMs vs. Block Trade: Is Loopring actively or passively phasing out quarterly votes to incentivize particular AMM pools and add new trading pairs (tokens) to the DEX?

A#4:

Byron: The roll out of our new Block Trade feature and seeing the seeds of potential big success with this core feature has changed our thinking about AMMs and liquidity fragmentation.

One of the biggest challenges for Loopring L2 for years has been liquidity. The AMMs have attracted good LRC and ETH liquidity, but outside of LRC pairs, other token pairs have struggled to survive within our AMMs and DEX alone. Without wide liquidity availability across many token pairs, it is impossible to build other liquid products for users.

Block Trade has changed the game for all of this and for Loopring liquidity. We are now able to source liquidity for users from the best sources, direct to L2 for potentially unlimited token pairs in the future.

We are now looking to add more token pairs to Block Trade (instead of the AMM) and then use Block Trade as a core building block for future earn products, including the upcoming Vault with leveraged trading and even potentially option trading, and other earning products. Block Trade can also be our liquidity basis for our smart trading capabilities coming like Grid Trading, and other cool features like Copy Trading where you could follow a popular or successful trader and mimic their trades to earn returns. This also adds a cool social element to the Loopring Smart Wallet.

Long story short — we are going to be rolling out many unique and smart trading and earning features to make Loopring products really stand out as a one-stop shop, super app ecosystem. Block Trade can be the basis of sourcing liquidity for everything and really solve the liquidity fragmentation problem for us. We can source liquidity from CEX’s or even other DEX’s in other ecosystems. Basically wherever the best liquidity available is, we can source and serve it up to our users directly in their self custodial wallets so they don’t have to bridge their funds around or lose custody of their assets.

For me this is a big game changer, so this is the reason we’ve focused less on our AMMs.

Q#4 add-on:

We expand and talk about Loopring Differentiators when it comes to our Multi-Network expansion upcoming.

Magic: This ties into our upcoming Multi-network strategy discussion. Once we go multi-network, we really have to think about what kind of products / offerings we can showcase to users on other networks that really set Loopring apart as a differentiator or value add for those users. If we don’t do this, Loopring will gain no traction on these other networks.

For example, our DEX with AMMs might not be super attractive on Arbitrum or Base or other networks, because there are already other DEXs there with great liquidity.

But if we can bring these users differentiated products like the Loopring Vault with margin trading, built on top of Block Trade, where you can source the top liquidity on differentiated token pairs like BTC, SOL, XRP, and go long or short on these coins, where the only other place to do this is on a CEX — this is a truly unique product offering that lots of users will find a lot of value in and set Loopring apart.

These are the kind of key differentiations that we’re thinking about when we go multi-network. Also the Loopring Smart Wallet with it’s many upcoming smart trading features (talked more on below). Also costs will come down a lot on other networks with the Loopring Smart Wallet as we deploy these contracts on L2 instead of L1. All of these things will truly unleash the power of the Loopring Smart Wallet and we can rapidly expand this wallet across many networks. These are the things that will set Loopring apart and add value in the future to attract many more users.

Byron: Yeah on that point about the multi-network, it’s an important point to lean into.

Any user can go on Arbitrum or Optimism today and find a DEX with good liquidity, so the Loopring DEX being added to these networks maybe isn’t much of a value add or differentiator on these networks — we’re not going to get much user adoption with a product like this.

So, we’re really trying to think about what kind of differentiated products can we offer users on every other network that make Loopring unique and really stand out to become a one-stop-shop for users to come to.

For example, some of the new Smart Trading features (using our upcoming, new Trade Agent feature in the Loopring Smart Wallet) I think will be huge.

For anyone that hasn’t been paying attention to everything going on in the space — a new hit feature across crypto has been these Telegram trading bots that allow users to copy the trades of others by essentially giving up your private keys to these Telegram bots and they execute trades on your behalf to try to grow your account. This is exciting but also super dangerous as you are basically completely exposing your funds by trusting your private keys to a third party.

We are building out similar functionality with our new Smart Trade Agents that will allow users to do this but in a self-custodial, trustless way, using the smart contracts of your Loopring Smart Wallet, never having to give up your private keys or your funds to anyone else. We’ll be bringing users amazing functionality like Copy Trading to follow other traders or ways to design your own automated strategies or to follow other pre-made strategies, like grid trading. All of this will be automated for users, and much more secure using smart contracts, helping them earn better profits in a smart and trustless way.

These, along with the other key differentiators like Magic discussed with Block Trade, the new Vault, and other Earn products are going to be huge across other networks as truly unique product offerings that users can’t get anywhere else. This is what is going to set Loopring apart and gain lots of user adoption.

Q#5:

Multiple questions around updates on tokenomics and possible revenue streams for the future to help incentivize LRC holders and stakers and in turn the whole Loopring ecosystem

A#5:

Byron: We got asked about this a lot last quarter also and went into a pretty in depth answer on this already in our last community call (read up more on it here). But for anyone that wasn’t there or didn’t read the blog I can quickly summarize this and then give you an update on where we’re at.

In the last community call we discussed a few different options on how we could update or add to the current tokenomics for LRC and the Loopring ecosystem. A big piece of this is our expansion to other networks. Because we are deploying our ZK-Rollup protocol everywhere we go, for example, deploying our ZK-Rollup on Arbitrum as a L3, and then deploying the Smart Wallet + Earn DApp and tieing them all together, we can collect protocol fees everywhere we go.

We collect protocol fees when users transact on our Loopring L2 protocol on Ethereum now (which is Loopring Pro) , we will collect protocol fees on Loopring L3 on Taiko, on Loopring L3 on Base, etc. So all of this will continue to expand the tokenomics for LRC as protocol fees are shared with LRC stakers.

Other users have rightfully pointed out though that as we scale up, protocol fees get cheaper, so there is less to share. This is true to a point, but should also be balanced out with much more user growth. Lower fees but much higher numbers of users transacting should increase the overall pie with more protocol fees to share amongst LRC holders.

That said, there is also a new model we’re working on, which is a profit sharing mechanism, which can help complement these protocol fees. A profit sharing mechanism seems to be a big win-win for everybody in the ecosystem from our perspective.

How it would work is we build products like many upcoming Loopring Earn products / vaults, Dual Investment products or Smart Trading strategies, like Grid Trading, Copy Trading, or others. Users use these products to earn profits. A percentage (%) of these profits earned can be shared and passed through to LRC holders through staking, buy + burn mechanisms, or some other mechanism.

And to provide an update on this since the last community call — we are pretty confident in this new model and are working to implement this after we implement our Multi-Network rollout along with some of these new earning + trading features. We think it will be a great compliment to the existing LRC tokenomics to help boost incentives and overall participation in the ecosystem.

We’ll continue to update the community through our quarterly updates and these community calls to keep everyone in the Loop and gather feedback as we go.

Q#6:

Multiple questions around when there will be more marketing? How will this be implemented and rolled out?

A#6:

Byron: I would suggest first reading the Loopring Repositioning Blog for a primer on this as we laid out quite a few things in great detail about what we are looking at doing as far as marketing to help get the word about Loopring out more.

We have started doing podcasts, and have some more lined up for the future. We are rolling out more community engagement calls like this one here on Discord, and will also be doing more Twitter spaces in the future to help bring in wider audiences.

Paid marketing strategies aren’t really happening right now because of timing. For me, it makes much sense to do any paid marketing after we are much more accessible for users. Right now paid marketing will be very expensive as far as customer acquisition cost goes. After the Loopring Smart Wallet and Loopring DApps are available on any network and the cost to deploy a new wallet is even cheaper on L3, the cost to acquire a new customer comes down substantially. It then makes much more sense to put money to work on paid marketing strategies like targeted ads on socials, or sponsoring podcasts or youtube channels to get more adoption.

For example, right now if it costs us $100-$200 to acquire a new user through these channels and the value we get from that user is only $10-$20 a year in fees, it doesn’t make sense to throw money at this, it’s a losing endeavour. (this is just a very rough example)

But if after multi-network, it costs just $10-$20 to acquire a new user and we can collect protocol fees + profit sharing fees far beyond this $10-$20 for each new user, then it makes a lot of sense to dump money on this and acquire as many new users as possible through these channels.

There are also some cool, new token incentive ideas we are working out as well in the background — stay tuned for more on these in the future.

The main point is that there is a lot we can do here and we have the capabilities to do a lot more, but the timing and math needs to make sense first. These things will start to roll out once the multi-network approach is fully live.

Q#7:

Taiko updates: Any updates on if / when there will be a Taiko token airdrop and what that could mean for Loopring ecosystem participants?

A#7:

Byron: We obviously can’t speak on behalf of Taiko, but Daniel and the Taiko team have been pretty vocal in the past about Loopring being a beneficiary in some way once and if there is a Taiko token airdrop.

I personally believe this will be the case and Loopring ecosystem participants will be rewarded as part of a future Taiko token distribution, but we need to wait for Taiko to make any official announcements about their token and any airdrops tied to it.

So a little more patience here is necessary as it does look like mainnet is coming soon if A6 testnet is successful. In the meantime, make sure to participate in all of our joint Loopring x Taiko activities and get involved in the community and ecosystem.

Keep an eye on the Utility browser in the Taiko wallet. We just added DotTaiko names as a full integration, so you can now claim your .taiko names directly in the Loopring Smart Wallet — more to come!

Q#8:

EIP-4844 updates: Does Loopring have plans to integrate EIP-4844 or how will Loopring users benefit from this? Are there new team members working with Solidity/contract development?

A#8:

Magic: We have undertaken an exhaustive data analysis to assess the potential advantages of incorporating EIP4844 into the existing Loopring L2 infrastructure. The findings reveal a potential cost savings of up to one-third of the total expenses.

It is crucial to note that certain transactions, such as deposit/withdrawals and AMM Join/AMM exit operations, may not experience significant gains from EIP4844. This is attributed to the inherent involvement of substantial L1 interactions, even for transfer/swap operations, where the benefits may not be as pronounced. Loopring’s dedicated implementation necessitates some L1 interaction instead of relying solely on calldata.

Upon analyzing existing blocks submitted by Loopring to Ethereum, we noted that even in blocks containing only transfer/swap transactions, the average gas consumption for calldata was around one-third of the total gas consumption. This reduction in calldata-related gas consumption results in an average cost decrease of around one-third, even if reduced to zero.

(below, is some of the sampled block data)

While acknowledging the potential advantages, it’s essential to highlight that implementing EIP4844 would require significant changes to the current Loopring L2 implementation. After a meticulous assessment of the potential gains and the effort required for implementation, we have decided not to pursue immediate integration. Our plan is to conduct further analysis to understand how other Layer 2 solutions may benefit from this upgrade.

Additionally, it’s worth noting that Loopring can be built on top of other Layer 2 networks who are implementing this EIP. This is the main way that Loopring users can benefit from EIP-4844. If there is a substantial gain in other Layer 2 networks adopting this, and we deploy Loopring as L3 to enable specific use cases, we stand to benefit from this as well and then potentially even further as an L3.

Regarding contract developers, we have both Liong Xiong and dreday working on Solidity. The recent feature developments regarding account abstraction and trade agents are being developed by them.

Q#9:

What is the difference between Smart Agents (Trade Agents) and the new Loopring Vault feature?

A#9:

Magic/Byron: These are two very different features. The upcoming Loopring Vault is built on top of the Loopring protocol, and will be a Loopring Earn feature. It will give users access to margin trading and lending/borrowing, even on coins/tokens that they may not even own or have access to on Ethereum normally. You’ll be able to go long or short on these coins within this Vault environment and we will source the liquidity using Block Trade to get the user the best liquidity and pricing from across crypto.

The Smart Trade Agents however is a new framework that will be built into the functionality of the Loopring Smart Wallet through the wallet’s smart contract. These trade agents will allow users to execute automated trades, swaps, strategies within their smart wallet without having to give up the private keys to your wallet.

Users will be able to execute all sorts of strategies, which may actually include executing automated trades using Block Trade or the new Loopring Vault, but in a pre-set way. It could also include executing trades across other DApps on other networks. Basically they will be very customizable and will enable users to really have a unique, smart experience within their wallets and help them earn as much as possible.

These will both be very unique, key features that will help differentiate Loopring across crypto.

Q#10:

How will Multi-Network work with the Loopring Smart Wallet? Will we be able to showcase the unique features of each network in the wallet and combine them with the unique features of the Loopring Smart Wallet to bring in new users?

A#10:

Byron: Thanks for the great question Zee.

Not only is this possible, this is exactly our thinking when we go multi-network with the wallet. If we can give users on every network the best user experience possible on that network by baking in native DApp support for all of the most popular DApps on that network combined with the DApp browser to explore every other DApp. Then you pile on top of that even better asset security with social or cloud recovery plus new unique features like Smart Trading Agents that they can’t get anywhere else — well this is going to completely set the Loopring Smart Wallet apart and could very well position it as the #1 crypto wallet to use on every network across crypto.

Magic: The native integrations of popular DApps on each network will be very key and will give Loopring Smart Wallet a unique and best in class user experience. The new Smart Trade Agents will be the connector piece that allows users to experience all of these popular DApps (like a popular DEX on Arbitrum for example) in a unique and automated way. You will be able to, for example, grid trade with pre-set, automated trades, using this DEX on Arbitrum only through your Loopring Smart Wallet or to execute smart borrowing and lending strategies to make automated arbitrage strategies using a popular lending protocol on Arbitrum.

Q#11:

Is there a way to get more transparency into Block Trade and monitor the transactions or fees going through Block Trade on the block explorer for example?

A#11:

Magic: No, not today anyways. These transactions do show up on-chain in the explorer but right now there is no way to identify these swaps from other swaps through the public data on the block explorer. The block trade related transactions are mixed with other swap transactions and we need to find a way to distinguish that. But we will look into this more and find a way to share more data on this in the future.

Q#12:

With other crypto coins now offering ETFs on the public markets, is this an avenue that Loopring is exploring for LRC? Will there one day be an LRC ETF?

A#12:

Byron: It’s definitely possible one day given the trends, but this is not something we are in control of or have the power to make happen. Our focus is on building up the Loopring ecosystem, decentralizing it and making it a fully incentivized and self-perpetuating, growing ecosystem. We want to bring as many users onto crypto rails as possible.

Of course a public ETF could be something that brings a lot of attention, so it would be something we would be encouraged by to bring more attention and then eventually users into the ecosystem, but it’s not something we are or even could actively explore ourselves. It’s up to ETF providers to file for and run these.

Q#13:

Any updates on the Loopring x ZKPool partnership and what that all means for Loopring?

A#13:

Magic: For the ZKPool update, this is actually also coupled with our Taiko strategy very closely. They (ZK Pool) are trying to decentralize the proving for all of the ZK networks across Ethereum. This is the main reason why we connected with them, because we are also a ZK Rollup and always trying to optimize our ZK proving, reduce our costs and also want to work towards a more decentralized future.

Byron: Just to add-on. So the main benefit of this partnership is the increased efficiency and lower costs we are going to see from optimizing our ZK proving, which we can then pass along to end users. On top of this however, we are also working with them, Taiko and more networks in the future to possibly decentralize all ZK proving and create pools of provers.

You will potentially see a bit of this with Taiko, where users may be able to participate in delegating Taiko (TKO) tokens (maybe within the Loopring Smart Wallet) and participate in this proving from pools to share in rewards and earn some yield.

Q#14:

Questions around advanced trading tools timelines and why some have been delayed. Would we be able to get updated timelines on some of these new features? What about actual published roadmaps for people to more easily follow in the future?

A#14:

Magic: First to address the delay we’ve had in some features, specifically the Grid Trading that we’ve been talking about for awhile.

This delay has been due mainly to priority adjustment.

Initially we put Grid Trading, etc. trading bot functionality as high priority, and started building it out, but then encountered one technical issue — that is how to sign hundreds of signatures in seconds to make it a better user experience. In the beginning, we couldn’t find a good way to overcome this, so we lowered down the priority of this task to prioritize other features.

During this time we started working on some other key features:

— Vault w/ margin trading (which we’re hoping to deliver as beta in Q1)
— Account abstraction
— Smart Trade agents
— Multi-network support for LSW

Luckily, later on with the help from community members Fudgey and Lep, we were actually able to conquer this technical issue, so it moved back up the priority list — but the end result is still that the overall schedule indeed is delayed, so we apologize for this delay.

Moreover, recently we also started the effort to re-arch our relayer from Scala to Go for better expandability, which again slows down the overall progress.

Taiko is also doing the final A6 testnet, and we really would like to be ready for its mainnet launch. On taiko platform, we want to implement smart trading capabilities to allow users to interact directly with the DEXes on Taiko, it will require development based on our Trade Agent feature which is built on top of the smart wallet itself instead of Loopring Layer 3.

All of these things have required us to spend quite a lot into engineering development. So, lots of good features are still coming. Even though there was a delay on Grid Trading, we haven’t slowed down at all.

Byron: Yeah, this all ties together with roadmaps and shows why exactly they are so difficult to put together. Priorities shift all the time based on many different factors so it’s hard to put out a very accurate roadmap for the future and stick to it exactly.

At the same time, we see the communities point about how published roadmaps give a lot more clarity, confidence and gives community members things to follow and look forward to — not only for existing Loopring ecosystem participants, but also for people on the outside looking to come in.

There is perhaps some middle ground we can find on publishing maybe a live, updatable landing page or Github page for people to follow a little more closely to see where we’re at and where things are in the priority stages, even if they do shift from time to time.

We’ll work on some sort of solution to this and share more once we can.

Q#15:

Is Loopring working with any more partners? Are there more partnership announcements coming?

A#15:

Byron: As we touched on, on the last call also — partners are a bit of a touchy subject to talk about because the last thing a new or potential partner wants from us is for us to talk about what we’re working on or announcing something subtly before the actual partnership is announced or the product(s) go live.

That said, of course we’re always scoping out and searching for new ways to work with other projects who can improve the Loopring ecosystem or the Loopring user experience or exploring opportunities with other bigger companies who want to onboard to the crypto space but don’t know how or don’t want to build the tech themselves to do it.

Also, with anything that touches the fiat world, we have no choice to work with partners there as they deal with the regulation and onboarding around that side of the world, that’s not something we can or want to do.

With our Multi-Network strategy, we are also now talking with tons of new projects to enable this future all the time. Every week we are on calls and have lots of exciting things planned for the future to roll all of this out.

We’ll share more as soon as we are able when it comes to these things — but in general, it will be when we have something usable so we can use the news and publicity to try to gain new users.

Q#16:

What are your plans for real world adoption of NFT and payments in-stores?

A#16:

Byron: Thanks for the question Athens, I have seen you around the community for years and really appreciate you being such a trailblazer in this category and helping to spread the word so much about Loopring.

(athens.loopring.eth has a physical store in Athens, Greece where he accepts payments/NFTs in his store over the Loopring L2 network)

This is something I am super passionate about also, which is making crypto scalable and usable for every end-user in the real world, especially in-store or in people’s every day shopping experience.

We’re almost at the scale now (maybe with L3) that we could start really rolling out these types of payments systems that could really compete with things like Mastercard and Visa networks in the real world. We’ve been discussing these things behind the scenes about ways we could do this by modifying our wallet a bit.

This is something we want to do in the future but is not something that is currently at the top of our priority list as we do think it still requires a bit more scale and cost optimizations to achieve. But I definitely envision a world, in the hopefully near future, where I can go into a store and use my Loopring wallet to pay for anything with whatever currency/token I want and the store can receive whatever currency/token they want in exchange by simply scanning a QR code. I think this is the future of payments and it’s a future we hope to help build and enable.

Q#17:

Who is behind the Loopring core team and what is the hierarchy like at Loopring Foundation?

A#17:

Magic: Our communication and teamwork is very strong at Loopring. Steve (the CEO) is very involved in the day to day behind the scenes, and even though he isn’t as vocal (in English especially — because this is not his native language), we communicate daily and we often get his thoughts and technical blogs translated into English so that his vision and any key messages can be heard and seen throughout the community.

For example, knowing that we would have a question around EIP 4844 ahead of time, we were able to sync together (Steve and I) to properly communicate the right message to the community here today.

Or another example, when Byron posted the Loopring Repositioning Blog — we had many discussions internally around this and worked all together with our core decision makers to polish this message and make sure we all have our input in this blog before it goes out.

Byron: Just to reiterate and expand on this — so Steve is the CEO, Magic is the VP of Product and Operations and then myself and Chris (blank) run basically everything else on the public facing side, at least on the English-facing side, to interface with the community as well as business development, communications, messaging, etc. We’re not super focused on titles — between the four of us we communicate daily and sync up often to make sure we are always on the same page.

We then have a team of more than 20 now on top of this to help build out everything and get it into the hands of the end-users. We are very confident with the team we have and believe we are very capable of achieving everything we have laid out.

We also have a very strong extended team of advisors (many from Taiko who are ex-Loopringers) that we can also lean on whenever needed.

Of course, once we grow more we will need to expand again and hire more, but we have a very strong foundation right now to build upon.

Blank: I would just like to echo on my end what Magic + B just kind of laid out in terms of how things operate. One of the key things also that we do, that didn’t really get mentioned but everyone probably knows it, is that B and I are talking to you all daily in DMs and in Discord, Twitter, Reddit, etc., and then we’re relaying all of that feedback back up to the team and Magic is also always in these other channels checking for feedback from the community.

I’ve been in a few roles in my days here, I spent about 14 years in traditional finance, and now this. I’d say it’s a pretty unique structure — it has a startup feel, but it’s not a startup company. We’ve been around for quite a few years now, and we know what we’re doing. We have a solid roadmap and we know how to execute it, but like B had mentioned, we’re not super focused on titles. Everybody is able to speak and have their opinion heard and valued — it’s just a really unique place to work and I think we have a pretty great community here that supports us. You guys ask some tough questions sometimes, but you should — I think they’re all great and valid questions too, so we appreciate that as well.

That’s it for the questions and answers for this Community Call — but we’d also like to give a big shoutout to Helios, our all-start community moderator, for helping to host and moderate this call. Also shoutout to Brachster, who is on our support team, who is always in the Discord and in the backend, interfacing with the back end team to help get users the best support possible and get their questions answered on a daily basis.

Thanks to everyone again for tuning into this call, for listening to recording or for reading this blog. The Loopring community and ecosystem is truly unique and one of the best in the world. We appreciate all of you who are participating in helping to grow this ecosystem every day and we look forward to interacting more and helping to grow this into a world leading ecosystem together.

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About Loopring

Loopring is an Ethereum Layer 2 zkRollup protocol for scalable, secure DeFi and NFT applications. Loopring builds non-custodial, high-performance products atop our L2, including the Loopring Wallet — a mobile Ethereum smart wallet, and the Loopring L2 web app — an L2 orderbook and AMM DEX. To learn more, follow us on Medium or see Loopring.org.

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