Loopring Monthly Update — 2020/10
Over the month, we have made excellent progress in Loopring 3.6, L2 AMM, the new relayer system, as well as our smart wallet mobile app. We continue to do more testing and will launch them soon.
Loopring Protocol
We streamlined and optimized the AMM pool contract, which was also tested together with the relayer's AMM support. This is a big step towards launching Loopring 3.6 later this year. We also made some small improvements and optimizations to the protocol itself.
The security audit for Loopring 3.6 is in progress, and the bug bounty is still running until the end of November. Vulnerabilities can be reported for LRC rewards.
You can read about the Loopring 3.6 improvements and features to learn more about what is coming and see a detailed comparison vs. 3.1.
Loopring Wallet
For Loopring Wallet smart contracts, we are implementing additional optimizations and improvements. This batch of improvements will be ready in a week or two as our 1.2.0 release. After this is done, we’ll invite additional people to join our beta testing program — as of now, there are about 200 people in China testing our mobile wallet app. Please stay tuned for an English beta group as well.
We have received so much valuable feedback from the community. Without their active participation, it is impossible for us to improve the wallet to be as easy-to-use as it is now. It is also the community’s enthusiasm for participation and recognition of our effort that motivates us to continue to perfect our product. At present, we open 20 test slots to the Chinese community every day. We will release the Android app when there are no more meaningful change suggestions from test users.
We have enabled Loopring Points to motivate users to use our wallet. Loopring Points is a centralized reward accounting system and will not become another crypto asset. However, points can be used to receive free services, including transfers and trading. In the future, we will also allow users to convert their points to LRC when the balances reach a threshold.
Loopring Exchange
Relayer
We carried out a 7-day closed development during the National Day season in China. The team completed the development and testing of AMM during the holidays; 2 weeks later, we also completed the initial integration testing for most features.
We have completed all functional development for the new relayer, including the support for AMM and Fast Withdrawals. We have been running relayer stress tests over the last weeks and expect to launch Loopring 3.6 on mainnet and the new relayer in production very soon.
Loopring’s AMM supports Balancer’s curve (A^a*B^B*…*Z^z=Constant) and allows multiple tokens in the same pool with different weights; all actions, including joining and exiting pools, pool token minting and burning, and of course swaps and fee collections all happen on L2. More details here.
Unlike our previous design, Loopring’s new Fast Withdrawal is now built on top of a new feature we call Payment Redirect. As a matter of fact, all withdrawal requests are fast withdrawal requests. The actual withdrawal delay depends on liquidity providers’ available funds and the maximum fees users are willing to pay.
Loopring.io
We are upgrading our DEX web app to use the new relayer API. In the meanwhile, we are adding a UI for L2 AMM to support easy token swaps.
We plan to launch the new UI at dex2.loopring.io and migrate the current interface to dex.loopring.io.
Community member, fxspinnaker, made a simple trading bot that sources orders from Binance to place orders on Loopring Exchange. You can see the bot here: https://github.com/fxspinnaker/node_v01. This adds to the list of open-source market-making software/bots connected to Loopring ready for anyone to use or build upon.
Liquidity Mining
PieDAO launched liquidity mining campaigns for 3 trading pairs on Loopring Exchange: DOUGH-ETH, DEFI+S-ETH, DEFI+L-ETH. Liquidity providers can earn 2000 DOUGH per trading pair for placing limit orders within a 1% spread on those orderbooks. Their ‘pies’ (index funds) are the first ones tradable on L2, and could provide users broad exposure to the DeFi sector while remaining on the zkRollup. More info here.
Origin ran an OGN-USDT liquidity mining campaign on Loopring Exchange, providing $3000 in OGN to market makers on that pair over 30 days.
Community member, flips, ran an analysis on the returns within Loopring’s liquidity mining programs. The APYs he reported were very attractive.
Operations
We welcomed Federico Luzzi as a part-time integrations engineer. You may recognize his name from building the Loopring Pay UI, Swap UI, and Rails for the DXdao. We are glad to have him, and he will be helping on a few fronts, with an initial focus on upgrading the Loopring API for 3.6 and related documentation.
Federico also built a JavaScript library for interacting with the Loopring relayer: https://github.com/luzzif/loopring-lightcone. This makes it easy to build fast, gas-free DEX or payment apps on Loopring’s zkRollup.
- We had our first ever Loopring community call! It was a great time. Thanks to everyone who made it out. Lots of topics were discussed, and great questions were asked. We will continue to hold these community calls monthly (around mid-month). The best way to stay in the loop to know when they are happening is to join our Discord or follow us on Twitter.
- Loopring Exchange was included in Hummingbot’s newest release. Any Hummingbot user (and any user at all) can now easily run trading bots and make markets on Loopring.io. Instructions here: https://docs.hummingbot.io/connectors/loopring.
- Rails, the payment application atop Loopring’s L2 built and hosted by the DXdao, launched. You can use it with your existing Loopring account. Visit it on the web or mobile at https://rails.eth.link. The frontend is hosted on ENS and IPFS.
- Eidoo card integrates Loopring’s L2 for scalable transfers. It will be the first Visa debit cowered powered by a non-custodial crypto wallet to integrate a Layer 2 solution to save its cardholders' time and money.
- An ‘Awesome Loopring List’ was created — a giant list of helpful and educational resources on all things Loopring. Good to bookmark.
- We opened a channel in our Discord server for taking community polls, including on which tokens to prioritize support for on Loopring’s zkRollup. Join here.
- Loopring became a member of the Asia DeFi Alliance (ADA). It aims to unite leading DeFi projects in Asia and DeFi-related blockchain companies to promote the establishment of a more complete DeFi ecosystem.
In The News / On The Ground
- Vitalik wrote an essential and pertinent piece on a rollup-centric vision to scale Ethereum. Recommended reading for a greater understanding of Ethereum’s potential path forward and how ETH2.0 can be slightly adapted to let rollups do some heavier lifting
- Last week was Shanghai Blockchain Week. We participated in a few meetups during the week and shared our latest development in Loopring 3.6 and our smart wallet. Vitalik also participated in some events, where he talked about L2 solutions, and touched on Loopring’s zkRollup.
- Loopring COO, Jay Zhou, did a DEX vs. CEX panel at BlockDown conference with FTX and Binance. Jay also sat on a Layer 2 roundtable held by Golem, together with OMG, MatterLabs, and Optimism.
- AG Hunter made two wonderful videos diving very deeply and coherently into all things Loopring, LRC, from protocol to product, history to future. Part 1: (and Part 2 here)
- Loopring’s head of business, Matthew Finestone, went on the Cryptotesters podcast:
- Finematics made a really nice animated explanatory video about the difference between ZK and Optimistic rollups and Layer 2 scaling at large.
- Matthew wrote an article in CoinDesk, “Ethereum enhancers, not Ethereum-killers.” It describes Ethereum’s scaling landscape, the difference between homegrown L2s and allied L1s, and how projects that may have once aspired to be Eth-killers are now more likely to be building bridges and trying to enhance Ethereum.
- Matthew also went on Crypto Breakdown for a chat about Loopring, our product plans, and layer 2 scaling.
- The Decentralise newsletter featured a piece on liquidity mining on Loopring’s layer 2. Setting up an L2 trading bot is easier than you think.
- DeFi Library gave a detailed rundown and tutorial on Loopring in Turkish. It’s great to reach that new audience for us!
LRC
LRC successfully passed the MakerDAO community vote to be included as collateral. LRC holders can now mint/borrow DAI against their LRC.
About
Loopring is a layer-2 protocol for scalable, secure exchanges & payments on Ethereum using zkRollup. Loopring brings fast and cheap transactions without sacrificing Ethereum security. You can sign up for our Monthly Update, learn more at Loopring.org, or trade and transfer at Loopring.io.
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