Loopring Quarterly Update (Q3/2022)

Byron @ Loopring
Loopring Protocol
Published in
12 min readOct 13, 2022

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This is the third edition of our 2022 Loopring Quarterly Updates. You can catch up on the previous quarter here; you can also receive these updates in your inbox every quarter by subscribing here.

The theme of this quarter has been BUILD. No matter if the market trends are up or down, the Loopring team is always heads down building and delivering.

This quarter was highlighted by the release of Loopring L2 DeFi Port, the infrastructure and mechanism behind new Loopring Earn products, giving Loopring users even more self-custodial DeFi options at low cost directly on Layer 2.

On top of this major release, there were also plenty of other things to celebrate, including new products + feature rollouts as well as an active and growing community building even more unique tools on Loopring L2.

Here are a few notable accomplishments:

Major Milestones in Q2/2022 🔥

  • Over $25M in NFTs traded on L2 following the launch of GameStop NFT, LoopExchange, and Uptick marketplaces!
  • Over $5.5billion in total trading volume on Loopring L2
  • Over 140K L2 accounts now created on Loopring L2

Summary of Q3

1. L2 DeFi Port

With the introduction of self-custodial DeFi options such as ETH Staking + Dual Investment on L2, Loopring Earn is officially in full gear with many planned updates and new features to come.

You can read all about the new technology and mechanics behind L2 DeFi Port here, as well as an in-depth look at Dual Investment on L2 here in some new blogs from Loopring CEO, Steve Guo.

2. Loopheads are back!

A new quarter means our next big Loopheads competition — this time for the NFT collectors!

Anyone buying or selling NFTs on any of the qualifying NFT Marketplaces built atop Loopring L2 will qualify to win a Loophead during the competition period.

Read more about the competition details in our blog here.

There is a lot to look forward to, with new Loopheads competitions coming this year as well as into 2023 to spread all 10,000 Loopheads amongst loyal L2 participants!

3. Uptick goes live on Loopring L2

Uptick, a new NFT marketplace, made its way onto the L2 scene this Q3.

Uptick is an open platform where anyone can mint and sell NFTs. Their marketplace is the first to implement Loopring’s NFT auction mechanism to enhance price discovery. Read more about how the Uptick team utilized Loopring’s locked asset function here.

Check out the full marketplace for yourself here!

4. DAO Voting directly on L2

The Loopring DAO took a big step forward this quarter when we introduced DAO voting directly on Loopring L2.

vote.loopring.io

LRC voting, powered by Snapshot and The Graph, is now live on vote.loopring.io.

Loopringers are able to vote using the sum of their LRC balances on Ethereum L1 as well as Loopring L2. We’ve recently also released a new feature allowing users who are providing liquidity with LRC to also vote using their AMM LP balances!

We’ve already seen the active participants in the DAO grow substantially over the past weeks, and we are very excited to continue to ramp up more transparency and autonomy within the DAO over the coming months.

If you haven’t already, read up on the release of the first phase of the DAO here.

5. Loopring L2 + Wallet Upgrades

We took time this quarter to fix some bugs, making the app that much smoother, and we’ve also added a number of new upgrades + features.

Here are some notable upgrades we’ve rolled out across mobile and web apps this past quarter👇

Security upgrades:

  • 2FA enhancement–Two-factor authentication (2FA) support is now available to enhance your wallet’s security. Once a user adds additional verification methods, they are able to change the original phone number or email they used when creating the wallet. 2FA also adds an additional layer of security when attempting to change the wallet’s passcode or perform a wallet recovery. This is to ensure the person attempting the action is in fact the owner of the wallet.
  • Account deletion–If a user no longer wants to use the Loopring Wallet, they can now choose to delete their account. This action will remove the wallet from the device as well as permanently delete all registered information associated with the address (e.g., phone number, email address, etc…).
  • Force withdraw–This feature allows a user to move tokens from the Loopring L2 to Ethereum L1 account within the same wallet address. The wallet address must either be a non-activated L2 account or an exchange address. The typical use case for this is when a user accidentally sends tokens to a CEX via L2.

NFT upgrades:

  • Collection support–Collections on Loopring Layer 2 have now been officially supported. Newly created NFTs can be easily categorized into the desired collection.
  • Metadata refresh–Users can now manually refresh the NFT metadata in the case that the IPFS data is not synced properly
  • Royalty auto-distribution–Loopring relayer will now auto distribute the NFT royalty fee to creators on each trade

Other upgrades:

  • Fee UI optimization–Users can now pay transaction fees with LRC, providing a 20% discount.
  • Gas fee estimation–Gas fees can now be estimated for L1 transactions.
  • Entry for locked token handling–Users now have the ability to check the locked token status. If the token is locked due to an open limit order, they can easily navigate to the order book and cancel the pending order to unlock the token.
  • App & Web UI optimizations–We’ve optimized the app and web UI, including the asset and trade/earn tab pages.
  • Red packet optimizations–We’ve also added support of all ERC20 tokens for red packet usage.
  • Transaction History–We’ve optimized the transaction history so that special wallet addresses such as the Loopring operator will be displayed explicitly for users.

We will continue to gather feedback from the community as well as work with the best partners to add new features, tools, and improve accessibility to Loopring L2 so that users can truly move closer to becoming their own bank.

6. Loopring: In the Loop

In Q3, we updated our vision with a full blog all about where we’ve been and where we’re headed.

Loopring’s mission has always been to empower the individual. Whether by delivering non-custodial, consumer-facing products that could do no evil, or building the underlying infrastructure and protocols that make such products possible. ‘Be your own bank’ is more than a meme for us. We’ve built the tools that allow our users to live in a parallel financial world while never sacrificing self-sovereignty and security.

Sit back, grab a coffee, and check out the full blog here if you haven’t already.

7. Loopring HQ2 in Decentraland

Our new HQ in the metaverse is finally here!

You can now easily connect your wallet and visit the new HQ in Decentraland from your web browser by visiting the link here.

We kicked off our very first event here in July with a collab scavenger hunt with Loopring L2’s favorite Puzzle Gang. It was a big success with hundreds of participants completing the challenge and receiving some special NFT prizes.

Be sure to stay tuned to our Discord to hear about upcoming events like this throughout the coming months!

8. Token Gated Communities now on L2

Collab Land + Loopring teamed up this quarter to launch token-gated roles directly on L2!

This new tool gives creators endless potential to strengthen their communities within the Loopring ecosystem.

While we have yet to tap into the full potential and numerous other use-cases that this opens up for communities on Loopring L2, certain features are currently ready to use. Read this guide to create your own token-granted roles for your community. Keep an eye as more features will be coming in the future.

9. Protocol Fees for Q3

This was a special quarter as NFT trading was added to the protocol fee. NFT trading fees have been accruing since June, and the first batch was distributed to ecosystem participants this past September. 10% of the network fee for NFT trading revenue goes towards the protocol fee giving LRC a claim on each NFT trade. Additional information about Loopring Protocol fees can be seen here.

In total, 446,328.27 LRC was distributed to LPs, reserves for the upcoming insurance fund, the Loopring DAO, and future liquidity mining rounds.

Here are the AMM pools voted by the community that will be rewarded for the remainder of the year:

⭐️ LRC/ETH
⭐️ LRC/USDC
⭐️ LRC/USDT
⭐️ rETH/ETH
⭐️ ETH/USDC
⭐️ MATIC/ETH
⭐️ ETH/DAI

Loopring in the Media ☆

Catch some of Loopring’s media and blog coverage highlighting Ethereum Layer 2’s growing significance.

Official Loopring AMA on Reddit:

In Q3, we updated the community with an official AMA hosted on Reddit. You can check out a full recap of all of the Q’s + A’s below👇:

https://medium.loopring.io/loopring-ama-q3-2022-641d27304dd4

Messari coverage of Loopring:

https://twitter.com/MessariCrypto/status/1556007219283386368?s=20&t=jupnBfRmN_5hWo1LxPEPDQ

WX Blockchain Summit panel with Loopring CEO, Steve Guo:

Ethereum 2.0: After the Merge

https://twitter.com/WXblockchain/status/1572529581546164232?s=20&t=iZJglbgtJgim8X4q-hd72w

CoinDesk coverage of Loopring

GameStop NFT Marketplace: A Beginner’s Guide

https://www.coindesk.com/web3/gamestop-nft-marketplace-a-beginners-guide/

Altcoin Buzz coverage of Loopring:

GameStop’s Choice for NFTs: Loopring and LRC Explained

https://youtu.be/_zbwRXMiKEY

Path Forward 💙

1. L2 DeFi Port: Phase 2

Loopring L2 has taken a huge step forward with the introduction of Loopring Earn, thanks to the new mechanics of L2 DeFi Port behind the scenes. You can read about the mechanics of L2 DeFi Port in our recent tech blogs from CEO Steve Guo here and here.

ETH Staking + Dual Investment are just the first of many new product offerings directly on L2. In Phase 2, we will be introducing even greater functionality to Loopring users potentially including lending, margin trading, additional asset staking options, and much more!

2. Loopring DAO: Phases 2 + 3

Loopring Phase 2 was just released prior to the release of this quarterly update in Q4. You can read all about it here.

Phase 2 as well as upcoming Phase 3 of the DAO are all about increased transparency and autonomy. Our aim is to put the pieces in place for the DAO to govern various on-chain protocol parameters like the distribution of protocol fees and allocation of the DAO funds.

We will be releasing numerous proposals over the coming weeks and months aimed at boosting the utility of LRC and enhancing the incentives for users to take part in the Loopring L2 ecosystem. We are also aiming to create a formalized governance process that will be progressively implemented over the coming months.

3. LRC Staking

Stake is back on the menu 🥩 — this time LRC staking is coming directly to L2!

As part of the new and improved Loopring DAO, we are beginning to implement new proposals to revamp the tokenomics of LRC. LRC Staking on L2 will be one of the first proposals to be put to a vote and potentially implemented in the near future.

Keep an eye on the official Loopring Voting Portal to be able to participate in this governance process and vote on whether you want to see LRC Staking brought directly to L2!

4. NFT Marketplaces

In Q3, we announced the launch of a new commercial NFT Marketplace built atop Loopring L2. This new marketplace utilizes our new backend NFT Marketplace infrastructure, which we have spent months building and will open-source for others to use in Q4.

With this, additional commercial marketplaces are set to launch atop this infrastructure. Keep an eye out for announcement updates in Q4!

5. Community Creator Grants

Loopring Community Creator Grants are back for Q3 and will be distributed to many new creators throughout Q3 + Q4!

These new grants are aimed at Community Creators building tools, apps, and educational content that have contributed to the growth of the Loopring L2 ecosystem.

The next round of grants will be announced and distributed for Q3 shortly so stay tuned to our Discord here.

If you are interested in learning about the grant program or want to receive a grant in the future, you can read up on this new initiative here.

⭐️ Community Initiatives + Events ⭐️

We have such an amazing and growing community with so much happening that we want to start to share some of the cool things going on in this new regular piece as part of the quarterly reports.

Here are some recent + upcoming community initiatives and events👇

Note: Loopring does not directly endorse the use of any third-party applications as we have not been able to independently verify the code, so please exercise caution and use at your own risk.

Puzzle Gang Events

The Puzzle Gang is a collective creating challenges, puzzles, and games with one reward: a tasty (LRC filled) Loopring Red Packet.

Their motto is: “Do Good, Be Good.” and we are extremely grateful to have such an amazing crew in our community.

The Puzzle Gang always has cool events and giveaways going on, so be sure to tag along on their Twitter here or chat with them and other puzzle lovers on our Discord in the #puzzle-gang channel.

LoopDropSharp

If you need to perform an airdrop then look no further.

LoopDropSharp is your one-stop-shop to perform them. Find wallet holders, airdrop NFTs, and more. This application should be in any creator’s tool kit.

Check out the new community built tool for yourself here.

Loopring NFT Tracker / NFT Stats

For the growing L2 NFT community, there are a couple other new tools to help you in your daily lives.

  1. trackNFT.live — track your NFT portfolio quickly and easily by seeing the prices of the NFTs you’re holding using this slick new web tool
  2. loopNFT Statistics — is another super helpful website that tracks all of the weekly stats around Loopring L2 NFTs

Check these websites out and support the amazing community members building all of these awesome tools that make all of our lives easier on L2!

Want to get into the next Community section?

Get into our Discord server and post your community events into the #community-initiatives channel or make some noise on Twitter and we will follow along and pick out some of the coolest things happening on Loopring L2 and post them in each new addition of our quarterly reports!

Questions & Feedback

If you’d like to talk to us about any partnerships, have questions, and/or feedback, please join our Discord, or drop us a line at: foundation@loopring.org. We also have an active Reddit community for anyone to join.

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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