Another quarter has passed and there is no slowing down in the Loopring ecosystem. The groundwork we are laying now with new infrastructure, new core product launches, as well as education + community building, will be the foundation that pushes us ahead when the next big adoption cycle hits the crypto space.
Some of the highlights from this past quarter have been the test launch of Loopring L3 on top of Taiko L2, our partnership with CIAN to bring innovative, automated DeFi to Loopring users, as well as the release of an exciting new Referral Rewards program!
On the community side, we are excited to see even more expansion and adoption of Loopring Gaming as well as the overall NFT ecosystem with more marketplaces + tools being launched for creators and investors alike.
There’s a lot packed into this report, so sit back and read on for many more highlights as well as a few things to look forward to in the Loopring ecosystem.
👇👇
Milestones for Q3/2023 🔥
- Over 210K total L2 accounts now created
- Loopring NFT ecosystem continues to expand — now with GameStop NFT Marketplace, LoopExchange, .CORE Marketplace + UpTick— with many amazing tools for creators also like: Dutch0x, Maize, L2Manager + more
- Loopring Gaming #onLoopring taking off — with hits like Spiked Rollups, LooperLands as well as many upcoming projects
Summary of Q3
1. Loopring L3 LIVE on testnet
Loopring L3 has arrived in Q3 and is still available to test on top of Taiko L2 (alpha testnet) for a couple more weeks.
This marked the beginning of our L3 journey towards achieving greater scalability & highly optimized experiences tailored for our smart wallet and decentralized applications.
By moving the generalizable smart contract layer to L2 and more users + applications to L3, we can bring user costs down to pennies and provide a better user experience to help onboard the future masses to the new financial world — on crypto rails.
Check out the short video above to see exactly how to set up your Taiko wallet and activate Loopring L3. You can try out the whole experience directly integrated into your Loopring Smart Wallet today.
2. CIAN Protocol x Loopring
More unique + advanced DeFi earning opportunities are coming to Loopring thanks to our partnership with CIAN Protocol🔵🟡
In Q3, we were happy to introduce amplified ETH liquid staking yield through our new CIAN Leveraged ETH Staking vault — direct on Loopring L2.
This is just the start of our partnership with CIAN as we are planning many more collaborations and product launches in the future. We’ll expand on this below in the Path Forward section.
For now you can try it out today on mobile:
📱→ wallet.loopring.io
or connect your Ethereum wallet on the web:
💻 →loopring.io/#/invest/leverageETH
3. Introducing new Referral Rewards on L2
In Q3, we introduced a brand new referral rewards program on Loopring!
Refer a friend using your unique code on L2:
✅they get fee discounts
✅you get trading commissions from their L2 activity
Come get your unique code today through the Loopring Smart Wallet app + start getting rewarded.
4. Smart Contract Upgrade
Our big Loopring Smart Wallet contract upgrade has arrived🔥
We’ve introduced a new upgrade process at the same time — pay once for this upgrade and all future upgrades will be done at no cost.
Check out this full tutorial below to walk you through the whole process.
Main changes:
✅Resolves ETH/WETH wrapping issues
✅Resolves L1 DApp interaction issues — giving us the ability to expand the Ethereum L1 offering and experience in the wallet
✅Introduces a new proxy architecture, allowing the automatic deployment of future upgrades
Ethereum’s most secure wallet, packed full of security features like social recovery, cloud backup + recovery, 2FA protection, and more just got a whole lot more functional as a full, multi-network super wallet!
5. The New + Improved Block Trade
We introduced an updated Block Trade feature this quarter — now with near unlimited capacity for pulling Centralized Exchange (CEX) liquidity directly to your self-custodial wallet.
You no longer need to give up custody of your assets to access the best centralized exchange (CEX) liquidity in crypto.
Not your keys. 🔑
Not your crypto. 💰
Everybody knows this phrase, but until today most still have had to take on the risk of giving custody to larger exchanges in order to be able to get access to what CEX’s offer — low price slippage and best price execution for their trades. DEX’s offer better security, but CEX’s traditionally have better liquidity. Now you can have the best of both worlds!
Tap into the best liquidity in crypto from the security + comfort of your self-custodial wallet with Block Trade.
With the new and improved Block Trade, you can now prioritize Speed or Quantity
By prioritizing speed — you will receive up to whatever liquidity is immediately available on L2
By prioritizing quantity — you will receive the amount you have requested (even if it is larger than the available quota on L2) once the order is filled by market makers, without ever having to lose access to your assets on L2 Try it out for yourself today + stop compromising your security for better liquidity.
Watch this tutorial above to learn how easy it is to make a Block Trade in the Loopring Smart Wallet!
Try it today👇
Connect your Ethereum wallet on the web DApp:
💻→https://loopring.io/#/trade/btrade/
Or even better, get the most secure Smart Wallet around, with Block Trade and the whole L2 experience already baked in:
📱→https://wallet.loopring.io
6. ERC-20 Blind Box Red Packets on L2
Unveiling our new ERC-20 Blind Box Red Packets🧧
Level up your gaming user experience or gamify your social media giveaways with Blind Box Red Packets — now available for NFTs + ERC-20 tokens.
Create a lottery-like experience using any Ethereum token by filling up a Blind Box Red Packet, creating a unique QR code, and letting your community scan the code for their chance to win!
Try it yourself:
7. Loopring Gaming Taking Shape
#onLoopring gaming is heating up🔥
Spiked Rollups offers many fun and interactive games like Mochi Monster (seen above), which you can now even play from directly inside your Loopring Smart Wallet.
Play Mochi Monster to earn Red Packets to your Loopring L2 wallet in-game!
LooperLands is quickly becoming a big hit inside the Loopring ecosystem! It is a retro-styled RPG game built on Loopring, where you can purchase L2 NFTs to use in-game, defeat monsters + challenges and level up. Every week there are events, meetups, and more!
You can now even purchase real estate in the new Everloop Chronicles expansion of LooperLands!
We’re also keeping an eye on some new and upcoming games being built on Loopring. If you’re building #onLoopring, be sure to tweet at us using the hashtag or hop into our Discord and share what you’re building with the team.
8. MetaGates: bespoke Metaverses on Loopring
In Q2 we unveiled Metagates in partnership with Protocol:Gemini — in Q3 the team has expanded the collection with the new Zen Garden Metagate, as well as their availability across marketplaces💜
MetaGates are more than just pretty NFTs that you can buy from the GameStop NFT Marketplace or the new .CORE Marketplace — each one gives you access to your own customizable, private virtual space where you can show off your own NFTs and 3D assets.
Check out what some L2 users are doing with their own MetaGates👇
In the future, these private spaces will become your digital home and portal, where you can hop in and out of public spaces to meet others and so much more! Make sure you stay tuned to the Loopring twitter, or our partners at Protocol: Gemini for more exciting developments in this area.
9. Loopring L2 + Wallet Upgrades
We added a number of new upgrades + features throughout the Loopring L2 ecosystem this quarter. Check out some of the main highlights below👇
Protocol related:
- Built the zkRollup Layer 3 — now deployed on top of the Taiko A3 test network, allowing users to experience the DEX utility on L3.
- Released the new smart contract v2.3.0 with a new proxy architecture — allowing users to enjoy a lifetime of smart contract upgrades managed by Loopring.
- Added ERC20 blind-box red packet support — to better support creators and community campaigns.
- Added CIAN leveraged ETH staking vault—a new earn product giving users a more aggressive ETH staking investment opportunity.
- Optimized the block trade feature— users can now still lock the price even when the quota available on L2 is not enough.
- User-claimed protocol fees — we now allow users to claim protocol fees, maker fees, staking fees, etc. manually with a dedicated “Rewards” entry under the “Asset” tab.
NFT related:
- Added more multimedia formats support in the smart wallet app — mp4, mp3, and 3D format now supported
- Added sort by recent — both item view and collection view now support this.
- Local cache optimizations — we further optimized the local cache implementation for the wallet app so that the multimedia formats NFT content can be cached locally for quick access.
- Explorer upgrades — we added collection query capability on explorer.loopring.io.
- Reminders — added a reminder for legacy NFT (without collection information) creators to add collection information via loopring.io so that all users will be able to view those NFTs under the proper collection category.
Security related:
- Risk reminders — added risk reminders for potential guardian risks — mutual guardians that may cause a deadlock or scenarios where guardians and users wallet are both managed on the same device.
Other User experiences enhancements:
- Re-designed “market” tab in the smart wallet — the new “market” tab is now based on a single token instead of a token pair which sets the groundwork for future multi-network support.
- Referral upgrades — restructured the new referral model to allow both referrer and referee to get rewards via trading activities on Loopring. Data is easy to access via the new dashboard.
- Web app upgrades — we’ve upgraded the web app with new colour theme support and released the new Earn UI.
- Optimized social recovery flow— users can now query their binding wallet information via phone/email.
- Push notifications — added push behaviour support for situations where one wallet is managed on various devices.
- DApp Browser upgrades — optimized the DApp interaction flow to allow users to easily access various DApps via the internal wallet browser.
- Synced data — we synced up address type data to the cloud so that users can now access the information across devices and across apps (wallet app or DApp).
- Optimized wallet signing flow— signing information is now displayed in a more structural view.
- Transaction simulations— added dry-run support to simulate the on-chain process and also optimized the gas estimation algorithm.
- Orbit cross-network support — users can now move assets across Loopring and other L2 networks much more easily.
As always, we will continue to gather feedback from the community as well as work with our partners to add new features, tools, and improve the usability of Loopring L2 so that users can truly move closer to becoming their own bank.
10. Developer Portal
Our new Developer Portal is now live⚡️
We’ve put a lot of work into updating all of our docs + guides, making it even easier to build on or integrate Loopring products If you’re a dev — this is now your new front page to access everything you need.
11. Protocol Fees changes for Q3
We’ve made some big changes to our protocol fee reward mechanism this quarter!
Protocol fee rewards and Maker fee rebates for providing liquidity are now claimable on Loopring (web + mobile). Make sure you update to the latest mobile version or check the ‘Rewards’ tab on the web dApp to check your rewards in real-time.
Protocol fees generated on Loopring L2 are shared with productive users in the ecosystem Liquidity providers in LRC AMM pools or other designated pools, as voted on by the DAO, share in some of the protocol fees generated Currently, 45% of shared fees go to these pool LPs.
Makers, who provide liquidity on the Loopring L2 orderbooks in the form of limit orders that get filled by other users, also get rewards on Loopring Currently, all makers receive 0.02% rebate rewards on L2 This means you can literally get paid to trade on Loopring!
You can now check + claim rewards in near real-time! Check it out if you have any pending rewards today👇
Loopring Smart Wallet:
→ wallet.loopring.io → go to Assets > Rewards
Web DApp:
→ loopring.io → go to L2 Assets > Rewards
Loopring in the Media ☆
Catch some of Loopring’s media and blog coverage highlighting Loopring, Ethereum Layer 2’s and Web 3’s growing significance.
Loopring x Protocol:Gemini :
“The Future of Gaming + Web3”
Loopring on the Daily Gwei:
“Loopring L3 on Taiko”
Loopring x .CORE :
“The Future of NFT Marketplaces”
Loopring x CIAN Protocol:
“Seamless DeFi: CIAN meets Loopring”
Path Forward 💙
1. Loopring Evolution + Repositioning
Loopring has been around since 2017 and over this time the name has become familiar to many people in the crypto space — but depending on who you ask, Loopring can mean something completely different — as it has evolved a lot since 2017 when it was just a L2 zkRollup protocol.
We feel the time is now right to update our image and reposition the many unique Loopring products in the ecosystem to help everyone understand where we are today and where we are headed.
Stay tuned for a blog outlining our evolution as one of the original projects on Ethereum as well as our updated vision for the future.
2. More Automated Earning Opportunities
Our big partnership with CIAN Protocol this past quarter will be opening up the door to many more automated earning vaults on Loopring.
We believe that almost all investing in the future will be automated and fairly passive — it really has to be if it is going to be scalable to billions of users. If you look at the investing behaviours of the average adult in the world today, most, if they are investing, are investing into simply managed ETFs to reduce the complexity of picking and managing investments. This is a good comparison for what we’re trying to accomplish on the DeFi front.
A key differentiator that Loopring is developing, that we believe has mass appeal, is giving users these truly unique and automated DeFi + earning opportunities direct to their fingertips. Loopring will be loaded with automated earning strategies and AI powered trading strategies to help users truly take full control of their finances and be able to maximize their returns all in one place.
DeFi is super complex right now, and for a user to really maximize their returns they need to have an in depth understanding of each blockchain, as well as deep technical skills. This isn’t scalable. Automated vaults make this scalable for billions of users around the world and CIAN seems to be an early leader in this category. We are super happy to be partnered with them and to really take automated investing to some exciting places for our users.
Look out for more announcements and product releases in the coming months.
3. Margin + Leverage Vault on L2
Margin and leveraged trading has been one of our most requested features on Loopring for some time. We are happy to announce that we will soon be rolling it out.
Our method here will be to set up separate accounts within your Loopring wallet. Similar to having separate chequing, savings, and investing accounts within your bank, you will soon be able to have your regular daily trading spot account with a separate Loopring margin account (the vault).
With a tap, you’ll be able to transfer funds between these two accounts to access different features. Within the new vault account you will be able to access features like lending your assets, or borrowing other assets to use as leverage for trading long or short.
This also opens up the possibility to bring in other assets to trade in this environment that are not Ethereum-native such as BTC, SOL, BNB, XRP and more.
This opens up Loopring to a much wider audience by being able to bring in highly traded assets that traditionally only available to trade on CEX’s, as well as being able to go long, short with leverage.
We are truly making a CEX alternative on-chain to compete with giants. There is no excuse to giving your assets to CEX’s. Keep it secure and access all the same features from the security of your self self-custody wallet.
Stay tuned for more updates on this exciting development.
4. Targeted Red Packets
We are set to release a new Targeted Red Packets feature in the coming weeks. What does this mean?👇
New Targeted Red Packets🧧
Public (scannable) Red Packets have been a huge hit within the Loopring ecosystem. They have become an integral part of L2 in-game experiences, captivating users and have been shared countless times across social media.
Imagine a scenario though, where you have the ability to effortlessly distribute as many ERC-20 tokens or NFTs as you want to targeted user sets (instead of via QR code), all without having to bear the cost of that distribution. Soon you’ll be able to simply create a targeted Red Packet, pay the creation cost (pennies) and potentially distribute millions of NFTs or tokens for no additional cost to you. Simply input your whitelist and the addresses will get notified of the potential airdrop.
This is a game changer and could open up crypto and NFTs to a much wider audience as we bring down the cost of distribution to almost zero.
As a receiver, if I see value in the Red Packet I was airdropped, I can pay a small fee (currently around 10–20 cents) to claim it and receive the spoils of the packet in my wallet — if I don’t see value in it, it never touches my wallet. It’s a win-win for both creators and claimers!
Stay tuned for a public announcement on this new feature in the weeks ahead.
5. More Advanced Trading Tools + Bots
Apart from automated vaults, we are also working on stepping up our DEX trading experience for users!
We are currently working on introducing more automatic trading bot functionality into the Loopring L2 experience. These auto trading bots will give users who want to trade, but may not have coding or trading experience, a chance to passively put their assets to work with different automated trading strategies.
Next on the list of auto-bots will be Grid Trading:
Grid trading automates a user’s buying and selling by placing orders at preset prices within a certain price range. It is an effective strategy in markets where prices tend to fluctuate within a specific range, as it can automatically execute trades within this predefined grid.
This strategy is a good option for traders who want to take a systematic approach to trading and capitalize on market volatility.
Later on, we’ll also be introducing more order types, including potentially OCO (one cancels the other) orders, or other popular order types to help take our DEX experience to another level — giving users a true Centralized Exchange (CEX) experience on Ethereum’s second layer.
If you have more feedback on how we can improve your trading experience, please send us your feedback in our Discord!
6. Upcoming 12-week Challenge
As announced, new Loopheads will be becoming harder to get your hands on. With supplies limited (only 10,000 Loopheads will ever exist), and distribution slowing near the end, it’s going to get harder to earn a new Loophead — but more challenges are coming so get ready to participate!
Sometime in Q4 2023 or Q1 2024 we will be launching a big 12-week challenge, where we will be doing rapid fire, weekly or bi-weekly challenges, rewarding Loopring users with some of the last remaining Loophead NFTs👇
✅Complete a task on Loopring
✅Get a ticket
✅Be entered to win a new Loophead
But that’s not all.
We will also be giving away some fresh, new Loophead Wearables throughout the 12 weeks (as well as some other surprises).
At the end of the 12-week regular challenges, we’ll be hosting some grand finale giveaways across social media. Participants from the 12 week challenges will be entered to win some big prizes such as LRC rewards, new specially designed Loopheads, more new wearables, and many other prizes.
It’s going to be a big event and you’re going to want to participate to get your hands on some of these prizes. In order to participate, you’ll need to download the Smart Wallet and get into our Discord or tuned to our Twitter for the most up-to-date announcements on the launch of each task.
⭐️ Community Section ⭐️
Community Ambassadors + Builders
We’ve made some big changes to our Community Ambassadors + Builder initiative in Q3. Starting in Q4, we have designed a new way to incentivize and help grow the ecosystem even further with 3 newly designed, native roles for each major social media platform.
Community Ambassadors will now become native to each different social media, to better acknowledge and incentive members of the community on the platforms that they prefer to interact on and help grow the overall Loopring ecosystem there.
This is in addition to our Loopring Legends (builders) role, which will remain the sole Loopring team voted role, reserved for builders in the community who have contributed code, tools, and bigger projects to the Loopring ecosystem.
Moving forward, we will now have 4 separate roles that can be earned, each one that comes with a shiny new Loophead NFT:
Loopring Legends — are talented builders in the community who are developing code, games, features, or tools directly for the Loopring ecosystem.
L2 Loopers — are stand-out community members who are helping encourage Loopring ecosystem adoption by regularly promoting Loopring or helping new users across Twitter/X.
Loopring OGs— are stand-out community members who are helping encourage Loopring ecosystem adoption by regularly promoting Loopring or helping new users across Discord.
Loop Troopers— are stand-out community members who are helping encourage Loopring ecosystem adoption by regularly promoting Loopring or helping new users across Reddit.
In order to qualify for one of these roles, you simply need to be active on one of these social platforms by helping to promote the Loopring ecosystem or helping to onboard new users to the ecosystem.
Users can nominate others for the role, and the Top 8 nominees each month will be place into a final vote, native to each platform at the end of the month.
Top 2 in voting on each platform will be designated the new community role as well as new Loophead NFT.
Below are the new additions who have been assigned new roles this past quarter👇
Q3/ Loopring Legends🧡:
- Betty
- Fuzzy
Q3/ L2 Loopers💙:
- ADammmHill
- AvidLoop
- BIGdata
- dumbmoney.loopring.eth
- gordiart
- roaringpika
- Tankman
- Urcuchillay.loopring.eth
Q3/ Loopring OGs❤️:
- agecko
- akuma.loopring.eth
- crypstina
- daniela.loopring.eth
- khome.eth
- PremiumBrownBoy
- silentrepenter
- system32.loopring.eth
- took
- WizKing
️⭐ ️Other Community News 👇
We have such an amazing and rapidly growing community with so much happening that we want to dedicate a section of our updates to sharing some more of the cool things going on in the community!
Note: Loopring does not directly endorse the use of any third-party applications that we have not been able to independently verify the code, so please exercise caution and use at your own risk.
.CORE NFT Marketplace
The .CORE NFT Marketplace is becoming another go-to hub for great, new L2 NFT launches on Loopring💙
.CORE is building a next-gen NFT marketplace, with a metaverse experience built right in from day one. You can experience NFT drops by many top creators, you can check out their customized metaverse spaces, or you can use .CORE’s NFT analytics tools to analyze your favourite collections.
Follow the team on Twitter, or check out the website here to connect your wallet and try out the marketplace yourself.
Dutch0x NFT Dashboard
Dutch0x is a brand new advanced NFT dashboard built on Loopring L2 by creators, for creators!
The Dutch0x team has developed cutting edge tools which have been used to facilitate over +200,000 NFT trades. The Creator Dashboard combined with artistic imagination enables Creators to overcome technical boundaries and achieve even greater heights!
You can use the platform to draft and create NFTs, check analytics for your collections and so much more! Use their cool gas monitoring feature to mint your NFTs at the exact right time to minimize your costs as a creator.
Non-creators can use the platform now as well to better analyze the NFT market.
We’ve seen a lot of great feedback from the community on this great tracking + analytics tool, so be sure to check it out for yourself or follow their twitter to see what they are up to next!
Want to get into the next Community section?
Check out our new community initiative blog + get involved.
— or —
Get into our Discord server and post your community events into the #community-initiatives channel or make some noise on Twitter (preferrably using the #Loopring hashtag) 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 at loopring dot org. We also have an active Reddit community for anyone to join and contribute to the ecosystem.
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.
Twitter ⭑ Discord ⭑ Reddit ⭑ GitHub ⭑ Docs ⭑ YouTube ⭑ Instagram
