Another year has come to an end. The resounding theme of 2023 has been BUILD. As we move into 2024, we move onto a new phase where we hope to start seeing some of the fruits of our labour from the previous years of straight building. Here is a quick recap of some of our major deliveries in 2023:
Q4 was highlighted by a major repositioning blog update, partnership news, as well as some big, new product releases in the all-new DApp browser on L2 and Exclusive (targeted) Red Packets.
On the community side, we have seen tremendous growth in some projects and new ones being launched, highlighted by Mintstream, a new music streaming project on L2 by a legend in the community.
Read on for many more details + highlights as well as a few things to look forward to in the Loopring ecosystem.
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Milestones for Q4/2023 🔥
- Over 224K total L2 accounts now created on Loopring — showing steady growth over the bear market
- Multi-Network architecture in place — ready for mass expansion in 2024
- More Community building #onLoopring — with new projects coming online like Mintstream, FunGate (more in the community section)
Summary of Q4
1. Loopring Repositioning + Multi-Network Future
One of our biggest blogs of the year was published in Q4. In it, we outlined what the new Multi-Network Loopring will look like in the future by showcasing our evolution since 2017 and repositioning some of our core pillars.
This blog is worth a read as it goes into a lot of detail outlining our future strategy of bringing Loopring to the world by deploying our protocol + DApps + Smart Wallet far and wide.
Read up on the full blog here.
2. Community Calls are back!
This past quarter we relaunched our community calls to provide a way for the team to share information regarding current projects and upcoming features, as well as give the community the opportunity to ask questions and provide feedback.
Stay tuned to our socials for another upcoming Community Call this quarter to discuss all things Loopring 2024.
3. Loopring x ZKPool partnership
In Q4 we announced our partnership with ZKPool, an industry leader in zero-knowledge proof (ZKP) infrastructure.
This collaboration is a pivotal step in our mission to revolutionize the crypto landscape by building innovative products atop robust infrastructure, utilizing ZKP technology, and seamlessly integrating it for the end-user.
As Loopring continues to pave the way in ZK-rollup technology, this partnership represents a significant stride toward enhancing our capabilities and solidifying our position as pioneers in the industry.
Read the full announcement blog here.
4. The all-new DApp Browser on L2
This past quarter, we rolled out a big new UI/UX feature within the Loopring Smart Wallet — the all new DApp browser.
With the new DApp browser on Layer 2, users now enjoy a more streamlined DApp user experience directly baked into the Loopring Smart Wallet!
You can now experience all of your favourite L2 DApps in the Loopring ecosystem like GameStop NFT marketplace, LoopExchange, LooperLands and more — as well as Web-3 gaming directly from L2 in a much more streamlined way. No more fumbling with QR codes or switching between apps.
5. Introducing Exclusive (targeted) Red Packets
We introduced another big, innovative feature this past quarter — Exclusive Red Packets.
Now, anyone can target any user segment they like and distribute tokens or NFTs to potentially unlimited addresses all at once without having to pay the transfer costs🤯
This changes the airdrop game for creators and projects — on other blockchain networks today, airdrops to many addresses would cost a small fortune in fees to creators.
Not anymore.
Not only can you airdrop your NFTs or tokens for only the cost to create the Red Packet (under $0.05), you can also pick and target whichever user segments you’d like.
Airdrop a new NFT or token to previous NFT/token hodlers or even to users who have completed certain actions that you want to reward! Exclusive Red Packets also come with built in spam protection — airdrops only touch a users wallet if they are claimed by the user.
Creators and project owners can also become whitelisted, allowing them to send verified push notifications to users when they receive an airdrop as well as higher sending limits.
Recent updates to Exclusive Red Packets:
✅whitelisted users can now send targeted RPs to 10,000 users (prev. 1,000)
✅one address can be listed multiple times to allow holders of multiple tokens or NFTs to receive larger airdrops
Download the Loopring Smart Wallet today to try them out:
📱wallet.loopring.io
Or access the Red Packet portal on the Loopring Pro DApp to connect any wallet and start sending:
💻loopring.io/#/redPacket/create
6. New DApp Alert: earn.loopring.io
Unveiling our new Earn DApp — the decentralized application framework that will soon be Multi-Network across other networks.
This new DApp introduces a fresh user experience, allowing any Ethereum wallet to seamlessly connect to the platform. Users can take advantage of a new vault experience to deposit and withdraw funds from their main (Ethereum L1) wallet to interact with the DApp, which operates on Ethereum’s second layer, offering significant gas savings.
The Earn DApp also sets the groundwork for our future Multi-Network expansion. In the future, the network dropdown will include many other EVM-compatible networks, allowing users who already have funds on those networks to deposit and withdraw to the new Loopring vault. This opens the door to experience many unique DeFi + Earning opportunities from the security of their self-custodial wallets.
7. Welcome to the new Loophead Club
NFT token-gated communities, providing unique utility and access, are now here #onLoopring
✅acquire a Loophead NFT (can be earned also)
✅prove ownership on-chain
✅get special access
It’s as simple as that to join the hottest club on Loopring. We’ve begun doing early-access airdrops for Loophead Club members. In the future, we will also be doing early access to new product launches and other fun things.
Acquire your Loophead and get into Discord to verify yourself on-chain today!
8. Network <> Network Transfers Baked-In
Welcome to seamless network-to-network transfers, directly integrated into your Loopring Smart Wallet experience!
The Loopring Smart Wallet now supports network-to-network transfers (L2<>L2), directly baked into the LSW experience thanks to Orbiter Finance.
Simply use the Orbiter DApp within your Loopring Smart Wallet by choosing the ‘To Another Network’ option when transferring to send tokens directly to/from Loopring + many other L2 networks.
9. Dual Investment Expansion
Dual Investment also received some upgrades in Q4, with the addition of a new auto-reinvest feature as well as the expansion of the product offerings.
With Loopring’s Dual Investment, you can cover a gain or buy the dip seamlessly on Ethereum’s second layer with minimal fees — and now automatically reinvest your investment if your target price isn’t hit!
Want to trade the Bitcoin ETF hype but remain in control of your funds with self-custody on Ethereum? Loopring also gives you access to the best BTC liquidity possible on Ethereum.
Get the best of both worlds:
✅keep custody with WBTC
✅swap with BTC CEX liquidity through Block Trade
The BTC/ETH market was also just added in Q4, which means you can now monetize your views on the market through Dual Investment, while keeping full crypto exposure (no stablecoins), and earn potentially high rewards in the process.
Do it all without the high gas fees on Ethereum’s second layer!
10. 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👇
User Experience Enhancements:
- Red Packets Optimization — streamlined and standardized the red packet flow for improved organization and consistency across various red packet types.
- Loopring.io web UI Redesign — completely redesigned the UI of loopring.io, making it the central hub for both Loopring Pro and Loopring Earn. Redesigned Loopring Pro UI for a more intuitive classic loopring.io experience.
- Block Trade User Experience — enhanced the block trade user experience by enabling WebSocket connection. Prices now refresh automatically every few seconds for better synchronization with major central CEXes. Loopring L2 transactions now include related trade history.
- DApp Browser Optimization — optimized the DApp browser experience, ensuring compatibility with Loopring Layer 2.
- Token Approval Flow Optimization — streamlined the token approval flow for Layer 1 usage.
- Smart Contract Upgrade Flow — optimized the Loopring Smart Contract upgrade flow, allowing users to add their wallet to the whitelist. This enables the deployment of legacy wallets on Ethereum Layer 1 if users choose to do so.
- Token Page Enhancement — enhanced the token page, now fully supporting the top 1000 tokens on CMC. Added Loopring-specific functionality entries for quick navigation.
- WalletConnect Verification API — added support for the WalletConnect Verify API, improving DApp access for users.
- Notification System Optimization — overhauled the notification system, categorizing various notifications, including system messages, user transaction-related messages, and important announcements, into the new notification center. Dual investment-related messages are now included in the inbox of this center.
- Error Handling Flow Improvement — optimized the error handling flow during web DApp unlock procedures. Users are now only prompted to reset EdDSA when they explicitly choose to do so.
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.
11. New Red Packet Notifications
Not every notification in your phone is quite as enjoyable as receiving a fresh, new Red Packet.
With our new Exclusive (targeted) Red Packets you will receive either a small red dot or a banner notification when you’ve received a new potential airdrop. Bigger, banner notifications are only sent out by whitelisted creators — to help you distinguish them from other airdrops.
12. The new Loopring.io
The new front page for the world to explore Loopring and all of our products is here:
✅the now multi-network Loopring Smart Wallet
✅the new multi-network Loopring Earn DApp
✅the elaborate Loopring Pro DApp
Come experience it for yourself + tell us what you think!
Loopring in the Media ☆
Catch some of Loopring’s media, podcast and blog coverage highlighting Loopring, Ethereum Layer 2’s and Web 3’s growing significance.
Byron from Loopring on Dave Lauer Podcast:
“Let’s Talk Markets w/ Dave Lauer: Be Your Own Bank w/ Byron from Loopring”
Byron from Loopring x PPShow Livestream:
“ThePPShow Livestream 12/6/23 Special guest Byron from loopring!”
Proof of Talk Podcast — community members discussing Loopring:
“Proof Of Talk ep.4: Token Gating, Loopress and Loopring with Stephen (Loopring community member)”
Path Forward 💙
1. The New Multi-Network Loopring
Loopring is going Multi-Network in 2024.
In 2024, a primary focus for us will be the expanding Loopring beyond its current isolated L2 ecosystem, transforming it into a multi-network brand. Our goal is to offer some of the best user-facing products in crypto — available to any user, anywhere they are.
You can read up more on our Multi-Network focus here. Stay tuned to our Twitter and Discord for expansion announcements throughout the year.
2. Taiko A6 testnet + Account Abstraction
Our close collaboration with Taiko marches forward in Q1 2024.
Taiko is set to launch its latest A6 testnet later this month, marking the debut of the next evolution of our Smart Wallet technology currently undergoing testing. We are thrilled to be unveiling our new, fully ERC-4337 enabled account abstraction wallet.
Look out for more announcements on what this all means in the coming weeks.
3. A new Vault experience on L2
A new vault experience is coming to Loopring L2 that is going to greatly expand the use-cases available to Loopring users.
Margin and leveraged trading has been one of our most requested features on Loopring for some time. Our new Vault experience will not only open up margin/leverage trading to Loopring users, it also opens up possibilities for many other usages like borrowing/lending, and even the possibility to bring in other assets to trade in this environment that are not Ethereum-native such as BTC, SOL, XRP, DOGE, BNB, and more.
The Vault will be set up as a separate deposit account within your Loopring wallet. Similar to having a chequing or savings account within your bank, you can 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. In the future, within the new margin account, you’ll be able to lend your assets for yield, or borrow other assets to use as leverage for trading and potentially much more.
Demo Trading on Loopring
Not everyone is experienced enough in trading to be able to handle leverage or margin trading. This is why we are introducing demo trading on Loopring.
Anyone, through this new vault environment, will be able to claim demo tokens (that have no value by nature — similar to testnet tokens), and use these tokens to test out trades with leverage.
Paper trade, test out strategies, and see how they play out before putting real money behind the trades — another way Loopring is helping new users onboard into crypto in a safe and secure way.
Stay tuned for more updates on this exciting development.
4. Expanding Block Trade
Block Trade is made possible through our new DeFi Port technology, and is now becoming a fundamental building block of Loopring Pro — bringing the best liquidity across crypto to Loopring L2 users.
Block Trade is an essential piece to solving the liquidity fragmentation problem in Ethereum, giving Loopring L2 users access to the best liquidity available in crypto.
We are now working to expand the popular Block Trade by offering more coins available to trade. This will make Block Trade a new core building block of our future DeFi + trading products — being able to source the best liquidity (on many tokens) from this DeFi lego will open up even more opportunities for Loopring users.
Keep an eye out for announcements on this. Also, be sure to join our Discord or tweet at us on X to let us know what pairs you’d like to see available through Block Trade.
5. Smart Agents + Bots
A big part of the Loopring Smart Wallet’s future is making the wallet full of truly SMART technology, differentiating it from any competitors.
To enable this, we are working on building out new smart trade agents.
The upcoming smart trade agent infrastructure will introduce a host of new functionalities to enhance the Loopring Smart Wallet experience. To start off, these auto trading bots (or trade agents) offer users who want to trade but lack coding or trading experience an opportunity to passively put their assets to work using various automated trading strategies.
First on the list of trade agent functionality 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.
The use-cases for these new smart trade agents will be limitless. Expect a lot more details about what this all means once this infrastructure is released.
6. 2024 Loophead Challenges
As announced, new Loopheads will be becoming harder to get your hands on. With supplies limited, and full distribution slowly nearing the end, it’s going to get harder to earn a new Loophead — so be ready to participate in the upcoming challenges!
In Q1 2024 we are planning to kick off a year-long Loophead challenge, where we will be doing new task challenges paired up with all of our new product launches throughout the year — rewarding Loopring users with some of the last remaining Loophead NFTs for trying out new products👇
✅Complete a task by trying out a new product
✅Get a ticket or tickets depending on your level of activity
✅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 year (as well as some other surprises).
At the end of all of the challenges, we’ll be hosting some grand finale giveaways across social media. Participants who earned tickets along the way will also be entered to win some big prizes such as LRC rewards, new specially designed Loopheads, more wearables, and some other prizes.
It’s going to be a fun grand finale so you’re going to want to participate throughout the year 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 a lot of big changes to our Community Ambassadors + Builder initiative over 2023. Read up in our new updated blog to discover all of the new changes and how exactly anyone can get involved and become a Loopring Ambassador to earn a new role + Loophead NFT in the process.
To summarize, community Ambassadors are now native to each different social media, to better acknowledge and incentivize 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.
We 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 in helping to promote the Loopring ecosystem or helping to onboard new users to the ecosystem.
Users can nominate others for the role, and up to the Top 8 nominees each month will be placed into a final vote, native to each platform at the end of the month.
Top 1–3 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👇
New L2 Loopers💙:
- Birds_Loopring
- ChoiceNFTs
- deepripper.loopring.eth
- futurebanklrc
- Ordinary_Adam
- Wrockfit
New Loopring OGs❤️:
- CSWSΞ
- InfoKG
- superweep.loopring.eth
- takoyakisama
New Loop Troopers🩵:
- Baef_
- barefoot_au
️⭐ 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.
Mintstream
Your Web3 streaming destination is now here on Loopring L2!
From a legend in the Loopring community (@fenneckitmusic) who brought the community the free, open-source NFTTookKit, another very helpful NFT tool for creators!
Mintstream is “your Web3 streaming destination. All your content in one place. Watch. listen. share.”
Check out the DApp here for yourself!
FunGate
Previously known as Loopress, Fungate is a free and open-source Wordpress plugin built on Loopring.
Fungate is a powerful and easy-to-use WordPress plugin that enables users to token-gate content based on NFT ownership. You can easily protect your content and offer exclusive access to users who own a specific NFT. Fungate uses PHP and JS to run standalone on your WordPress site’s server. (That means its free to use!)
Try it out for yourself here!
Want to get into the next Community section?
Check out our latest 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 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.
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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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