Release of Loopring 3.0-beta3 and Start of Security Audit

We are thrilled to announce the release of Loopring protocol 3.0-beta3 and our partnership with SECBIT for auditing the protocol.

Loopring Protocol 3.0-beta3

Through the link above, you can find the addresses of the deployed contracts on the Ethereum mainnet.

New Improvements

1. We switched to use the Poseidon hash function and a quad-Merkle tree for maintaining DEX’s off-chain state.
2. The fee model has been greatly simplified to reduce the number of constraints in the Settlement Circuit.
3. We enabled Batch ZKP Proof-Verification that reduced the cost of verifying a proof from 550,000 gas to about 200,000 gas.
4. We have introduced a uint24 label field to each order. The label fields of all settled orders are hashed into a labelHash value which is part of the on-chain data-availability. Different parties can use the label to verify the integrity of the order data provided by the DEX operators.
5. We enabled Automatic Protocol Upgradability that DEX owners can opt-in. This feature makes it much easier to fix potential bugs and upgrade to new versions without affecting existing users and their data.
6. The throughput of beta3 has been improved by another 75% compared to beta2:

Acknowledgments

We couldn’t have created beta3 without the help of the great Ethereum community. We’d like to thank

• HarryR for his work on ethsnarks and continuous help.
• BarryWhitehat for his work on ZK rollup and support.
• The authors of Poseidon (and in particular Dmitry Khovratovich) for creating a game-changing hash function for SNARKs.
• Matter Labs for their batched SNARK proof verifier implementation in EVM.

Security Audit

We have decided to work with SECBIT as our auditing partner. SECBIT has audited the Loopring protocol 2.0 and has demonstrated extensive knowledge and experience in the applications of Zero-Knowledge Proofs — they recently published a data exchange protocol built on top of ZKP called zkPoD. We firmly believe their careful examination of our codebase, including Loopring’s smart contracts and ZKP circuits, as well as the depending libraries and research papers that we use, will not only help us identify potential security risks, but will also offer us options for further improving our protocol design and optimizing our implementations.

The security audit has already started and is expected to take two to three months to complete. We shall share the final audit report with our community and follow up with a new beta release to incorporate all bug fixes and optimizations.

Going forward, we may work with additional third parties to perform more rounds of auditing for the protocol.

About SECBIT

SECBIT Labs aims to help users build secure, trustworthy, and healthy blockchain Apps. Security threats in the age of blockchain are quite different from the past since the design, protocols, and codes are entirely exposed to the public. The members of SECBIT Labs are skilled at blockchain architecture, cryptography, formal verification, program analysis, etc. They work together to conduct research and develop new tools to solve security issues in the blockchain ecosystem.

SECBIT Labs provides services of code auditing and technological consulting for blockchain teams and DApp developers, and explores the applications of formal methods and cryptography. SECBIT Labs have been sharing many results and tools on Github, contributing new ideas and experiences regularly to the community.

Loopring is a decentralized exchange protocol utilizing zkSNARKs to bring highly scalable, non-custodial trading to the masses. You can sign up for their bi-weekly update, and learn more at:

⭑ Twitter: twitter.com/loopringorg
⭑ Reddit: reddit.com/r/loopringorg
⭑ Telegram: t.me/loopring_en & t.me/loopringfans (Chinese)
⭑ Discord: discord.gg/KkYccYp
⭑ GitHub: https://github.com/Loopring
⭑ Kakao: open.kakao.com/o/gJbSZdF (Korean)