2 Loopring Requests & Prizes for ETHSanFrancisco Hackathon
From Oct 5 to Oct 7, some of the best and brightest in the Ethereum community will descend upon SF for the ETHSF Hackathon. Loopring will be awarding two prizes of $3500 each in LRC for hackers building with the Loopring protocol.
Prize #1 — Best DEX (or P2P trade platform)
Loopring is an open protocol for building decentralized exchanges, or otherwise incorporating non-custodial exchange functionality in applications. So, for the first prize, we will keep it simple: build a DEX with Loopring protocol.
Loopring’s design distinguishes between frontend and backend services. On the frontend, there are wallets or GUIs that users/traders interact with. On the backend, there are relays/ring-miners who match orders, effectively providing Matching-as-a-Service (MaaS). These two functions cooperate and share trading fees with each other in extremely flexible ways. Collectively, we can call an entity that does both, a DEX.
For this hackathon prize, we impose no restrictions. If you want to build a mobile Ethereum wallet or a web interface/widget that speaks to our own reference ring-miner, that’s great. If you want to build your own backend relay/ring-miner, even better! [We’ll consider ‘degree of difficulty’ among the criteria.]
The reason we have the “or P2P trade platform” in the prize title is because Loopring supports another order type: P2P trades. In these cases, orders are not sent to ring-mining backends for matching, but rather are matched/settled directly with a counterparty. Basically, wallets are the only party in consideration here, no MaaS. Below is an example of a P2P order I just created in UP Wallet (a mobile wallet built on Loopr-iOS).
Of course, P2P orders can be used for many applications beyond just sending trades amongst friends. For example, an ICO platform can use these orders to sell assets in the ‘primary’ market, or a charity campaign can raise many and give donors tokens in return. We will accept and consider any such application that uses P2P orders as part of prize #1.
Prize #2 — Write a contract that sells the non-LRC tokens collected as fees and burns the resulting LRC.
In Loopring Protocol 2.0 we have introduced a new fee model. One of the many changes is that a part of the fee earned by wallets and miners is reserved to burn LRC (we call this the burn rate). If the fee is paid in LRC this is straightforward, we simply burn the LRC directly. If the fee is paid in a non-LRC token, however, we first have to sell the non-LRC token for LRC so the LRC can be burned.
You are free to sell the tokens in any way you like. Of course, we’d like to burn as much LRC as possible with these funds. Selling the funds should also be completely trustless. Anyone will be able to trigger the function that is used to sell the non-LRC and burn the LRC.
Get In Touch
We’ll be at ETHSF to lead a workshop on how to build with Loopring and help teams out as best we can. If you’re keen to build on Loopring and vie for 1 of the prizes, get in touch by joining our Discord or emailing us at email@example.com or firstname.lastname@example.org. We can also help you find teammates looking to partner up and increase their chances of taking down one of the $3500 prizes :).
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