We started to develop the beta3 version of the Loopring Protocol 3.0, which will greatly increase the throughput and reduce the cost per settlement. We are excited to share some preliminary results in this bi-weekly update.
Research & Development
We have started work on the beta3 release of protocol 3. beta3 will contain a number of changes that will greatly improve the protocol’s throughput and lower the cost per trade. We switched to a much more SNARK friendly hash function called Poseidon. We can now also verify multiple proofs of the same circuit together on-chain which reduces the average cost of verifying proofs. beta3 has just started development but the preliminary results are very promising: throughput with data-availability has increased from 200 trades/second to 290 trades/second; throughput without data-availability has improved from 660 trades/second to 5200 trades/second.
We plan to further simplify the fee model to reduce the number of ZKP constraints per settlement, which will reduce cost per settlement as well. beta3 will be released for relayer integration and third-party auditing before the end of September.
From a global perspective, we have identified five milestones (moonlight, crescent, bloodmoon, corona, and lightsail) for the next six months based on business appeals and new architecture plans, covering high availability, asset loss prevention, performance, safety, and optimization of R&D processes. At the same time, we are adopting the agile development process. We have identified relevant tasks and assigned them to team members.
We have written most of the code related to deposits and withdrawals. The next step would be system integration and testing. In the meanwhile, we are working on a new matching-engine and have made progress. We have also started optimizing the relayer gateway to provide a set of REST/Websocket APIs.
For the DEX web app, we have completed the user registration, user logging-out, deposit, and withdrawal sub-pages/-modules. We have also started the integration with relayer APIs. In the weeks to come, we will perform internal testing with the first version of the Lightcone relayer.
Operations & Marketing
- 07/11/2019 — Loopring CMO, Jay Zhou, attended DeFi Tech Talk, co-hosted by Fintech4Good, ZOS and Star Finance, sharing his thoughts about the future trends of decentralized exchanges and the development strategy of Loopring.
- 07/13/2019 — We published “Loopring 3.0: 1-Million LRC Bug Bounty”, allocating up to 1,000,000 LRC for those who identify significant security issues in Loopring Protocol 3.0.
- 07/17/2019 — We published “Loopring’s Stake in the dxDAO”. Loopring participated in the dxDAO and earned 10.5% of the DAO’s total Reputation (~voting power). We are excited to contribute to this important governance experiment.
- 07/18/2019 — We have reached out to multiple auditing teams, including SmartDec, ChainSecurity AG, and SECBIT, for quotations regarding beta3 security audits. We are comparing offers and will make a decision soon.
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⭑ Discord: discord.gg/KkYccYp
⭑ GitHub: https://github.com/Loopring
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