Today we are super excited to release the Loopring API documentation:
Now programmatic traders and market makers have a DEX to deploy their algorithmic or high-frequency trading strategies. High speeds, low (or no) fees, free cancels. Trade via the API like you are on a CEX, but with 100% Ethereum security guarantees for your assets. Speedy traders, start your engines!
Loopring Exchange, accessible at Loopring.io, is the first decentralized trading platform built on top of the Loopring Protocol — an open protocol for building scalable orderbook DEXs on Ethereum using zkRollup.
Given Loopring’s unique design to handle very high throughput, the API is especially important for us as it allows market makers and algorithmic traders to access the exchange. These traders can now deploy their programmatic strategies that rely on the ability to place & cancel orders instantly and for free. Some of these strategies may even be high-frequency in nature. We hope our API will greatly increase the liquidity on Loopring Exchange.
How to use Loopring Exchange API
We strongly encourage you to go over the Loopring Protocol and Loopring Exchange’s overall architecture, understand how a relayer interacts with the UI and the Ethereum blockchain, then learn some fundamentals regarding Loopring’s Uni-Directional Order Model and Loopring’s layer-2 signature scheme.
Please pay special attention to Order Aliasing (slots) and Order IDs which are very unique to Loopring’s design and implementation, and are probably what you will end up spending most of the time on. If you would like to dig into more details, check out the Order Aliasing section in Loopring protocol’s DESIGN doc.
https://github.com/Loopring/hello_loopring offers some simple Python examples to help you quickly get started using the API. We will continue to improve and open source more examples in this repository in the near future.
Market Makers & Programmatic Traders
With the API release, there is now a home for fast, cheap, ‘true trading’ in the Ethereum DEX landscape. Traditional orderbook-based trading strategies can now be deployed without any of the roadblocks typically present on-chain. The protocol can handle upwards of 2,000 trades per second (tps), while the relayer can currently handle 200 tps. Trades are settled for as little as $0.0001 per trade, and we pass these savings on to users with the lowest trading fees around: 0% for makers, and between 0.06% — 0.1% for takers. We will also be implementing a rebate program for makers.
Try earlier, win bigger!
We are also working on a Market Making Competition with cash (USD stablecoin :) rewards. Integrate with our API earlier so you can be prepared to participate in the rewards. More details will become available in the coming weeks. Please stay tuned.
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We know many of you have been waiting for the API docs since we launched Loopring Exchange in late February. Thanks for your patience, and please feel free to email [email protected] with any feedback, comments, or questions!