Loopring Monthly Update — 2020/08

Loopring Monthly Update — 2020/08

By LRC Moderator | Loopring | 4 Sep 2020


 

This month we released Loopring Wallet’s smart contract v1.1 and started the app’s UX/UI redesign. We hope to invite users to an early beta in September. Loopring protocol 3.6 is close to code-complete (a quite special new feature was added, read below!) and the external security audits will start in two weeks.

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R&D

 

Loopring Protocol

Our upcoming Loopring 3.6 release has been undergoing an internal audit this month. In the upcoming month, we will start audits with external partners. We further improved our circuits and contracts’ efficiency with a significantly reduced cost per transaction as a result. We will continue measuring different workloads to make sure everything works as efficiently as expected.

We are also finalizing a feature of Loopring 3.6 that we have not yet talked about: AMM. Loopring 3.6 will support both orderbook-based and AMM-based trading on layer-2 and allow settlement between regular orders and AMM pools directly. We will share more details about this much-requested feature in the coming weeks.

For more info on Loopring 3.6, check out this presentation (slides or video) from EDCON. [AMM is not discussed therein, as it is more recent.]

 

Loopring Exchange

We edited the liquidity mining dashboard on Loopring.io to display realtime stats for our liquidity mining campaigns, now showing reward pool, duration, spread requirement, etc. Currently, liquidity mining campaigns are running for the USDT/DAIUSDC/USDTGRG/ETH, and BZRX/ETH trading pairs. We will add another one this week.

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https://loopring.io/account/liquidity-mining

The Loopring Exchange now gives maker orders a rebate on every order filled: 8% of the taker trading fee is given to makers. Also, the taker fee schedule has changed, and instead of ranging from 0.06% to 0.1%, taker fees now range a bit higher, from 0.06% to 0.2%. So, given the default taker fee of 0.2%, 1.6 bps (0.2% * 8%) is given to makers on their volume. This means makers now have negative fees (earning fees to trade). You can see maker rebates accrue daily on your account’s dashboard. [Note, there are no additional gas fees to trades, the fees are all-in.]

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Loopring Exchange now supports ‘post-only’ orders. Meaning market makers can ensure their limit orders are never takers, only makers (will only earn rebates, never pay a fee).

We have also integrated MyEtherWallet support; now, MEW mobile wallet users can use their wallets on Loopring.io using MEWconnect. Thanks to the MEW team for creating that integration. Reminder, if you want to see your wallet (or any other integration/change to Loopring.io), it is open source, so feel free to check out the repo and make a PR.

We listed several new trading pairs, including YFI-USDT and CRV-USDT, ETH-USDC, and ETH-renBTC.

 

Loopring Wallet

After receiving Solidified’s audit report for our smart wallet contracts (version 1.0), we conducted a few optimizations that we believe will significantly reduce wallet creation cost and transaction fees. The new meta-transaction module is also more intuitive and elegant from a design perspective. Solidified subsequently delivered a second audit report for Loopring Wallet version 1.1. The report is available at:

We have upgraded our mobile app to support the new wallet contracts. For those (very few) who have access to our alpha version, we urge you to upgrade at your earliest convenience. In September, we will invite more users to our beta testing program.

Our designer is working very hard on the new UX and UI. It will take three to four more weeks to finish the entire design. We look forward to delivering the polished app to our community as soon as possible.

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A few shots of the new design

 

Loopring Relayer

Most of our relayer engineers participated in Loopring 3.6’s internal audit to ensure the new design and implementation are relayer-friendly. The team will start upgrading the relayer implementation to support 3.6 this week. We expect the work (without the AMM support) to be finished by the end of September.

We have replaced Kafka with our in-house message queue implementation that allows better parallelization of message processing. This change fixed a known issue related to failed order cancellation. We have also improved the prover running on Google Cloud Platform.

 

Operations

We released lots of new info on Loopring 3.6 when Daniel Wang, Loopring CEO, presented at EDCON. Can see a post and slides here, or watch the presentation:


Loopring 3.6, EDCON

[On that note, be sure to subscribe to our Youtube channel, where lots more of this type of educational content is hosted.]

Daniel also spoke on a panel at EDCON with Vitalik, Sergey Nazarov, and others.

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Throughout the month, we sponsored our first ever podcast, Bankless. We offered the nation the code, BANKLESS, allowing VIP4 tier (lowest fees) for 6 months. [Still valid, so onboard with it at Loopring.io!]

We partnered with Coingecko to offer some of their loyal users (and ‘candy’ collectors) a VIP starter kit for Loopring.io. The 200 promo codes, which included an ETH gas subsidy for creating an L2 account, got gobbled up within the first day!

We wrote an in-depth liquidity mining guide for Loopring Exchange on Defiprime’s Alpha forum.

We enabled transfer support (Loopring Pay) for a dozen new tokens, including BAT, BAL, SNT, and more. If you’re sending lots of transfers in these crazy gas times, you should be using layer 2! Let us know if you’d like your token to be supported.

We broke down the math and gas cost considerations about onboarding onto Loopring’s zkRollup for trades and transfers vs staying on L1. TLDR: even with an account creation + deposit fee, you breakeven gas-wise with 1–2 DEX trades or 6–18 transfers.

Hummingbot opened up voting for which exchange connector should be added to their code base. Loopring.io is 1 of 3 contenders. Being included means accessing hundreds of market makers and programmatic traders, exactly what a high-performance orderbook DEX like Loopring needs, so please vote in their Discord before September 6!

 

In The News and On The Ground

A few more zkRollup evangelism efforts (12) from Vitalik, hoping to help alleviate the crazy (and scary) gas prices that popped up this month.

Matthew Finestone, Loopring’s Head of Business, spoke on DEXs and liquidity at the Global DeFi Summit.

Matthew also did a live video AMA with Defiprime.

https://youtu.be/adkTJVMxluo

Loopring Exchange’s liquidity mining featured in Delphi Digital’s report.

Loopring Protocol was analyzed by Formal Verification’s ‘In The Week’.

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https://formalverification.substack.com/p/in-the-week-5b9

DeFi Dad made a great Loopring.io video tutorial for Bankless, ‘3 reasons you should be trading on Loopring DEX’.

https://youtu.be/hF_e4bx-aiQ

Matthew sat on a panel at Chainlink’s SmartCon virtual conference, with Camila Russo and bZX and Balancer teams, on the topic of fundraising and token listings in DeFi.

 

Loopring is a protocol for scalable, secure exchanges & payments on Ethereum using zkRollup. You can sign up for our Monthly Update, learn more at Loopring.org, or check out an exchange/payment app at Loopring.io.

 

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