The Ren and Loopring teams are excited to announce that the renBTC asset is now listed on Loopring.io, Ethereum’s zkRollup Exchange, trading against USDT.
Further, this renBTC-USDT pair is being launched with a liquidity mining incentive campaign! Traders adding liquidity to this pair’s orderbook (placing resting limit orders) will automatically be eligible to receive their share of $2K USD in renBTC rewards. Rewards are payable according to spread tightness, order depth, and order balance. Traders will accrue these rewards every hour for 30 days, and can see a dashboard expressing all their earnings in real-time. More information on Loopring Exchange liquidity mining can be found here.
Ethereum and DeFi continue to grow in completely novel and somewhat unexpected ways, building out new financial instruments, market structures, and incentive schemes. However, orderbook exchanges represent one stalwart of the traditional finance system, and one which Ethereum’s parallel financial system has yet to completely capture for two main reasons: 1) inability to perform at the same level in terms of throughput and cost, 2) inability to seamlessly integrate non-Ethereum assets.
The former is effectively solved by layer 2 scalability, Loopring’s zkRollup Exchange being a leading solution for users to trade at high transactions per second (TPS), low cost (no gas), while maintaining 100% Ethereum self-custodial security. The latter is effectively solved by the cross-chain capability of RenVM.
These are solved problems, with in-production solutions. Combined, these technologies endow Ethereum exchanges with the means to outcompete legacy custodial exchanges, while fully upholding the security guarantees we are all here for. As recently as last year, it would have required a relatively active imagination to foresee non-Ethereum-based assets trading on self-custodial Ethereum exchanges at performance equal to custodial incumbents. This is a huge collective win for the entire ecosystem, and we are glad to launch this program to showcase Ethereum and DeFi’s capabilities. One can now stay on Ethereum while avoiding high gas fees, get to liquidity providing and help Ethereum overtake legacy systems.
If you don’t have renBTC yet, Loopring and Ren have actually recently collaborated to allow minting of renBTC with BTC from the Loopring Exchange UI via the RenBridge being integrated.
While any limit order is eligible for the liquidity mining rewards, you may want to trade programmatically for the most precise and automated strategy, so be sure to check out the Loopring Exchange API. If you want to trade on a ready-built bot, check out Loopring’s Hummingbot fork.
Note: renBTC is also supported on Loopring Pay. Once your renBTC is on the Loopring Exchange, you can instantly and for free transfer your assets to any other user on the zkRollup. Besides doing so on the exchange, you can also send fast, free, renBTC transfers on the new Loopring Pay UI, which is mobile friendly.
If you have any questions regarding Loopring’s Liquidity Mining program don’t hesitate to reach out via their Discord Channel.
As a Ren Alliance Member, we are excited to partner with Loopring on this initiative and look forward to working more closely together over the coming months!
Onwards and upwards,
— Taiyang Zhang, CEO
Loopring is a protocol for scalable, secure exchanges and payments on Ethereum using zkRollup. You can sign up for Monthly Update, learn more at Loopring.org, or check out the exchange at Loopring.io.
Ren is an open protocol that enables the permissionless and private transfer of value between any blockchain.