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/DAI, USDC/USDT, GRG/ETH, and BZRX/ETH trading pairs. We will add another one this week.
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.]
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.
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.