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Loopring Monthly Update — 2020/07 | by Matthew Finestone | Loopring Protocol


We have completed the development and testing of the core code of Loopring Protocol 3.6. There are still some details that need to be improved and optimized. We believe that we can be ready to conduct a third party security audit in about 1 to 2 weeks. At the same time, we have also started a more formal internal audit process: CEO Daniel Wang, CTO Steve Guo, and Chief Scientist Hoss Ma will lead five other engineers to form an eight-person audit team to conduct detailed audits of the various code modules of the protocol. We estimate that it will take 4 to 6 weeks to complete the internal audit. We also contacted some external audit firms to seek plans and quotes, and we will determine one to engage with in August. As a refresher on some of the v3.6 functionality, see last month’s update.

We launched the referral rewards page on Loopring Exchange. When the amount rewarded from referring friends and receiving rebates on your own trades exceeds $5 USD, rewards will be distributed regularly at the end of each month. If it does not exceed that amount, it rolls over to next month. See here for more on the referral program.

https://loopring.io/account/referral-rewards

Six weeks ago we launched liquidity mining on the LRC/USDT and ETH/USDT trading pairs as a first trial, and we had a great response. Liquidity mining campaigns — incentivizing users to place resting limit orders on certain pairs’ orderbook — has improved order depth and spread tightness. We will continue to operate it as a feature of the exchange. After the first phase of the trial, we opened this up to more trading pairs. Currently, you can liquidity mine and be rewarded on four trading pairs: LRC/USDT, USDT/DAI, renBTC/USDT and BZRX/ETH. We also released two open source trading bots that can plug in to Loopring Exchange: hummingbot and vnpy. We welcome everyone to come and try mining: add liquidity to Ethereum’s zkRollup DEX and get rewarded.

Liquidity Mining Leaderboard

New pairs listed this past month: renBTC/USDT, BZRX/ETH, LEND/ETH, LEND/USDT, BTU/USDT, GRID/ETH.

After Solidified audited our first version of the wallet contract code last month, we believed that the contract design could be greatly improved, so we immediately re-developed version 1.1. In the new version, we mainly reconstructed the meta-transaction processing module and greatly simplified the design of the business logic module. Just today, Solidified has also completed the audit of version 1.1. No security vulnerabilities were found in the new version. We have shared the audit report on GitHub .

Our backend and app engineers are also docking the new version of the contract. After the docking is completed, the contract and app will be updated at the same time.

Wallet App adds functions such as LRC staking, liquidity mining, transaction flow display, WalletConnect and small asset hiding. At the same time, we are focusing on sorting out the UX interactions of some key processes: such as creating a wallet, asset homepage, Ethereum transfer and Layer 2 account transfer interaction, and the approval process of the guardian. We hired a new designer this month. We believe this will speed up the development and iteration of the wallet, and hope that it will bring you an incredible user experience when launched in beta around September.

At the beginning of the month, we invited the first small batch of community users to try out our first version of the wallet app. We have collected useful feedback and will adapt some good ideas in the new version.

We have launched a few advanced order functions on our relayer, which can now support taker-only and maker-only (‘post-only’) orders. This function is particularly important for market makers, and it is currently available through the market-making API; it will be implemented on the frontend next month and will be provided to ordinary users.

At the same time, we launched the parallel version of our Merkle Tree. After the update, the performance has been improved by almost 10 times, and it can be accelerated by increasing the number of cpu cores. Subsequent clustering will be implemented to achieve horizontal expansion. The coding of the message centre/notifications is completed and it is expected to launch next month. The circuit service based on Google Cloud Platform has been developed and can be launched after some tuning. It is expected to reduce the cost while improving the performance of circuit generation of proofs.

The Loopring Pay UI bounty completed, with two amazing finalists. You can see their work below. Congrats to Federico, winner, and Nicole, runner up.

Excitingly, this winning UI and app has been gifted to the DXdao, and will be hosted permanently by the DXdao as a scalable payment application, Rails. It will live at rails.eth on ENS + IPFS, and should be deployed in the near future. Users will be able to send ETH and ERC20 transfers to anyone else on the Loopring zkRollup, including between Loopring.io and Rails users.

Linq, a digital asset liquidity provider built a Hummingbot connector for Loopring Exchange. This significantly reduces the barrier to entry for MMs, engineers, and trader enthusiasts to deploy a trading bot and strategy on Loopring.io. Anyone can now quickly spin up a bot, and deploy liquidity to the exchange. The below thread explains why this may meaningfully increase participation on orderbook DEXs. You can see the bot repo here. Linq and Loopring will continue to collaborate around such tools, and liquidity provision on Loopring Exchange.

Speaking of liquidity, during the month we released two new liquidity mining campaigns with great third party sponsors, REN and bZx. You can now automatically be rewarded for providing liquidity (limit orders) to renBTC/USDT, and BZRX/ETH. Both campaigns reward $2k each to users over 30 days. That is $2k in renBTC, and $2k in vBZRX. Rewards accrue hourly, are visible on a dashboard, and are paid out at the end of the 30 days.

So far, these programs have worked really well to engage the community and increase liquidity on the respective pairs. See below that there was over $100k worth of renBTC deposited on to the Loopring zkRollup after their campaign commenced, and spreads and volume remained attractive.





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