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