Loopring Bi-Weekly Update — 08/18/2019

Loopring v3 beta3 has been deployed on Ethereum mainnet. We have made another 15% TPS improvements from the last update and we expect the throughput without data availability to break 10,000 TPS after Istanbul fork. The v3 smart contract & ZKP circuit audits have begun by SECBIT team.

Research & Development

Loopring Protocol

We have released Loopring protocol v3 beta3 and have started working with SECBIT on the security audit.

We have enabled Automatic Protocol Upgradability — meaning that DEX owners can upgrade the Protocol to the latest version without affecting existing users and their data. This feature also makes it easier to fix potential bugs.

v3.0 latest throughput

We have completed ZKP-based internal transfer and tested related features in the circuit. This will reduce the cost of transferring on Ethereum.

We are exploring running ZKP on GPU, which focuses on optimizing functions in ethsnark and biff libraries.

We have improved unit tests of ZKP circuits including tests for all modules in the circuit and all Gadgets.

Lightcone Relayer

We have completed core functionalities such as deposit, trading, and withdrawal in an internal testing environment. At the same time, we have implemented unifying data, database read-write separation throughout the optimization. We have finalized software architecture of REST API and WebSocket API. For the development workflow, we have started implementing continuous integration and continuous deployment.

Products

We have completed all the features for the first version of the DEX product. In the past two weeks, we have integrated MetaMask and refactored UI of account creation, deposit, withdrawal, and approval. We have set up a mock API server to support frontend development and testing.

Operations & Marketing

  • 08/10/2019 — Loopring CMO, Jay Zhou, co-hosted an AMA on DeFi China Community with DDEX & DOS NETWORK, talking about the liquidity of DEX 3.0.

  • 08/12/2019 — Loopring BD Director, Matthew Finestone, did a podcastwith Let’s Talk ETC to share his perspectives on blockchain financial products and services.

  • 08/13/2019 — Matthew and Loopring Community Supporter Scott Wight attended Canada’s Largest Blockchain Conference, Blockchain Futurist Conference.

Loopring@Blockchain Futurist Conference

  • 08/15/2019 — We published a third article, Elliptic Curves, authored by Kerman Kohli as part of our Learning Cryptographic series.

  • 08/15/2019 — Loopring team now has officially become a #WBTCmerchant. This will enable users to change WBTC with BTC on Loopring’s platform.

  • 08/16/2019 — We are thrilled to announce the release of Loopring protocol 3.0-beta 3 and our partnership with SECBIT for auditing the protocol.

  • 08/16/2019 — Loopring team attended ConsenSys Grant's hackathon in Toronto.

@ConsenSys Grant’s hackathon

Next Week

Loopring’s Matthew Finestone will be speaking at Berlin Blockchain Week, about Loopring and DEXs at ChainLink’s hackernode stage (web3 summit) and Dappcon about Loopring and the #dxDAO.


Loopring is a decentralized exchange protocol utilizing zkSNARKs to bring highly scalable, non-custodial trading to the masses. You can sign up for our bi-weekly update, or learn more at:

⭑ Twitter: twitter.com/loopringorg
⭑ Reddit: reddit.com/r/loopringorg
⭑ Telegram: t.me/loopring_en 
⭑ Discord: discord.gg/KkYccYp
⭑ GitHub: https://github.com/Loopring
⭑ Kakao: open.kakao.com/o/gJbSZdF (Korean)

Loopring Bi-Weekly Update — 08/04/2019

We have completed all planned features in the Loopring v3 beta3 release, including a much-simplified fee model to reduce the constraints in the settlement circuit, and an address whitelist mechanism to support customizable whitelisting logics. As a result, beta3 has about 20% improvement over beta2 in terms of TPS (trades per second). We are only a few days away from releasing beta3.


Research & Development

Loopring Protocol

Our protocol engineers have completed all feature development and optimization. We simplified the fee model from a 4-party model to a 3-party model, which further reduced the number of constraints in our settlement circuit. The throughput improved from beta2’s 290 TPS to 350 TPS with on-chain data-availability (OCDA), and 5200 TPS to 6150 TPS without. This means each trade costs only 1500 gas with OCDA and 87 without.

Although further throughput optimization is still possible, such throughput is believed to be close to the extreme without relevant changes in Ethereum itself. After Istanbul, the throughput of Loopring 3.0 beta3, without any code change, can be 1400 TPS (385 gas/trade) with OCDA and 9350 TPS (57 gas/trade) without.

Throughput of Loopring 3.0 beta3

With beta3, we have also implemented all three LRC staking mechanisms for DEX owners, DEX market makers, and LRC holders, respectively. For more information regarding LRC staking and LRC value proposition, please reference Loopring 3.0: LRC Utility Model.

Lightcone Relayer

We have completed depositing- and withdrawal-related relayer modules and have started testing them in a testing environment. The matching-engine will be ready soon and we expect to start the testing next week. We have also started using Kubernetes for service management.

A new cloud-based, ZKP proof computation framework is also being developed to reduce off-chain cost.

Products

The development of our DEX web app is still ongoing. Although most pages are code-complete, some components are being fine-tuned. In the meanwhile, we have started to integrate with the relayer’s REST API.

Operations & Marketing

  • 07/23/2019—Matthew Finestone, our BD Director, shared his perspectives on Ethereum, DeFi, DEX, and the Loopring Protocol in Montreal, Canada.

  • 07/25/2019, Hoss Ma, a former Google engineer, and former Alipay India site tech lead, joined Loopring as Chief Scientist.

  • 07/27/2019 — Loopring partnered with Infinito who will integrate with Loopring’s solution in their wallet and on their blockchain services platform.

  • 07/27/2019 — Our COO Jonhston was invited to Our Earth Community Initiatives Summit and shared Loopring’s DEX solution.

  • 07/29/2019 — We published a second article, Diffie-Hellman Key Exchange, authored by Kerman Kohli as part of our Learning Cryptographic series.

  • 07/31/2019 —We published Loopring 3.0: LRC Utility Model to introduce LRC’s value proposition in v3 and three different LRC staking mechanisms.

  • 07/31/2019 — Daniel Wang, invited by Pied Piper community, shared his view of the past development of DEX technologies and possible future directions.

  • 08/02/2019 — Daniel Wang hosted an AMA session in Atomic Wallet’s telegram community.


Please note: our 1-million-LRC bug bounty for Loopring v3 is ongoing. Have a look on Gitcoin and see if you can help find a vulnerability and earn some LRC.


Loopring is a decentralized exchange protocol utilizing zkSNARKs to bring highly scalable, non-custodial trading to the masses. You can sign up for our bi-weekly update, or learn more at:

⭑ Twitter: twitter.com/loopringorg
⭑ Reddit: reddit.com/r/loopringorg
⭑ Telegram: t.me/loopring_en & t.me/loopringfans (Chinese)
⭑ Discord: discord.gg/KkYccYp
⭑ GitHub: https://github.com/Loopring
⭑ Kakao: open.kakao.com/o/gJbSZdF (Korean)

Loopring Bi-Weekly Update — 07/21/2019

Throughput improved from 660 trades/second to 5200 trades/second.

We started to develop the beta3 version of the Loopring Protocol 3.0, which will greatly increase the throughput and reduce the cost per settlement. We are excited to share some preliminary results in this bi-weekly update.

Research & Development

Loopring Protocol

We have started work on the beta3 release of protocol 3. beta3 will contain a number of changes that will greatly improve the protocol’s throughput and lower the cost per trade. We switched to a much more SNARK friendly hash function called Poseidon. We can now also verify multiple proofs of the same circuit together on-chain which reduces the average cost of verifying proofs. beta3 has just started development but the preliminary results are very promising: throughput with data-availability has increased from 200 trades/second to 290 trades/second; throughput without data-availability has improved from 660 trades/second to 5200 trades/second.

We plan to further simplify the fee model to reduce the number of ZKP constraints per settlement, which will reduce cost per settlement as well. beta3 will be released for relayer integration and third-party auditing before the end of September.

Lightcone Relayer

From a global perspective, we have identified five milestones (moonlightcrescentbloodmooncorona, and lightsail) for the next six months based on business appeals and new architecture plans, covering high availability, asset loss prevention, performance, safety, and optimization of R&D processes. At the same time, we are adopting the agile development process. We have identified relevant tasks and assigned them to team members.

We have written most of the code related to deposits and withdrawals. The next step would be system integration and testing. In the meanwhile, we are working on a new matching-engine and have made progress. We have also started optimizing the relayer gateway to provide a set of REST/Websocket APIs.

Products

For the DEX web app, we have completed the user registration, user logging-out, deposit, and withdrawal sub-pages/-modules. We have also started the integration with relayer APIs. In the weeks to come, we will perform internal testing with the first version of the Lightcone relayer.

Operations & Marketing

  • 07/11/2019 — Loopring CMO, Jay Zhou, attended DeFi Tech Talk, co-hosted by Fintech4Good, ZOS and Star Finance, sharing his thoughts about the future trends of decentralized exchanges and the development strategy of Loopring.

  • 07/13/2019 — We published “Loopring 3.0: 1-Million LRC Bug Bounty”, allocating up to 1,000,000 LRC for those who identify significant security issues in Loopring Protocol 3.0.

  • 07/17/2019 — We published “Loopring’s Stake in the dxDAO”. Loopring participated in the dxDAO and earned 10.5% of the DAO’s total Reputation (~voting power). We are excited to contribute to this important governance experiment.

  • 07/18/2019 — We have reached out to multiple auditing teams, including SmartDec, ChainSecurity AG, and SECBIT, for quotations regarding beta3 security audits. We are comparing offers and will make a decision soon.


Loopring is a decentralized exchange protocol utilizing zkSNARKs to bring highly scalable, non-custodial trading to the masses. You can sign up for our bi-weekly update, or learn more at:

⭑ Twitter: twitter.com/loopringorg
⭑ Reddit: reddit.com/r/loopringorg
⭑ Telegram: t.me/loopring_en & t.me/loopringfans (Chinese)
⭑ Discord: discord.gg/KkYccYp
⭑ GitHub: https://github.com/Loopring
⭑ Kakao: open.kakao.com/o/gJbSZdF (Korean)

Loopring Bi-Weekly Update — 07/07/2019

Last week we released the second beta of Loopring 3.0 — beta2. This version has been repeatedly tested and is very stable. In the coming week, we will release a bug bounty for this.

Research & Development

Loopring Protocol v3

We finalized the 2nd beta of protocol v3 which will be used for internal testing. The beta2 release will also be the used for the upcoming bug bounty for protocol v3 —stay tuned this week! Many small improvements were done and the testing has been significantly improved.

This version brings Loopring’s throughput to 200 trades per second with on-chain data-availability and 660 trades without. This version also guarantees the same level of security as Ethereum main-net.

Lightcone Relayer v2

Chao Ma, former head of engineering at Alipay International, has graciously been leading Lightcone Relay architecture in the past two weeks. With his guidance, we have refactored almost all workflows, and the current architecture is much more robust and will provide better performance. Based on this update, we have designed APIs and begun development.

Products

We have been focusing on the integration of Lightcone_v2.js SDK and web DEX. Previously, SDK was written using both Javascript and Typescript, causing API inconsistency. Right now, we have migrated all Javascript code to Typescript. We have also implemented a gRPC server for Lightcone Relay API, which has been deployed on AWS. It greatly facilitates Lightcore_v2.js SDK development and Lightcone Relay API testing. We are using mock data on gRPC server. Once Lightcone Relay API is ready, we will quickly switch to it.

Operations & Marketing

  • 06/25/2019—Decentralized financial lending platform, Constant,supported the borrowing of USD or VND (Vietnamese Dong) by collateralizing LRC.

  • 06/26/2019 — We published Loopring 3.0 Overview: From A to zkSNARKs— a high level overview of protocol v3. It describes how we use zero-knowledge proofs to achieve a scalable and secure DEX.

  • 07/03/2019 — Guo Xunhui (Steve Guo), a very experienced senior engineer and zero-knowledge expert, officially joined the Loopring Foundation as CTO. He will lead the technical team to design and develop DEX products, develop matching engines and relays, and optimize the zero-knowledge proof technology at the protocol level.

  • 07/05/2019 — Dolomite, a leading DEX built upon Loopring will be launching in the coming weeks and hosted an AMA on reddit. They also did an interview with DeFiPrime.

  • 07/06/2019 —Loopring and several institutions and media outlets hosted a meetup on decentralized exchange and trading in Shenzhen.

  • 07/07/2019 — Loopring and the Asian Blockchain Society, PiedPiper and others held a DeFi meetup in Hong Kong. Participants included PwC, Consensys, Set Protocol, GlobalSTOx and Loopnest.


Loopring is a decentralized exchange protocol utilizing zkSNARKs to bring highly scalable, non-custodial trading to the masses. You can sign up for our bi-weekly update, or learn more at:

⭑ Twitter: twitter.com/loopringorg
⭑ Reddit: reddit.com/r/loopringorg
⭑ Telegram: t.me/loopring_en & t.me/loopringfans (Chinese)
⭑ Discord: discord.gg/KkYccYp
⭑ GitHub: https://github.com/Loopring
⭑ Kakao: open.kakao.com/o/gJbSZdF (Korean)

Loopring Bi-Weekly Update — 06/09/2019

We managed to complete the development of a new fee model and further optimize the throughput of our zero-knowledge proof-based Loopring protocol and made remarkable progress in relayer implementation.

Research & Development

Loopring Protocol v3

We finished implementing the new fee model and ring settlement logic in protocol v3. Our previous versions already support charging any tokens as trading fees. The new fee model completely eliminates the fee token concept from the user’s experience and allows a DEX to charge a percentage of the tokens traded in matched orders. This new fee model not only allows us to closely match the user experience on centralized exchanges (taker/maker orders, market orders, etc), it also improves the throughput of the protocol: the maximum throughput with on-chain data availability increased from 160 TPS (trades per second) to 200 TPS👊👊👊, and the maximum throughput without data availability increased from 525 TPS to 660 TPS👍👍👍.

We have also added better testing for the data availability, ensuring that we can restore the exchange’s state by merely using the data published on Ethereum. We now also have JavaScript code that can sign the protocol requests, making it much easier to integrate with actual products. All tests were updated to make use of it.

Loopring 3.0 beta2

We expect to reach the 3.0beta3 milestone by August 31st. 3.0beta3 will be the first version we will make available for third-party security auditing and public testing. It will include quite a few bug fixes and performance optimization.

Oedax Protocol v1

There is no update for Oedax.

Lightcone Relayer v2

Over the past two weeks, we have implemented more tests to verify various components in Lightcone for supporting Loopring v3. We have also refactored all request handling code for better performance. The most challenging parts of the system are done.

In our tests, Lightcone is now able to assemble 10,000 trades into one single Ethereum block 💪💪💪.

Products

We are working on a prototype of a DEX web app to allow people to experience Loopring 3.0beta3. We’ve made some good progress on both the UI and the JavaScript code.

Operations & Marketing

  • 05/27/2019 — Loopring and TokenClub co-hosted a live AMA to Loopring Chinese community, talking about Loopring Protocol 3.0.

  • 05/28/2019 — TokenMarket, the blockchain-based global investment platform, announced its partnership with Loopring to power their security token exchanges. The collaboration will accelerate security and transparency in the US$222 billion digital asset trading market.

  • 05/30/2019 — LRC was made available on the DutchX trading protocol, and the dxDAO launched. Anyone can earn voting power (reputation) within the DAO by locking your LRC. Loopring participated in a big way.

We locked 50 million LRC to support dxDAO

  • 06/03/2019 — Loopring partnered with MarsMedia, a professional media platform.

  • 06/04/2019 — Loopring CEO, Daniel Wang, was interviewed by Defiprime, talking about Loopring Protocol and the future of decentralized exchanges.

  • 06/04/2019 — Loopring intern, Jack Goldstein, wrote a piece about his experience at Loopring and an intro to the protocol.

  • 06/05/2019 — Loopring BD Director, Matthew Finestone, spoke with Neil Hughes on the Tech Blog Writer Podcast, explaining DEXs, Loopring, and how the next batch of users may be on-boarded.

  • 06/07/2019 — Matthew attended Scaling Ethereum; 3 great days of research and discussions on how Ethereum will scale at the base layer and beyond.

Scaling Ethereum, Toronto


To stay up-to-date with Loopring, please sign up for Loopring’s Bi-Weekly Update, and find us here:

⭑ Twitter: twitter.com/loopringorg
⭑ Reddit: reddit.com/r/loopringorg
⭑ Telegram: t.me/loopring_en & t.me/loopringfans (Chinese)
⭑ Discord: discord.gg/KkYccYp
⭑ GitHub: https://github.com/Loopring
⭑ Kakao: open.kakao.com/o/gJbSZdF (Korean)

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