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)

Loopring Bi-Weekly Update — 05/25/2019

Going to bed at night saying we’ve done something wonderful, that’s what matters to me.
- Steve Jobs

We are doing something wonderful with Loopring v3.

Research & Development

Loopring Protocol v3

We have been working on a new fee model and a staking system for Loopring v3. These are being developed specifically for the strength of Loopring v3. Some details still need to be worked out, but the new fee model will be more flexible and efficient; while the staking system will introduce even more attractive utilities for LRC.

We have a working implementation of the new fee model, and the efficiency benefits are clear. Some changes may still need to be done, so do note that these are preliminary results.

We’ve further improved the performance of Loopring v3: The maximum throughput with data availability increased from 120 TPS (trades per second) to 160 TPS, and the maximum throughput without data availability increased from 450 TPS to 525 TPS. This of course also means a reduction in cost per settlement.

Performance of Loopring v3

Oedax Protocol v1

We have also finished the implementation of Oedax v1, Loopring’s Open-End Dutch Auction eXchange protocol. Oedax will be further tested and deployed once we complete our new fee model and staking implementation. For those who are interested in building a crypto auction dApp, Oedax is a cool and easy protocol to integrate, with several benefits.

Lightcone Relayer v2

We have been very focused on the prototyping of Lightcone v2, the relayer to support Loopring v3. Over the last two weeks, we’ve made some nice progress — now the zero-knowledge proof generation and verification for the on-chain deposits, on-chain withdrawals, and off-chain settlements all work as expected (note that we still have three more types of requests to handle).

Request handling, including building blocks, block proof generation and verification, is the very core of Lightcone v2. This still requires extensive testing and optimization, and that is what we will work hard on over the coming weeks.

Products

We’ve stopped the development of any user-facing products to focus on protocol optimization and backend technologies to build up our core competency. Product-related work will resume once Loopring v3 and Lightcone v2 get closer to production-readiness.

Operations & Marketing

  • 05/12/2019 — Loopring CEO, Daniel Wang, presented zkSNARK-based v3 at Building The New Web NYC.

  • 05/13/2019 — Loopring team attended Consensus 2019.

  • 05/14/2019 — Loopring CEO, Daniel Wang, talked about security token implementation on DEX on a panel at Polymath Connect.

  • 05/16/2019 — Loopring BD Director, Matthew Finestone, presented the performance of Loopring Protocol v3 at New York Blockchain Week.

  • 05/17/2019 — Loopring sponsored ETHNewYork, an Ethereum hackathon held by ETHGlobal that brought Ethereum’s best and brightest to Brooklyn.

  • 05/19/2019 — Loopring CEO, Daniel Wang, gave two talks on scaling DEX with zkSNARKs at ETHNewYork.

  • 05/20/2019 — Loopring CMO, Jay Zhou, attended a blockchain meetup in Shanghai to discuss DeFi (Decentralized Finance).


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)

Loopring Bi-Weekly Update — 05/12/2019

Major protocol 3.0 improvements, LRC token contract upgrade completed, and Blockchain Week New York kicks off.

Research & Development

Protocols

We have optimized Protocol 3.0 in two main aspects:

  1. Better storing the data needed for on-chain data-availability;

  2. Withdraw distribution optimization

First of all, we have implemented a much more efficient way to store the data needed for data-availability. The current throughput with on-chain data availability has been increased quite substantially, from 80 trades/second, to 120 trades/second. The gas fee of each transaction has also been reduced. Given on-chain data availability, the main bottleneck for the throughput is the size of data.

Additionally, we have implemented withdraw distribution optimization. It is usually done by operators. For those blocks having a lot of withdrawal operations, efficiency and flexibility can be improved by reducing gas. If withdraw operations are distributed in multiple transactions, the system can support larger block size. If ETH transactions can be created with a lower gas fee, the fee in an operator can also be reduced.

We have also completed LRC token contract upgrade in the past two weeks. LRC now lives here: 0xBBbbCA6A901c926F240b89EacB641d8Aec7AEafD. We have mapped LRC to all holders including wallets and centralized exchange platforms. We’ve also mapped LRC to a new Long Term Incentive Program at 0xC8Fcc48D1454a83589169294470549A2e1713DeC.

Relayer

We have completed a minimum viable product of Lightcone Relay 2.0 — with compatibility for Loopring protocol 3.0. We are testing functionalities now.

Products

We have finalized the new UI design and completed the first version of the visual elements. We have implemented Flutter animations in our apps. We have completed setting gas view, LRN airdrop view and other views. We have also implemented a performance optimization when calling Flutter code from native code. Before the optimization, it sometimes had 0.2 seconds of latency to load a Flutter view. Given the optimization, the Flutter view will be pre-loaded and it won’t have any latency.

Operations & Marketing

  • 04/29/2019 — Loopring Chinese telegram group has over 10,000 members.

  • 05/07/2019 — Loopring CMO, Jay, speaking on blockchain and Loopring technology to Suffolk University MBAs, getting more talent acquainted with the blockchain.

  • 05/08/2019 — Looping has completed LRC token contract upgrade. LRC now lives at: 0xBBbbCA6A901c926F240b89EacB641d8Aec7AEafD.

  • 05/08/2019 — Loopring has mapped LRC to a new Long Term Incentive Program at 0xC8Fcc48D1454a83589169294470549A2e1713DeC.

  • 05/08/2019 — Loopring BD director, Matthew, was interviewed by BlockchainReporter, speaking on Loopring protocol 3.0, zero-knowledge proofs (ZKPs) for scalability and the research with PwC.

  • 05/09/2019 — Loopring joins Unitimes, a vertical Ethereum community platform focusing on Ethereum-based knowledge, latest news, use cases and community interaction.

  • 05/10/2019 — Loopring joined Odaily anniversary event.

  • 05/12/2019 — Loopring founder, Daniel Wang, speaks at Tokenized Assets about how DEXs will finally be able to compete with CEXs at the commercial level due to Loopring 3.0 scalability advances.

  • 05/12/2019 — Daniel presents the technical details about zkSNARKs-based Loopring 3.0 at Building The New Web NYC.

Loopring will attend Consensus 2019 and many other New York Blockchain Week events. The team will join some panels and keynote speeches throughout. We will also sponsor and provide challenges/prizes at ETH NY hackathon on May 17–19. Feel free to reach out/ask questions via any of the channels below to meetup, or send to foundation@loopring.org


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)

Loopring Bi-Weekly Update — 04/27/2019

We open sourced the Lightcone relayer — a Loopring backend matching system. A relayer is the off-chain component that hosts orders, matches them, and submits them to the Loopring protocol smart contracts for settlement.

We also provided more info for the LRC token contract upgrade scheduled for May 8th, 2019. Holders and supporting apps/exchanges, please read it!

Research & Development

Protocols

The focus for Protocol 3.0 development was mainly on testing, more than doubling the number of tests. More excitingly, we’re also developing a much more efficient way to store the data needed for data-availability.

The current method is quite wasteful in how the data is stored on the blockchain, and is the main bottleneck for the throughput with on-chain data availability. This enhancement we’re working on is still in development but we estimate that the throughput with data-availability will increase from 60–80 trades/second to 100–130 trades/second.

Another thing we’re looking at improving for protocol 3 is our token economics. Protocol 3, using zkSNARKs and introducing new ‘roles’ to the network, is in some ways drastically different from our previous protocols. This gives us the opportunity to make sure everything works together, and use LRC to optimize towards our goals of high liquidity, security, among others.

In the meanwhile, our Oedax implementation is close to being code-complete. Over the next week or two, we’ll perform one more round of internal code review before we open source it.

Relay

We’ve completed all core functionalities in Lightcore Relay after several months of development. We’ve also completed a substantial amount of unit tests and integration tests. Thus, we open sourced Lightcore Relay 1.0!

You can read a blog post about it here, or check out the codebase here.

Anyone or any project can use/fork Lightcone as a matching engine for exchanges built with Loopring Protocol 2 on Ethereum, or on sidechains.

As mentioned, we’ve made incredible progress on Loopring Protocol 3 using zkSNARKs, and we believe Protocol 3 will bring a much better, more scalable trading experience, and it has become our top priority. Thus, we are now focusing on Lightcone Relay 2.0, which is being built to support Protocol 3. Given Lightcone 1.0’s strong base, we have already completed the majority of modules for 2.0 and will start testing the minimum viable product very soon.

Products

We have finalized a UI for Oedax — Open Ended Dutch Auction Exchange — which, as an auction-based market (as opposed to orderbook-based), will be used in token sales.

We are using the Flutter framework, which will help us improve the efficiency of app development and make a unified UI of iOS and Android easier. We have refactored Flutter code, making it easy to use. We have integrated Flutter-Redux for better application state management. With Flutter-Redux, Flutter development will be similar to React development. It also allows developers to learn Flutter development easier. We have written several UI views with Flutter, including address QR code view, backup mnemonics view, order detail view, and others. We have finalized message channels between Flutter and native apps, and how to use gRPC in iOS, Android and Flutter. We are working on Flutter animation now.

Operations & Marketing

🥁IMPORTANT: we’ve released further information and guidance on the upcoming LRC token contract upgrade, happening May 8th, 2019 🥁

  • 04/16/2019 — LRC is made available on SWFT Pay, a global currency cross-chain wallet and payments platform.

  • 04/23/2019 — Kriptomat and Loopring are celebrating their collaboration with a 15,000 LRC token giveaway.

  • 04/23/2019 — Qbao Network and Loopring co-host treasure hunt for mnemonic words. The event will be open from April 23rd, 2019 to April 30th, 2019. Read more on the official blog.

  • 04/25/2019 — Loopring published an article in AsiaGlobal Online about our findings from our stablecoin research report with PwC.

  • 04/25/2019 — Loopring open sourced our implementation of a fully functional Loopring backend: Lightcone relayer version 1.0.

  • 04/26/2019 — LRC Token Contract Upgrade Scheduled on May 8th, 2019 [Beijing Time], LRC token holders should read this post on what they need to do (or not do) ahead of the upgrade. Wallets, exchanges, and other applications that support LRC should also read it, please 🙏

  • 04/26/2019 — Coinplan initiates support for LRC in their Alliance token portfolio, and releases a spotlight overview on the Loopring Protocol.


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)

Loopring Bi-Weekly Update — 04/14/2019

We released Loopring Protocol 3.0! Using zkSNARKs to achieve much higher throughput of 450 trades/second on Ethereum without on-chain data availability, and 80 trades/second with on-chain data availability. Past versions of Loopring achieved only ~2 trades/second!

Research & Development

Protocols

Great progress was made on protocol 3. Some of the most notable are the following:

  • Functionality was added to completely shutdown an exchange, ensuring that all funds are automatically sent back to all users, because only then is the exchange allowed to withdraw the exchange’s stake.

  • Support was added to support different block sizes with and without on-chain data-availability. This allows the operator of exchange to choose the best block size for the amount of work that needs to be done, limiting the cost of the proof generation, while maximizing the achievable throughput.

  • We also optimized the Merkle tree we use to store all data off-chain, reducing the number of constraints in the circuits by about 20%, greatly increasing our throughput without data-availability.

The design document for protocol 3 was also given a thorough update before the public release and we look forward to hearing your thoughts on it. Stay tuned in the coming week for when we open source the code base!

Relayer

We have continued integration tests and deployed Relay 2.0 to dev environment. We have provided APIs for mobile app usage. We will continue testing in the next week.

Products

In the past two weeks, we have continued Relay 2.0 and app integration. We have updated data structure, signing orders, market info and account info. We are working with Relay team on integration tests. Hopefully, the new version of apps will be released soon.

Besides that, we have researched using Flutter in app development. Flutter is a cross platform UI framework for Android and iOS. We believe using Flutter will improve our development efficiency.

Operations & Marketing

  • 04/04/2019 — LRC available on OnePageX, a simple cryptocurrency converter.

  • 04/04/2019 — Loopring’s Director BD, Matthew, speaking on a fintech panel to McGill University students on the skills needed to stay competitive in the financial services industry of the future.

Thanks to Fintech Cadence for the event.

  • 04/08/2019 — Loopring invited Loopring KOL to the group of evangelists.

  • 04/09/2019 — Loopring COO, Johnston, shared Loopring latest developments and Oedax at HuobiGlobal club grand opening in China.

  • 04/11/2019 — LRC was listed on the Coinvest Plus exchange and available for trade with $BTC, $ETH, $GUSD, and $COIN.

  • 04/12/2019 — Loopring collaborated with a famous blockchain community in China to spread blockchain knowledge.

  • 04/12/2019 — Loopring team releases design for Loopring Protocol 3.0. Following 6 months of R&D, 3.0 uses Zero-Knowledge Proofs (zkSNARKs) for scalability, bringing throughput to >450 trades/second on Ethereum.

  • 04/12/2019 — Loopring 3.0 featured in Week In Ethereum’s awesome ecosystem newsletter.

  • 04/13/2019 — Loopring 3.0 Technical Design Doc released. Medium here, and GitHub here.


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
⭑ StackOverflow: stackoverflow.com/c/loopring
⭑ Kakao: open.kakao.com/o/gJbSZdF (Korean)

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