Loopring Bi-Weekly Update — 10/20/2019

Welcome back after we took a Bi-Weekly break for the National Day holiday week in China! In that time, we’ve been at Ethereum Devcon in Osaka, continued protocol and Lightcone development, as well as a slew of operations activities. Note: we expect Loopring protocol v3 security audit to be completed in the coming weeks.

Research & Development

Protocol

We refactored some tests to use the MockContract from Gnosis, and also added unit tests for more contracts, including UserStakingPool,UniversalRegistry, AddressWhitelist, and ProtocolFeeVault. All protocol development work has been done for Loopring 3.0, and we are close to the beta4 release with the following tasks still outstanding:

  1. Improve code quality based on the security auditing report from SECBIT. Originally we planned to complete the audit by October 15th, but since no bug has been found, SECBIT and Loopring decided to extend the auditing period for two weeks to have even more rounds of code inspection. Now we expect the report to be delivered by the end of this month.

  2. Discuss and finalize the protocol’s constant parameters. The work has started.

  3. Perform SNARK trusted setup. The work has also begun.

Three outstanding tasks for beta4

In the meanwhile, we have started the design and implementation of Loopring v3.1, a version to support extensibility and mitigate tight-coupling of core protocol modules. In 3.1, we will implement a pluggable module for “conditional withdrawal” to achieve fast withdrawalsAdditional features can also be implemented as “exchange modules” without modifying the core protocol.

Loopring 3.0, however, remains the version to be productized and is our priority for the next 12 months.

Lightcone Relayer

We have found and fixed more bugs and bottlenecks in the current Lightcone relayer implementation. There are still a couple of sub-modules that we have re-designed and need to be re-implemented. But most relayer functionalities are in place.

During the last two weeks, we have also added support for protocol 3.0beta3 which adopts a quad-Merkle tree instead of a binary Merkle tree, Poseidon hash function instead of MiMC, and a simplified fee-model very similar to centralized exchanges. The upcoming beta4 is very close to beta3, therefore, once Lightcone supports beta3, it will be trivial to switch to beta4.

Our engineers have also improved the way we deploy Lightcone’s many sub-systems to the cloud, and added monitoring, alerting, and API tracing functionalities.

In the meanwhile, we are also working on a tool to help debug the circuits with given inputs. The debugging is quite time-consuming and we hope this tool can make our life easier.

DEX Frontend

The DEX frontend is not our priority, but we still made some noticeable improvements for the DEX web app. We are also thrilled to have two engineers from WeDEX to join the frontend development. I believe their involvement will make the UX better.

Operations & Marketing

  • 10/07/2019 —In Osaka, Loopring co-hosted a meetup with Gnosis, Kyber and Uniswap, talking about decentralized exchanges on Ethereum and DeFi.

CTO Steve Guo Presenting at the Osaka DEX meetup, and Vlad Zamfir’s speech at Devcon

  • 10/08/2019 — Loopring CTO Steve Guo and CMO Jay Zhou attended & participated in DevCon5 and other Osaka blockchain week events.

Steve and Jay at Devcon, and Jay on a panel about ZKP mixers

  • 10/08/2019 — We wrote a thread about how Loopring’s scalability doesn’t just increase DEX throughput, but, importantly, drastically lowers cost:

  • 10/09/2019 — Hummingbot featured Dolomite & Loopring in their Community Spotlight series, describing how Dolomite made their strategy and exchange connector, and how anyone can leverage these tools to become market makers and provide liquidity.

  • 10/12/2019 — Dolomite removes all KYC for non-US traders.

  • 10/12/2019 — Loopring COO, Johnston Chen, attended IDAX ONE Ecosystem Summit in Shenzhen, speaking about the features and trends of Loopring Protocol 3.0.

Loopring COO, Johnston Chen, at IDAX ONE Summit

  • 10/12/2019 — We wrote about Dolomite’s Referral & Market Making Programs (it benefits LRC holders :)

  • 10/15/2019 — We published a quick recap of our time at Devcon & Osaka

  • 10/15/2019 — Loopring BD Director, Matthew Finestone, spoke to students at McGill University about Tech Disrupting Finance, including about Loopring, Ethereum, and DeFi.

  • 10/17/2019 — Loopring launched our new Youtube channel, and we picked 3 winners (+ a bonus) who retweeted and subscribed to the channel to receive 600 LRC each.

  • 10/17/2019 — Loopring COO, Johnston Chen, was interviewed by Black Diamond Rating, talking about decentralized exchanges and Loopring Protocol 3.0.


Loopring is a protocol for building high-performance, non-custodial, orderbook-based exchanges on Ethereum. You can sign up for our Bi-Weekly Update, learn more at Loopring.org, or check out:

Twitter ⭑ Reddit ⭑ Telegram ⭑ GitHub ⭑ Discord ⭑ YouTube

Loopring Bi-Weekly Update — 09/29/2019

We have been testing the Lightcone relayer cluster, and identifying and fixing bugs. Lightcone’s integration testing and stress testing will remain our top priority in the coming months.

Research & Development

Protocol

We have drafted the design for a Generic Extension for Request Validation (GERV) which will power features such as Conditional-Transfer which enables users to withdraw their balance as quickly as one Ethereum block time. GERV will enable developers to add functionalities and features to the Loopring protocol without modifying the protocol’s code-base. We need two more weeks to implement and test this feature.

We have also integrated Loopring 3.0 with Uniswap. Now Ether and tokens other than LRC in protocol fees can be swapped to LRC through Uniswap. The Loopring team has added 1000 Ether (and the corresponding LRC amount) to the LRC/ETH market on Uniswap to stabilize the LRC price.

We have finished some major components of the DEX browser, a tool for people to browse DEX activities based on-chain data-availability. Its persistence mode remains to be implemented/tested though.

Lightcone Relayer

Note: The current Lightcone relayer only supports Loopring 3.0-beta2.

We have deployed Loopring 3.0 on the Rinkeby testnet and a Lightcone relayer cluster to interact with it. We have fixed some bugs but there are still quite a few outstanding issues to be resolved. Our priority for the coming months remains to be the integration and stress testing of the relayer. An open challenge is to implement a better rollback strategy to handle unexpected errors. Our engineers have also started to support better log aggregation, service monitoring, and data visualization for the backend.

The construction of SNARK proofs in the cloud is more cost-efficient after all ZKP proving key files are hosted in the AWS Elastic File System which avoids the copying of large files.

Our engineers have also completed integrating Lightcone API into vnpy and HummingBot. Functionalities including order management and information querying are all ready; a few basic trading strategies are also available.

DEX Frontend

We have added a feature to export users’ trading key-pairs as encrypted files. The files can be given to a trader who then can trade on behalf of the account owners. We have also started to add support for beta3 which uses a different hashing function and signing algorithm.

Operations & Marketing

  • 09/16/2019 — Loopring team attended Shanghai Blockchain Week, talking about Loopring Protocol 3.0 and ZKPs.

  • 09/20/2019 — LRC was made available for trading on the fully licensed and compliant virtual currency exchange Biteeu powered by Bittrex, supporting LRC/BTC trading pair.

  • 09/23/2019 — Dolomite, a leading DEX built on top of the Loopring Protocol has launched! For the first time, non-custodial orderbook trading on Ethereum will feel superior to centralized exchanges. From fiat connectivity, 10 bps maker (limit order) rebates, and a generous referral program, be sure to check it out.

Upcoming Events

  • 10/07/2019 — Loopring will host a meetup event with Gnosis, Kyber, and Uniswap, to talk about decentralized exchanges during Ethereum DevCon 5 in Ōsaka.

  • 10/08 to 10/11/2019 — Our CTO, Steve Guo, and CMO, Jay Zhou, will share more information regarding Loopring 3.0 during Ethereum DevCon. Feel free to email them for meetups.


Due to Ethereum DevCon and the holidays of National Day of the People’s Republic of China, the next bi-weekly will be postponed by one week to Oct. 20th.


Loopring is a protocol for building high-performance, non-custodial, orderbook-based exchanges on Ethereum. 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 — 09/15/2019

Happy Mid-Autumn Festival! We hope you have enjoyed some delicious mooncakes.

Research & Development

Protocol

We have implemented some of the core functions of the Loopring DEX Browser JavaScript library. We will later use the library to process DEX blocks and extract on-chain data for building a tool to access all Loopring-based exchanges. This DEX browser will also allow DEX users to withdraw funds when DEXes enter the Withdrawal Mode.

We are now part of the Perpetual Powers of Tau Ceremony that will benefit all zkSNARKs projects by providing a more reliable and easier way to perform Trusted Setup. We helped translate the announcement post and the project's README file into Chinese.

Anyone who deploys a zk-SNARK circuit to production must perform a computation called a trusted setup in order to generate a proving key and verifying key. Unfortunately, this process also produces a piece of data called toxic waste which must be discarded, as it can be used to produce fake proofs and thereby violate the security of the system. To solve this, the trusted setup can be performed using a special cryptographic ceremony in which multiple participants each take turns to perform a computation. The final result of all the computations can be trusted as long as just one participant ensures that they securely discard their toxic waste.

The more people that participate the better, so please reach out to the coordinators (Wei Jie, Barry Whitehat) or us to join!

Lightcone Relayer

We optimized our framework for elastic Zero-Knowledge Proof construction. Now all the CRS parameters and proving-keys are saved in a remote disk for all jobs to load on demand. This makes job-distribution more reliable and cost-efficient.

We have completed even more rounds of integration- and load-testing on deposit, withdrawal, and trading, which helped us find and fix several concurrency-related bugs. The integration between the frontend and the relayer backend is now close to completion. Deployment of relayer is now easier after the Kubernetes integration.

On Sept. 12th, we launched an internal DEX based on a 3.0 protocol deployed on a private Ethereum network. We are now busy identifying and fixing more relayer bugs so that we can bring the DEX to the Ropsten network soon.

DEX Frontend

More pages including orderbook, candlestick chart, trade history, deposit- and withdrawal-history, are now integrated with a real Relayer backend. We also refactored lightcone_v2.js library and added more unit-tests for improving code quality. We also enhanced the WebSocket API documentation.

Operations & Marketing

  • 09/03/2019 — Xangle, a global cryptoassest disclosure platform, provides institutional-grade reports of Loopring for prominent global investment banks and investors. Loopring is rated as A+ by Xangle based on its evaluation.

  • 09/05/2019 — Loopring hosted the second quizzes with prizes on Weibo.

  • 09/10/2019 — Loopring BD Director, Matthew Finestone, attended DeFi Summit London, speaking about our ZK Rollup DEX protocol.

  • 10/09/2019 — Loopring launched a new website! You can learn more at loopring.org.

  • 11/09/2019 — HyperDAO conducted an interview with our founder, Daniel Wang. Daniel shared his views on Loopring Protocol 3.0 and DEX in general.

  • 12/09/2019 — We announced our DEX meetup in Osaka right before Devcon5, (October 7th), with Kyber, Uniswap, and Gnosis.

  • Videos from Berlin Blockchain Week: Loopring at Chainlink OracleNode Web3 (about FMUs and Loopring v3), and Dappcon (about Loopring and the dxDAO).


Loopring is a protocol for building high-performance, non-custodial, orderbook-based exchanges on Ethereum. 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 — 09/01/2019

Over the past two weeks, we have been testing the off-chain proof generation performance and cost, and have achieved very satisfactory results. We have also been busy in Berlin with Blockchain Week, learning from the great ecosystem there, and sharing Loopring developments in some talks.

Research & Development

Loopring Protocol

We ran some proof-generation benchmarking on AWS. The average cost per settlement turns out to be as low as $0.0021 USD, which is better than we initially expected.

*DA = (On-Chain) Data-Availability

We also ran a similar benchmark using GPUs. Comparing results on Nvidia GTX 1080 GPU and Intel i5–7500, the performance on GPU is twice as good as the performance on CPU. If we can migrate Fast Fourier Transforms to GPU, the performance is likely to be even better.

We have also implemented the Poseidon hash function in Java and EdDSA on the BabyJubjub curve.

Lightcone Relay

We have completed the integration testing for deposit, withdrawal, and settlement requests. We fixed many bugs and verified the logic of each module. We have also re-implemented deployment automation to achieve faster deployment. We are now working on improving the relayer’s overall quality by performing even more testing, adding tracing and monitoring, and enabling one-click deployment.

Product

We have integrated our Web-based DEX application with many Lightcone 2.0’s REST/WebSocket APIs, including those for deposit, withdrawal, and trading. There are more API integration and testing to be done.

Operations & Marketing

  • 08/19/2019 — Loopring BD Director, Matthew Finestone, attended Berlin Blockchain Week, meeting the thriving crypto community there (especially the deep Ethereum talent that calls Berlin home).

  • 08/21/2019 — Matthew presented Loopring, DEXs, and the new Financial Market Utilities at Chainlink’s OracleNode at Web 3 Summit.

  • 08/22/2019 — Matthew also presented Loopring and the dxDAO at DappCon.

  • 08/22/2019 — Loopring hosted its first quizzes with prizes on Weibo.

  • 08/26/2019 — Loopring hosted an AMA about LRC utility model in the Chinese community.

  • 08/28/2019 — Quiknode published ”Understanding Loopring and Dolomite”, diving into Loopring v3 inner workings, how Dolomite builds their DEX on top, and how QuikNode can power the node infrastructure below.


Loopring is a protocol for building high-performance, non-custodial, orderbook-based exchanges on Ethereum. 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 — 08/18/2019

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)

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