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).


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