Loopring Bi-Weekly Update — 08/04/2018

Over the last weeks, we have been focusing on the design and implementation of Loopring Protocol 2.0 and our Lightcone relay.

We’d like to welcome two full-time engineers on board.

Yanyan LAI, backend developer. She graduated with a master’s degree in computer science from Shanghai University. Yanyan worked as a big data engineer in Ctrip and a telecom company.

Michelle XU, backend developer. Michelle graduated from the CS department of Zhejiang University. Before Loopring, she used to work for Wacai and Meituan Dianping as a software engineer.

Yanyan and Michelle are now part of our backend team. They will work with the rest of the team on relay development and optimization, as well as ecosystem integration and technical consulting.

Protocol

On Ethereum

We brainstormed the way different fee models can be implemented in protocol V2. We made some progress and are still finalizing many details. Before the application of new patents, we are only sharing limited information.

NEO

We did more testing and measurement of our protocol on NEO testnet. Deployment of Looping Protocol on NEO will cost roughly 990GAS which is equivalent to $8365.5 at the current price of $8.45 per GAS.

Settling a ring of two orders will cost 15 to 17GAS, with a 10GAS free quota, miners still need to pay 5 to 7GAS, which is about $42 to $59 (YES, you are right, that’s USD not CNY). A ring of 3 or more orders will undoubtedly use more GAS. If we take $55 as the average settlement transaction cost, and assume people are only willing to pay 0.2% as the fee, then an order’s value must be at least $55/0.2%/2 = $13750 before a miner would consider matching such an order. $13750 is much higher than most orders in centralized exchanges.

We believe with NEO’s current fee model, settling order matched off-chain on NEO mainnet is almost impractical unless we can somehow hack or bypass the fee model. NEO 3.0 will most likely introduce a new fee model to reduce the cost of smart contract development and invocation significantly. We are eagerly looking forward to it.

DEX Backend

Relay 1.0

We improved relay 1.0 implementation and optimized the configuration of our instances on AWS. The current bootstrapping relay’s performance has been noticeably enhanced.

Relay 2.0 (Lightcone)

The team is designing the Lightcone relay. We need two more weeks to finalize some design details.

DEX Frontend

Loopr & Circulr

We fixed several minor bugs in Circulr thanks to our community, and also adjusted some UI. We configured and launched 18 tokens on Loopr and Circulr for trading.

Looping .js SDK

We have also updated loopring.js SDK and published a 1.0.4 version.

H5Dex

Over the past two weeks, the most significant achievement is launching LoopringDEX as a dApp on top of imToken 2.0 (international version). LoopringDEX is based on H5DEX, our open-source, embeddable, responsive DEX frontend solution.

Based on the feedback from our community, we optimized CDN for faster loading of HTML5 static resources and made the app more responsive to smaller screens. We also enabled the customization of order expiration timestamp and improved UX in order and task management. We are now working on the second version of H5DEX to introduce more features.

Apps

We continued the Loopr-iOS development with an improved UI. The iOS app will be available for testing in about two weeks. These improvements include:

  • New shadow effects and new icons;

  • New UI slider component.

  • Redesigned swipeable menu ViewController;

  • Improved UX for sending tokens and submitting an order;

  • Optimized the SocketIO connection for better performance.

  • Integrated with latest Relay APIs;

  • Added trading FAQs.

Screenshots of the Latest App, not Design Images

Screenshots of the Latest App, not Design Images

Operation & Marketing

  • 07/24/2018: Bitsonline interview about Loopring with Matthew Finestone, Director BD.

  • 07/25/2018: Twelve projects are integrating with Loopring Protocol, they are: imToken, Mytoken, Qbao, Tokenest, Loois, Dexlab, Tokenall, Tuzy, Gtex, Uone, MWTech, and Cpoo;

  • 07/27/2018: We listed 10 more ERC20 tokens on Loopr and Circulr DEX: ALI, BIZ, BOS, BTO, BTK, IDHUB, INK, INSUR, TRAC, and XMM;

  • 07/27/2018: We held an AMA with BiAsk.

  • 07/28/2018: Loopring’s mid-term incentive plan came to an end. We posted a blog advising participants to take actions to claim their LRC.

  • 07/29/2018: COO Johnston Chen delivered a keynote on the EOS Ecosystem Summit.

  • 07/30/2018: Loopring’s DEX dApp launched on imToken platform for testing. We’ve collected much feedback from our community and have improved the dApp.

  • 08/01/2018: COO Johnston Chen participated in the China Smart Retail and Blockchain Industry Summit.

  • 08/03/2018: We listed 9 more ERC20 tokens on Loopr and Circulr DEX::QUBE, SET, TCT, EPH, JNT, NTK, ATN, FKX, and TUC.


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