Loopring Bi-Weekly Update — 08/04/2019
|Matthew Finestone||Aug 5, 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
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.
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.
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 — Our COO Jonhston was invited to Our Earth Community Initiatives Summit and shared Loopring’s DEX solution.
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.
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