Loopring Bi-Weekly Update — 10/20/2019
|Matthew Finestone||Oct 22, 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
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:
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.
Discuss and finalize the protocol’s constant parameters. The work has started.
Perform SNARK trusted setup. The work has also begun.
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 withdrawals. Additional 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.
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.
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
10/01/2019 — Dolomite published the article, “A Detailed Look At How Dolomite Solves the DEX Onboarding Problem”.
10/03/2019 — Our presentation from DeFi Summit in London was released. We had a blast there, and Matthew Finestone spoke about how Loopring v3 uses zkRollup to solve DEX scalability w/o sacrificing security, and why we think non-custodial exchanges are absolutely necessary.
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 COO, Johnston Chen, was interviewed by Black Diamond Rating, talking about decentralized exchanges and Loopring Protocol 3.0.