Research & Development
We have been preparing the multiparty computation ceremony required for Loopring 3.0’s trusted setup. We have completed and are testing the code for our ceremony (a.k.a., phase 2), and have also developed a web page to track the ceremony’s progress. The web page will be deployed before the ceremony begins. As part of the effort, we have also participated in the Perpetual Powers of Tau (a.k.a., phase 1) to ensure that its results can be used faithfully in our own ceremony.
Several well-known people in the blockchain ecosystem have confirmed their participation in Loopring’s multiparty computation ceremony, and we will continue to invite more people to join. We will release more details in coming days.
Back on the protocol development front, our protocol engineers are making a specific circuit optimization to improve the parallelization of relay’s settlement processing. This optimization is nearing code-complete and will merge into the master branch in the coming week.
In the meanwhile, we have also completed the optimization and adjustment of all protocol parameters. Some parameters are more relaxed to ensure that the relayer and the protocol can interact more stably in the initial stage of the launch.
The security audit report for Loopring 3.0 is purposefully slightly delayed, because since the audit is not the bottleneck of our launch, the delay of one to two weeks does not have a critical impact on the overall schedule. We appreciate SECBIT Labs for their willingness to spend more time improving the audit at no extra cost.
On that note, we’ve also open sourced all our circuit code this week. Bug bounty included, so please check it out!
Lightcone relayer now has full support for Loopring 3.0 beta3. We’ve performed intensive testing and more optimization as well. As of now, Lightcone’s overall performance shall be on par or superior to several small to medium-size centralized exchanges.
We have also tested the integration of Lightcone with Loopring 3.0 beta3 on the Goerli network to verify they work seamlessly post-Istanbul hard fork.
We also enabled a useful new feature called Instant Account Creation, which allows users to make deposits immediately after the account creation requests are made off-chain and before the requests are confirmed on-chain.
Most core functionalities in the (still close-sourced) dexwebapp repository are code-complete. This means going forward, the team will focus on bug fixing, responsive layout, and styling. The team has also deployed the web app on a dedicated server hosted in the mainland of China to test accessibility for users in China.
Getting Ready for Public Beta
- Protocol: the ZKP trusted setup ceremony will take about 40 days — each participant will run the computation in turn, and each round will take 2 to 4 days. We expect to release and deploy the beta4 version of Loopring 3.0 in mid-December.
- Lightcone Relayer: we expect all refactoring and further stress/performance testing will conclude by the end of December.
- DEX web application: we expect WeDEX’s frontend will be fully developed by the WeDEX team — based on the dexwebapp code base — by the end of December as well.
The upcoming Spring Festival (a.k.a., Chinese New Year) is in January of 2020. The nationwide long holidays will have an impact on our beta launch schedule. While Loopring and WeDEX are still undecided when to launch WeDEX’s web-based application, both teams are confident that we will get our infrastructure production-ready before the end of 2019.
Operations & Marketing
- 10/20/2019 — Our CTO, Steve Guo, was invited to participate in the Shanghai blockchain meetup organized by the Pied Piper Developer Community, and shared Loopring’s ZKP-based DEX solution and the lastest development of Loopring 3.0.
- 10/21/2019 — We completed our part of the multi-party computation for the zkSNARK trusted setup, the Perpetual Powers of Tau. Phase 2 of the trusted setup (for Loopring’s specific circuit) set to begin shortly. See tweet below.
- 10/21/2019 —Loopring’s Matthew Finestone did a comprehensive AMA with Cryptoverse’s community.
- 10/22/2019 — Dolomite wrote an article about the best exchange to trade LRC. Hint: it’s Dolomite.io! Next week they will have an infusion of LRC/ETH liquidity from dedicated market makers.
- 10/27/2019 — We announced a 10 million LRC grant to WeDEX, the first DEX building atop Loopring 3.0, and thus one of the highest performing non-custodial exchanges expected to live atop Ethereum.
- 10/27/2019 — Our CMO, Jay Zhou, was invited to participate in the Tsinghua Wudaokou Alumni Forum to discuss China’s emerging blockchain technology and the digital currency DCEP launched by the central bank.
- 10/29/2019 — We open-sourced our zkSNARK circuits code. The 6 circuits effectively comprise the ZKP part of the Loopring 3.0 protocol. We have a 500k LRC bug bounty open for the circuits.
- 11/01/2019 — We released an update for the LRC Long Term Incentive Program, relinquishing ownership of the contract, and thus making it unowned, and able to last forever — until the last participant withdraws.
- 11/01/2019 — Hummingbot announced their Liquidity Mining program, with Loopring participating as a launch partner, allowing community members and holders to market make LRC across exchanges — including Loopring DEXs — and earn fees/rewards.
- 11/02/2019 — Phase 2 of our Trusted Setup has been scheduled:
- 11/02/2019 — Cointelegraph writes about Dolomite integrating margin trading, with stop-loss orders. Feature launching on Nov 4th.
These updates are important to us: it's how we keep the community abreast of our progress every 2 weeks!
📢Here's a contest to incentivize & thank subscribers 📢
1) Subscribe to the Bi-Weekly newsletter: https://loopring.substack.com/
2) We'll choose 3 subscribers to win 500 LRC each
That's it! We'll choose the 3 winners by the next Bi-Weekly Update's release date (11/17/2019).