We released Loopring Protocol 3.0! Using zkSNARKs to achieve much higher throughput of 450 trades/second on Ethereum without on-chain data availability, and 80 trades/second with on-chain data availability. Past versions of Loopring achieved only ~2 trades/second!

Research & Development

Protocols

Great progress was made on protocol 3. Some of the most notable are the following:

  • Functionality was added to completely shutdown an exchange, ensuring that all funds are automatically sent back to all users, because only then is the exchange allowed to withdraw the exchange’s stake.
  • Support was added to support different block sizes with and without on-chain data-availability. This allows the operator of exchange to choose the best block size for the amount of work that needs to be done, limiting the cost of the proof generation, while maximizing the achievable throughput.
  • We also optimized the Merkle tree we use to store all data off-chain, reducing the number of constraints in the circuits by about 20%, greatly increasing our throughput without data-availability.

The design document for protocol 3 was also given a thorough update before the public release and we look forward to hearing your thoughts on it. Stay tuned in the coming week for when we open source the code base!

Relayer

We have continued integration tests and deployed Relay 2.0 to dev environment. We have provided APIs for mobile app usage. We will continue testing in the next week.

Products

In the past two weeks, we have continued Relay 2.0 and app integration. We have updated data structure, signing orders, market info and account info. We are working with Relay team on integration tests. Hopefully, the new version of apps will be released soon.

Besides that, we have researched using Flutter in app development. Flutter is a cross platform UI framework for Android and iOS. We believe using Flutter will improve our development efficiency.

Operations & Marketing

  • 04/04/2019 — LRC available on OnePageX, a simple cryptocurrency converter.
  • 04/04/2019 — Loopring’s Director BD, Matthew, speaking on a fintech panel to McGill University students on the skills needed to stay competitive in the financial services industry of the future.
Thanks to Fintech Cadence for the event.
  • 04/08/2019 — Loopring invited Loopring KOL to the group of evangelists.
  • 04/09/2019 — Loopring COO, Johnston, shared Loopring latest developments and Oedax at HuobiGlobal club grand opening in China.
  • 04/11/2019 — LRC was listed on the Coinvest Plus exchange and available for trade with $BTC, $ETH, $GUSD, and $COIN.
  • 04/12/2019 — Loopring collaborated with a famous blockchain community in China to spread blockchain knowledge.
  • 04/12/2019 — Loopring team releases design for Loopring Protocol 3.0. Following 6 months of R&D, 3.0 uses Zero-Knowledge Proofs (zkSNARKs) for scalability, bringing throughput to >450 trades/second on Ethereum.
  • 04/12/2019 — Loopring 3.0 featured in Week In Ethereum’s awesome ecosystem newsletter.
  • 04/13/2019 — Loopring 3.0 Technical Design Doc released. Medium here, and GitHub here.

To stay up-to-date with Loopring, please sign up for Loopring’s Bi-Weekly Update, and find us here:

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⭑ GitHub: https://github.com/Loopring
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