On January 6th, we launched our L2 AMM liquidity mining (together with an AMM swap tournament and orderbook liquidity mining). Incentive cycles last for 14 days, and the first one came to an end moments ago. Below are the details for the second round.
Recap of Round 1
The first round of rewards helped us push the pace of adoption and assets entering L2. The total value locked on Loopring zkRollup has exceeded $100M, a first for L2, and a great sign of the shift taking place on Ethereum. 2021 is the year of Ethereum L2.
There’s also approximately $6M of assets held in Loopring wallets on L1.
We have over 12,750 users on L2, which is awesome to see. 32% of them access Loopring through our Smart Wallet mobile app, with the majority through Loopring Exchange on web. You can also use Loopring via API.
For a look at information from AMM pools, volume, liquidity, APYs etc., you can visit https://exchange.loopring.io/info/pairs. You can see the three ‘flagship’ pools that were incentivized in Round 1 all have the most liquidity and volume.
More data are available on Dune Analytics: https://duneanalytics.com/loopring. All Loopring data can be extracted from Ethereum (a rollup puts data on-chain) and visualized by Dune Analytics. If you want Loopring Exchange aggregate data like you see above, and don’t want to read from on-chain, Loopring relayer does have a data reporting API.
As mentioned in the initial blog post, payouts from incentive rounds will happen automatically on L2 within 3 days of a round ending. In practice, we expect round 1 rewards to be paid within 24 hours.
The Second Round of Rewards
We’ll launch the second round of incentives at 00:00 UTC, January 25th as follows:
1. AMM Liquidity Mining & Swap Tournament
The following AMM pools will support liquidity mining and swap tournament. The first 3 pools are powered by Loopring, and the rest are sponsored by the corresponding projects, with Loopring matching a portion of the projects’ incentives.
Liquidity Mining rewards goes to AMM pool LPs, Swap Tournament rewards go to swappers in that pool.
If you want to incentivize liquidity of a token on Loopring L2 in a future round, please fill out this form.
2. Orderbook Liquidity Mining
We’ll also continue orderbook liquidity mining for the USDC/USDT, and DAI/USDT trading pairs on our orderbook as follows:
All rules from our first round apply except there is no additional reward for mobile wallet users.
1. AMM Liquidity Mining
- This round starts at 00:00 UTC on January 25, 2021, and lasts for 14 days.
- We take random snapshots of the relevant AMM pools several times per day to calculate the size of reward each LP earns based on the average of all snapshot balances in the round.
- Rewards will be directly distributed to LP’s layer-2 accounts within three days of the end of the round.
- Providing liquidity is how you mine. You automatically start mining without any other user action.
- Mining does not involve locking up your funds, but the LP tokens must stay in your Loopring layer-2 account. If you withdraw LP tokens to the Ethereum mainnet, you cannot get mining rewards, because it will not be recorded in the snapshots. You can transfer part or all of your LP tokens to other accounts on layer-2, but the mining rewards will also follow.
2. Swap Tournament
- We pay only the top 25 users with the most swap volumes in a pool.
- For our three flagship pools, we will pay according to the above chart. For other pools, the actual size of the reward will scale based on the total reward, but maintain the same function.
3. Orderbook Liquidity Mining
- The maximum spread is 0.1%.
- Other details follow Loopring v1 orderbook liquidity mining rules. Hourly snapshots, measured by order depth, tightness, and balance.
That’s it! Happy LP’ing, swapping, and market making. All gas-free, and all secured by Ethereum. You are all experiencing L2 early on, and for that, we thank you!
If you are interested in integrating with Loopring, please check out our API docs: https://docs3.loopring.io. For any questions, feedback, or to just join the community of Loopringers, feel free to join our Discord.
Loopring is an Ethereum zkRollup protocol for scalable, secure exchanges & payments. Loopring builds non-custodial, high-performance products atop our Layer-2 protocol, including the Loopring Wallet — a mobile Ethereum smart wallet, and the Loopring Exchange — orderbook and AMM DEX with no gas-fees. To learn more, you can sign up for our Monthly Update or see Loopring.org.