This has been an incredibly busy and exciting month, especially the final week. The bulk of our development work throughout the year is at the point where it is materializing into a very powerful protocol, and user-friendly products. Loopring Wallet has a live beta, Loopring AMM launched a mainnet beta, Loopring protocol v3.6 is being rolled out little by little, and all combined, things are going to get very interesting!
This was a very big milestone for the Loopring team, and represents a product we plan on bringing millions of users onto. It is also a milestone for Ethereum. This is the first Ethereum smart contract wallet with zkRollup scaling baked in, and it’s very powerful. It is a global payment app, DEX (AMM and orderbook), and portal into DeFi. It removes gas fees, provides instantaneous transactions from a user’s point of view, and inherits the complete security of Ethereum. We like to say it is Freedom At Your Fingertips.
Visit https://loopring.io to download the app.
The response has been very strong. In one week, the number of users on the wallet is just shy of 1,500, and more than $20m in assets are held in the wallet — just on our Layer 2 (v3.6)!
On the 27th of this month, alongside the wallet release, we launched a “Withdrawal Mining” campaign. This rewards users for holding their assets in their own self-custody, with 1 million LRC being paid out over 30 days to wallet users. Read here for a more detailed thread on withdrawal mining. The APY in recent days has been 20%. See below for ways to double, triple, and quadruple your earnings.
Right now, the wallet supports deposits and withdrawals to/from L1-L2, and fast and free transfers. The zkRollup AMM (which also launched in recent days, see further below) will be available in the wallet imminently. As far as other Loopring v3.6 functionality, first, only swaps will be integrated into the app, then shortly after, the ability to add & remove liquidity, do fast withdrawals, and the ability to send transfers from your L2 address to any L1 address will be added.
In addition to integrating the remaining features of 3.6 into the wallet, the focus of the next month will be on improving the user experience, such as the accurate estimation of gas fees, the payment of relayer fees by the L2 account, and multi-language localization support.
A big event will also be the AMM liquidity mining campaign that will start around mid-month. You can prepare your Loopring Wallet in advance and use it to participate (add liquidity to the AMM directly from your L2 account in app).
We have received the audit report for the Loopring 3.6 smart contracts from Least Authority. We have addressed the small issues and suggestions. We have written in-depth documentation for the Loopring 3.6 zk circuits. The audit of the circuits will be finished in December, also by Least Authority.
As alluded to in the wallet section above, and as you’ll see below regarding the exchange, we are already in the process of deploying and building products around the protocol upgrade, but not all features are available just yet.
We launched Ethereum’s first Layer 2 AMM atop our protocol v3.6!
Our zkRollup AMM is live right now https://exchange.loopring.io. You can swap, become an LP (add/remove liquidity) right now, all gas-free, and instantly. We are only supporting an LRC-ETH pool as a short term test, before we really get going. In coming days.
The ‘legacy’ Loopring Exchange (orderbook trading on v3.1) now lives at https://v1.loopring.io, and is still going strong.
For the new ‘v2’ exchange, we have basically completed the relayer API for protocol 3.6, especially L2 related functions, including deposit and account activation (which is now just one transaction instead of two), transfers, AMM swaps, adding and removing liquidity and more. All of this can be used with Metamask or wallets that support the WalletConnect standard — including Loopring Wallet!
On https://v1.loopring.io/, we completed the one-month liquidity mining campaign from PieDAO for their DEFI indexes, and DOUGH tokens, all vs ETH. The 6000 DOUGH (~$6k) rewards for liquidity providers has been distributed to the L2 accounts of winning users.
There is also a new liquidity mining campaign on https://v1.loopring.io/ that just started. Flexa’s AMP-USDT is listed with 2m AMP (~$12k) rewards over the next 29 days. Add liquidity to that orderbook within a 1.5% spread to earn your share every hour. This may be the final liquidity mining campaign on v3.1 before they all begin on v3.6 (AMM + orderbook), so go out with a bang!
Plan for 2021
All employees of Loopring in Shanghai completed two days of brainstorming during a company off-site, where we discussed and formulated work priorities and strategies for 2021. The keyword for Loopring next year is growth. We have to accomplish two major goals: the daily active wallet users reach XXXX, and the daily transaction volume reaches YYYY million dollars. Research and development and focused engineering work has gotten us this far, now it’s time to reach the masses and grow!
Loopring will also change its strategy in terms of product iteration, striving to achieve minor product updates every week, instead of more seldom, bigger updates. In view of the fact that Loopring Protocol 3.6 has solved many of the pain points in our products, we have no plans to do any major protocol upgrade in 2021. Therefore, we will not release a detailed R&D roadmap for 2021. We will, however, continue our monthly reports into 2021, but you can expect a different tone, since many of the technical details and plans will be behind us.
- We asked the community a question about LRC staking (and on Discord). Stay tuned for staking mechanic updates (hint, likely coming to L2).
- Our Dune Analytics dashboard now includes v3.6 and v3.1 data. See it at https://duneanalytics.com/loopring.
- We held a community Discord vote for which token to support on our L2, and Celsius’ CEL won.
- We hit 7000 users on our zkRollup, and processed over 2 million txs.
- At the beginning of this month, Loopring held an online meeting with our China-based community. Thank you for the community’s participation and feedback. We will continue doing these in the West and East, likely at alternating months.
- A helpful thread to put the Loopring Wallet launch and the two protocol versions into context.
In the News & On the Ground
- Loopring Technology has partnered with Chainnews Media, and opened the Loopring Protocol column in Chainnews. to continuously release the latest Loopring information.
- Crypto blog ‘Cryptouf’ wrote a nice explainer and tutorial on Loopring in French.
- Daniel Wang, the founder of Loopring Technology, was interviewed by Rhythm BlockBeats and introduced the characteristics of Loopring Wallet and plans to improve platform liquidity in the future.
- Loopring’s Chief Architect, Brecht Devos, participated in a roundtable on Ethereum L2 held by Ethereum Magicians, discussing L2 with Alex of zkSync and Jamie of the Ethereum Foundation.
- Loopring’s Head of Business, Matthew Finestone, participated in the Chicago DeFi Alliance liquidity demo day and introduced Loopring Exchange’s opportunities for market makers and liquidity providers. Video.
- Publish0x published an article on Loopring’s zkRollup technology.
- Some nice coverage on the Loopring Wallet launch in Week In Ethereum and EthHub Weekly.
- Loopring: Scaling Ethereum Securely, written in DeFi Times Newsletter.
Loopring is a protocol for scalable, secure exchanges & payments on Ethereum using zkRollup. You can sign up for our Monthly Update, check out our wallet & exchange at Loopring.io, or learn more at Loopring.org.