Loopring just launched our AMM based on Loopring 3.6, our improved Ethereum zkRollup implementation. This brings the ability to do gas-free, instant swaps, and gas-free, instant adding/removing liquidity as a liquidity provider on Layer 2. AMMs have been a cornerstone of Ethereum DEX & DeFi success, and now they are on our highly scalable, self-custodial L2.
As of now, to walk before we run, only the LRC/ETH pool is enabled (there are likely good arbitrage opportunities). There is ~$5m worth of assets in the pool right now. You can try the web app at:
Orderbook trading — our previous forte — has not yet been enabled on v3.6 (but is still running on v3.1). We will do that gradually after more AMM pools are made available first. Then in the near future, we’ll add support for smart order routing — so that a user’s order can be routed to corresponding AMM pools and order books, splitting orders to find best pricing execution.
At some point in December, we will launch AMM liquidity mining, incentivizing LPs for selected pools, with rewards paid out in LRC. We will launch this liquidity mining program once Loopring Wallet, our smart contract wallet app, integrates the AMM within the app.
Use it now at https://exchange.loopring.io.
Please note that Loopring 3.6 is still in its early beta. You should be aware of these many risks before you try it.
As part of the 3.6 release, all tokens registered in the old 3.1 version have been added to the new rollup (not enabled in AMM pools yet, but able to be transferred thereon.)
How to get aboard
If you have a Loopring Wallet, that means you are already on Loopring v3.6. So if you have assets on L2 in your wallet, they can be used immediately on the AMM at exchange.loopring.io. You can use your Loopring Wallet to connect to the web app via WalletConnect. Very soon, you will also be able trade on the AMM directly in your wallet.
If you have never used a Loopring product before, simply visit https://exchange.loopring.io with your Ethereum wallet and get aboard L2. You simply deposit assets on L2 and you are good to go.
If you are a previous user of the ‘old’ Loopring Exchange in the past year, that means you are on v3.1, which is effectively a different L2 (a different Merkle tree). You cannot use v3.6 and the AMM with your old L2 account address. You must withdraw from the old L2 to L1, then do one of the options mentioned above:
- If you have a Loopring Wallet, you can just transfer your assets to your wallet on L1, place those in L2 in-app, and use that as your L2 gateway (using WalletConnect for web, or soon, AMM in-app).
- Onboard anew at https://exchange.loopring.io with that same address similarly to you how you did it the first time (except this time it’s only one on-chain tx to activate new L2 + deposit, not two). Any VIP status your address had in v3.1 will still be honoured on the new v3.6 L2.
Loopring 3.6 represents a massive upgrade to our protocol. After having run our zkRollup for the past year on Ethereum mainnet, we have taken all our learnings and put them into this release. Read about more features here. One prominent feature is ‘fast withdrawals’ — the ability to exit L2 to L1 in ‘real Ethereum time’, i.e., the next block. This will be much faster than in v3.1, and provide users (especially arbitrageurs) a great experience. We will enable fast-withdrawals for selected tokens soon. Not all the features of 3.6 are enabled yet.
We are super excited for this new era of Ethereum. If you have any questions, need support, or simply want to join our community, please join our Discord. Happy L2 swapping and liquidity providing!
Loopring is a protocol for scalable, secure exchanges & payments on Ethereum using zkRollup. You can sign up for our Monthly Update, learn more at Loopring.org, or check out our wallet & exchange at Loopring.io.
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