We are nearly at the one millionth trade settled on Loopring Exchange.
Loopring has settled over 960k transactions on its zkRollup.
This has happened over the past 11 weeks, since launch.
For context, the top 5 DEXs by transaction count (other than Loopring) over the past 30 days are as follows:
If we normalize their data to be a comparable time frame (multiply by 77/30), we see that no exchange has processed more transactions than Loopring Exchange over this time, and in some cases, it’s not even close (only Uniswap comes close). The fact that Loopring has processed a lot of txs shouldn’t be surprising, though— that’s what we were made for! Our zkRollup scalability means we can process more trades per second, and pay less to settle each trade on Ethereum — by a factor of ~1000x.
In fact, we have a long, long, way to go to reach our full potential and upper bound. We have achieved this pace by only processing 0.1 trades per second, when in reality we can process 2100 right now!
Nonetheless, doing what we were made to do is a reason to celebrate! So to celebrate the upcoming one millionth transaction, we will setup a small reward.
We will reward a total of 10,000 LRC among traders who have a trade settled in the block which contains the 1 millionth trade.
Recall: in a zkRollup, transactions are ‘rolled up’ and put into batches (blocks), before they are committed to the chain & verified with a ZK proof. So a trade is usually submitted to Ethereum with a whole bunch of other trades. Below, you see Loopring Exchange has processed ~20k blocks. That means on average, a Loopring block contains 50 transactions (1 million/20k). In reality, Loopring can currently handle blocks as small as 1, and as large as 1024.
The millionth trade itself will receive 50% of the 10,000 LRC reward, and all other trades that are in its block will split the remaining 50%. Note: it takes 2 to trade, so both maker and taker side will receive the rewards. So for the 1 millionth trade, each party will receive 2,500 LRC, and for all other trades, each side will receive their pro-rata share. Again, trade blocks can be between a size of 1 and 1024, so it is luck of the draw. If we take the average — a 50 trade block — that means 49 trades (98 people) will split 5,000 LRC evenly.
That’s it! Happy trading. As for an expected time of when this will happen, we cannot know for sure, but if we take the recent trade pace of ~5.5k trades per day into account, and given we are at ~960k trades right now, it will happen in about 7–8 days. But maybe this incentive will expedite it. To keep tabs on the pace, you can visit our Dune Analytics dashboard. But please note, this is not live, and could lag a few hours. Also note, the transaction count displayed there includes all transactions, not just trades (but also deposits and withdrawals). The overwhelming majority are trade transactions though, so the dashboard is a good proxy. The reward will go to a trade block only.
Loopring is a protocol for building high-performance, non-custodial, orderbook exchanges on Ethereum using zkRollup. You can sign up for our Monthly Update, learn more at Loopring.org, or check out a live exchange at Loopring.io.