The Loopring and Ren teams are extremely excited to announce that the renBTC asset is listed on Loopring.io, Ethereum’s zkRollup Exchange, trading against USDT. Further, this renBTC-USDT pair will be launching with a liquidity mining incentive campaign.
Traders adding liquidity to the renBTC-USDT orderbook (placing resting limit orders) will automatically be eligible to receive their share of $2k in renBTC rewards. Rewards are payable according to spread tightness, order depth, and order balance. Traders will accrue these rewards every hour for 30 days, and can see a dashboard expressing all their earnings in real time. More information on Loopring Exchange liquidity mining can be found here. This pair represents the first liquidity mining campaign outside the Loopring team’s initial effort incentivizing LRC-USDT and ETH-USDT liquidity.
Ethereum and DeFi continue to grow in completely novel and somewhat unexpected ways, building out new financial instruments, market structures, and incentive schemes. However, orderbook exchanges represent one stalwart of the traditional finance system, and one which Ethereum’s parallel financial system has yet to completely capture for two main reasons: 1) inability to perform at same level in terms of throughput and cost, 2) inability to seamlessly integrate non-Ethereum assets.
The former is effectively solved by layer 2 scalability, Loopring’s zkRollup Exchange being a leading solution for users to trade at high TPS, low cost (no gas), while maintaining 100% Ethereum-self custodial security. The latter is effectively solved by cross-chain capability, RenVM being a leading solution for porting any asset to Ethereum in a trustless and composable manner.
So these are solved problems, with in-production solutions. Combined, these technologies endow Ethereum exchanges with the means to outcompete legacy custodial exchanges, while fully upholding the security guarantees we are all here for. As recently as last year, it would have required a relatively active imagination to foresee non-Ethereum-based assets trading on self-custodial Ethereum exchanges at performance equal to custodial incumbents. This is a huge collective win for the entire ecosystem, and we are glad to launch this program to showcase Ethereum and DeFi’s capabilities. So, stay on Ethereum while avoiding high gas fees, and get to liquidity providing to help Ethereum overtake legacy systems on their own turf!
If you don’t have renBTC yet, Loopring and Ren have actually recently collaborated to allow minting of renBTC with BTC from the Loopring Exchange UI via the RenBridge being integrated.
While any limit order is eligible for the liquidity mining rewards, you may want to trade programmatically for the most precise and automated strategy, so be sure to check out the Loopring Exchange API.
If you want to trade renBTC-USDT on a ready-built bot, with ready-built strategies, check out our new Hummingbot connector! Or, can also build your bot on the VNPY framework.
Note: renBTC is also supported on Loopring Pay. Once your renBTC is on the Loopring Exchange, you can instantly and freely transfer your assets to any other user on the zkRollup. Besides doing so on the exchange, you can also send fast, free, renBTC transfers on the new Loopring Pay UI, which is mobile friendly!
Ren is an open protocol that enables the permissionless and private transfer of value between any blockchain.
Loopring is a protocol for scalable, secure exchanges and payments on Ethereum using zkRollup. You can sign up for our Monthly Update, learn more at Loopring.org, or check out an exchange/payment app at Loopring.io.