A lot of things have happened in the Loopring ecosystem in 2020. Here’s the top of the top:
27 Feb 2020 - Launch of the Loopring.io Exchange
Loopring.io Beta1 exchange interface
Loopring launched their first publicly accessible zkRollup exchange, “Beta1”, on Ethereum mainnet on February 27, 2020. The exchange is based on the Loopring protocol v3.1.1 and is 100% non-custodial, it requires no KYC from users, and inherits Ethereum-level security guarantees.
In addition to security, the Beta1 Loopring.io exchange is capable of performing at a throughput 1000x greater, and 600x cheaper settlement cost, than the existing state of the art layer-1 DEXes.
The DEX launched with only four trading pairs; ETH-DAI, ETH-USDT, DAI-USDT, LRC-ETH, and has since grown to support many more assets that traders demand.
15 Apr 2020 - Loopring Integrated Into Publish0x
On April 15, 2020, PUBLISH0X integrated Loopring’s $LRC token for tipping writers on Publish0x.
The team at Publish0x chose to integrate $LRC for tipping because they believed that Loopring was set to become a leader in the decentralized exchange (DEX) space and was very impressed with what they had already built thus far.
When integrating $LRC into Publish0x, they made $LRC the primary tipping token of Publish0x giving people a 60% chance of receiving a tip in $LRC, a 20% chance in DAI, and a 20% chance in BAT.
21 May 2020 - Loopring.io Nears 1M Trades Milestone
In just 11 weeks since launch, the zkRollup Loopring.io exchange settled over 960k transactions, nearing 1M trades.
It processed all of these transactions via zkRollups which enables a throughput of 1000x greater, and 600x cheaper settlement cost than existing DEX solutions such as Uniswap.
However, Loopring didn’t even use its full potential to achieve its nearly 1M trades in under 11 weeks. It achieved this pace by only processing 0.1 trades per second when in reality they can process 2100!
To celebrate the 1M trades milestone, Loopring awarded 10,000 LRC to traders who had a trade settle in the block containing the 1 millionth trade. The millionth trade itself received 50% of the 10,000 LRC reward, and all other trades in its block split the remaining 50%.
6 Jun 2020 - Loopring Pay Goes Live
In June, Loopring’s zkRollup protocol began supporting transfers in addition to trades with the launch of Loopring Pay. Loopring Pay enables Loopring Wallet and exchange users to send payments to each other instantly and for free (no fees and no gas).
Loopring Pay will also be extendable to other wallets or apps that plug into the Loopring protocol or APIs to enable scalable Ethereum-based payments.
Waiting for ETH 2.0 to launch for fast, free, and scalable ETH and ERC-20 transfers and payments is no longer necessary as we now have Loopring Pay.
17 Sept 2020 - COINBASE Lists LRC
On September 17, 2020, Loopring’s $LRC token got listed on Coinbase.com and Coinbase Pro – the most widely recognized, trusted, and easy to use cryptocurrency exchange with fiat pairs.
The exchanges listed $LRC with the LRC/USD trading pair, making the token widely available to a new audience looking to gain exposure to $LRC with fiat currency. The Coinbase listing further solidified Loopring as a solid cryptocurrency project and increased the liquidity of $LRC.
24 Nov 2020 - Loopring’s Wallet Goes Live
The Loopring Wallet, which launched in Beta on November 24, 2020, became the first Ethereum wallet with zkRollup scaling baked in. It’s a smart contract wallet that gives users great security, flexibility, and an impressive user experience.
Users can trade on the same order books present on the Loopring.io exchange and can send transfers instantly and for free to other Loopring users using Loopring Pay.
All in all, everything built into the Loopring protocol + product-wise is included in the Loopring Wallet, with the extra features of a smart contract wallet.
Also, on November 27 through to December 26, Loopring introduced a new type of DeFi mining which incentivized users to withdraw their cryptoassets from centralized platforms to Loopring’s non-custodial wallet.
2 Dec 2020 - Loopring’s zkRollup AMM is Live
In December 2020, Loopring launched an industry-first layer 2 AMM (Automated Market Maker) based on their improved Ethereum zkRollup implementation Loopring 3.6.
Unlike Uniswap’s or Balancer’s AMM, Loopring’s AMM brings the ability to do gas-free, instant swaps, and gas-free, instant adding/removing liquidity as a liquidity provider. You can make 1000 instant token swaps and pay zero gas fees for doing so.
It’s a true game-changer in the realm of Ethereum DeFi and it’s setting the stage for what’s to come.
15 Dec 2020 - Shutdown of Loopring Exchange v1
On December 15, 2020, Loopring announced the transitioning shutdown of Loopring Exchange v1 so that Loopring Exchange v2 becomes the sole active Loopring Exchange. Per the announcement, Loopring v1 will shut down in accordance with the following schedule:
Jan 1, 2021: Deposits, Transfers, and Trading will be disabled and all pending orders will be canceled automatically.
Feb 1, 2021: The v1.loopring.io URL will go offline, the relayer will shut down, and all APIs will no longer be accessible.
From this point on, the Loopring v1 exchange will officially enter “Withdrawal Mode” (but it’s strongly recommended to remove assets before this date as withdrawals will require Merkle proofs to claim your assets and technical support will be limited).
