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EthFinance AMA will be with the Loopring team
Summary: I'm excited to announce that the next EthFinance AMA will be with the Loopring team- who recently implemented some of the first zk-rollup tech onto mainnet, allowing for decentralized exchanges which can process thousands of transactions per second. The AMA will be on January 20 (with the thread opening on the evening of January 19), ...
I'm excited to announce that the next EthFinance AMA will be with the Loopring team- who recently implemented some of the first zk-rollup tech onto mainnet, allowing for decentralized exchanges which can process thousands of transactions per second.
The AMA will be on January 20 (with the thread opening on the evening of January 19), with the following participants from Loopring:
Daniel Wang, CEO, Founder (u/wngdng77)
Brecht Devos, Chief Architect (u/brechtoman)
Matt Finestone, BD (u/mfinner)
Here is the text from their latest developer update (which you can find in the EthFinance Monthly Announcements and Developer Thread):
Company/DAPP: Loopring Protocol
URL/ENS: https://loopring.org/#/
Category: DeFi, DEX, zkRollup, zkSNARKs, layer 2 scaling
Social Media: https://twitter.com/loopringorg, https://medium.com/loopring-protocol,
Code Repositories: https://github.com/Loopring
Post Topic: Our zkRollup DEX protocol (Loopring v3) has been live on Ethereum mainnet since early December, and for the past few weeks, has been implemented & tested by partner exchange WeDEX, with the contract living here. Phase 1 of their beta testing (available mostly to their Chinese-language UI), has completed, and today, we dive deep with a full data analysis of all on-
chain gas costs & off-chain ZK prover costs: https://medium.com/loopring-protocol/loopring-testing-phase-1-data-recap-ed0c67396870.
Recent Update:
TL;DR: After processing 666,716 real-value trades, it costs $0.005 to settle a trade on Ethereum ($0.0025 on-chain gas costs, $0.0025 off-chain prover). This is currently 40x cheaper than prior, non-zkRollup Loopring versions. Notably, this is without sacrificing any layer 1 security guarantees at all, because we enforce on-chain data availability.
Finally, while our v3 maximum throughput is 1,400 trades per second, the above figures only correspond to <200 tps (prior versions only 2-3 tps), because the bottleneck now exists off-chain with the Relayer - not Ethereum! So, lots of optimization immediately ahead, with the view to halve total settlement cost to $0.0025 (with ETH at $140) within next few months. Please see optimizations in the same analysis post.
Other stats updates provided in past 2 weeks can be found on Twitter here and here.
We thank the Ethereum and ZKP communities for helping us achieve our first goal: infrastructure to allow the building of non-custodial exchanges that can be as scalable/low-cost (performant) as centralized exchanges, without sacrificing Ethereum-level security at all.
