Loopring 3.0 1-Million LRC Bug Bounty
Loopring has allocated up to 1,000,000 LRC for those who identify significant security issues in Loopring Protocol 3.0.
To participate in the Bug Bounty program, please visit https://gitcoin.co.
Loopring is an order-based DEX protocol. The 3.0 version scales by migrating most storage and computation off the Ethereum blockchain. User balances and order trading histories are maintained as part of an off-chain Merkle tree per DEX.
Requests, such as deposits, withdrawals, order cancellation, and trade settlements, are processed as batches to update the Merkle tree. For each batch, the DEX operators only need to publish a 32 bytes post-processing Merkle tree root to Ethereum — and then, asynchronously, provide a Zero-Knowledge proof to verify user balances and order trading histories have been updated strictly by the rules enforced by the protocol.
Thanks to SNARKs, Loopring can settle up to 660 trades per second. If the on-chain data-availability feature is enabled, Loopring can still settle 200 trades per second. We expect to implement a more efficient data compression solution to offer even higher throughput.
The current beta release, v3beta2, supports the following features:
- Symmetric order modeling: All orders take the same format, regardless if they are maker orders or taker orders.
- Dual Authoring: This is inherited from the previous versions to prevent orders or settlement requests from being stolen.
- Order auto-scaling and partial matching.
- Withdrawal mode: When a DEX fails to fulfill duties enforced by the protocol, users can withdraw their full balances by providing valid Merkle proofs (and the DEX operator got slashed). If on-chain data-availability is on, Merkle proofs can be generated merely from on-chain data; otherwise, users will have to request data from DEX operators.
- Maintenance mode: Loopring provides a way for DEX operators to temporarily suspend user requests so they can upgrade ...
To keep reading, please go to the original article at:
Loopring Protocol - Medium