Security, Rewards and More - Loopring Goes Live

There are tons of Crypto project today. Some focus on bridging the gap between international transactions, while others provide users with the ability to exchange currencies without KYC. As such, Loopring exchange is the first publicly accessible zkRollup exchange running on Ethereum. The platform is 100% non-custodial, inheriting Ethereum-level blockchain security while capable of performing at a 1000x greater than the current layer-1 DEXes.

Technology

Aside from friendly UI, and fast speed, the developers have done a lot to make Loopring DEX, exceed user’s expectation. It features

• Loopring Protocol along with ZK circuits
• Relayer Cluster
• React web application

Why Loopring?

The Loopring DEX provides similar trading experience to that of centralized exchanges like Binance, Bittrex, etc. However, it is 100% non-custodial and secure due to its multi-layer security and combination of Ethereum protocol. There are also various other reasons why Loopring might be your best choice, in comparison to other DEX and Centralized Exchanges (CEX).

• In case the DEX doesn’t honour any request made by a user, it will force it into the Withdrawal Mode. Doing this means the DEX will return all users’ funds after a predefined grace period. Although the user’s fund will not be available immediately if a transaction expires without a settlement, it will also be impossible for the assets to be stolen or ‘lost’ on the exchange.
• Since the DEX is built over the Ethereum Blockchain, it only supports ERC20 tokens and ETH. There is no support for other cryptocurrencies, including Bitcoin. However, the company has plans to incorporate cross-chain technology as a solution to bring valuable and popular assets to the exchange.
• As a user, you choose exchanges based on their interface, speed and ease of use. Because of this, the developers made Loopring in a way that offers the best user experience and process on-chain deposit and withdrawal within a few minutes after initiation. Also, the exchange uses fast cloud-computing and have various backups of their DEX to provide users access to the exchange in case of primary data centre failure.
• Loopring Exchange and the protocol itself doesn’t rely on a single player. Additionally, any developer can use it as a relayer and interact with the protocol using ZK circuits since they are open. The function allows anyone to build their relayer or to service their own exchange, as a backend business model.

The Rewards

As users, the majority of us love giveaways, rewards and airdrops. Whether it comes by signing up on an exchange or receiving it because of any activity, they are among the greatest engagement driver. To increase liquidity and the number of users, the team has come up with an inventive idea. To start, the platform is providing three reward programs for beta-tester and bounty hunters. The program guidelines are as follows

Free Lifetime VIP Level 4 Upgrade to 1000 Users [February 27 — March 15]

The exchange will upgrade the first 1,000 addresses entering the Loopring DEX to VIP Level 4! The VIP4 is the highest user level on the platform and allows for lowest trading fees. In addition, if you have done at least ten trades while qualifying for VIP4 before end of March 15 (EST), you will attain that status for life; otherwise, it will expire on March 16, 2021.

Trading Competition [March 16 — March 31]

• Every day, the platform will select five users with the highest trading volume for that day. And will credit them with 1,000 LRC each.
• Every day, the platform will select five users with the highest number of trades on the exchange (not based on volume) for that day and will credit them with 1,000 LRC each.
• Every day, the platform will reward a sum of 5,000 LRC to the maker of the single largest trade for that day.
• On March 31, the platform will reward 50,000 LRC to the user with the largest cumulative trading volume.

Improvement and Bug Bounty [March 1 — April 30]

From March 1 to April 30, users can test the platform and submit bug reports suggestions through the “Report a Bug” link on the website. The team will assess the feedback and will reward users 500 LRC.

Conclusion

Loopring has a great team of developers. They are ahead of their roadmap, and they will likely deliver the promises to investors. Besides, the exchange is also rewarding users and will likely enhance security and UI in the coming days. Hence, if you are an avid Crypto user, and is looking forward to receiving airdrop worth over 30$, try considering giving Loopring.io a try.

Follow Loopring on their official twitter account:
https://twitter.com/loopringorg