Feedback for Loopring

Hey all,

Hoping to collect as much feedback under this umbrella as we can. This stuff is super valuable so please give your input whether you think it’s relevant or not.

  • upvote the stuff you like the best too!

Perhaps we can do this once per quarter moving forward as a sort of check-in so that the community can have as much feedback into steering the project as possible :slight_smile:

You guys are the trailblazers in helping build the future decentralized financial world. It is greatly appreciated!

Below if you could please just give your:

  • Top 2 or 3 things you love about Loopring (exchange or wallet)
  • Top 2 or 3 things you would change about Loopring (exchange or wallet)
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Although I’m not a very active (or wealthy) user of the Loopring protocol, I have used its layer-2 AMM and have created a wallet with Loopring.

Things I love:

-Good UX/UI design: A lot of protocols don’t have the resources to create visually appealing layouts, and I think Loopring has done a much better job with their design/theme compared to its competitors. The wallet is easy to understand, and so is the exchange if one is familiar to existing DEXes like Uniswap.

-(Potential) Loopring Wallet Point Reward System: Incentivizing users to use Loopring’s smart-contract wallet with rewards like lower transfer fees could be beneficial in attracting more novice/retail crypto users to the protocol. While gas fees are low again, fees based on contract interaction are still relatively high for those with smaller amounts of crypto, and so incentivizing active use or even check-ins to the protocol could be very appealing.

Things I would change:

-Permanent liquidity mining rewards on ‘blue-chip’ pairs: Sushiswap is a good example of this. Temporary liquidity mining is a great way to gain liquidity on new pairs, but this can often be done at the cost of losing liquidity from other pairs on the protocol. In my opinion, there needs to be a better incentive for liquidity providers to keep their liquidity in stable/‘permanent’ pairs beyond just the trading fee.

-Social media marketing / community approach: In terms of branding and public sentiment, Loopring seems like a very “futuristic-tech-startup” type protocol rather than an easily understandable/accessible product with a actively supporting community. I think that increased activity on social media platforms (especially Reddit) and strong marketing assets can be beneficial to boosting the popularity of the protocol (examples that come to mind in this space are PancakeSwap and SushiSwap).

Although I’m not a very technical user of blockchain technology, I hope this humanitarian-styled feedback can benefit Loopring. I’m definitely excited for the future of Layer-2 technology on the ETH blockchain, and I hope more individuals can be exposed to scaling solutions in order to grow their wealth and increase use of Loopring in the future :smiley:

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This is amazing Steph, thank you so much for your feedback… we’ll be carefully assessing + addressing all of this :slight_smile:

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Love about:

  • Currently only one real-use zkru system with Transfer/AMM/LimitOrder functionalities
  • ~6 months of running

Would change about:

  • Swapping needs a router which supports 3 or more hops.
  • Permission-less token listing (in preparation?)
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I’m in Loopring since 2017, just after the China ICO refund.
I’m not super technical but I’ve followed the project very close and saw a few evolutions happening.
These are my positive and negative points:

PRO: the tech! Loopring’s technology is without any doubt the best at this moment imo… As we all know the team is very focused on delivering new features and new versions of the protocol. I’m 100% convinced that hard work will pay off!

CON: communication (update’s / AMA’s / community calls / …). With a (very technical) engineering team, the focus is on creating a better version of the protocol each time but I’ve the feeling very few people know about what Loopring’s doing. Building cool stuff is one thing, but let the world know what you’ve created is also very important!

CON: marketing. A bit in line with the communication topic. I know in the past the team said they will focus on marketing once the protocol is ready to go but it’s also important to understand that the protocol will never be ready… There will always be room for improvements etc… On the other hand, I 100% agree that starting up the marketing machine while you have a product that is not operational yet is a waste of money. So we have to find the balance here I guess…

CON: website. First thing new people will do is check the website to read what’s Loopring all about… For me personally the website is a bit to sober; it’s all blue and white… not very attractive… I think a renewed website with fresh colors and good explanations about what Loopring is (and what it’s not) could help to attract new people to the project… Also a clear guideline about how to use the exchange (first deposit to L2, unlock your wallet, etc…) and the wallet are essential to me. Maybe there are community members that are good in website building who can help on this?

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Great feedback kyoronut! Really appreciate it :+1:

Awesome stuff Piedidi, thanks for the feedback and all you do in the community!

Totally agree with a lot of this & you’ll be happy to note we are definitely beginning to ramp up the marketing now :slight_smile:

Will note and assess this all to see what we can implement!

Pro:

  • All in one smart wallet with ability to connect to the web exchange for better analytics and information.
  • Simple orderbook trading with 0 fees.
  • Simple interface for AMM via both wallet and exchange.

Cons:

  • Great development team but things should be first announced before being implemented.
  • AMM deposit fees should be reconsidered to allow people to continue to add funds to pools. I suspect some people would like to add more liquidity but having a fee each time to deposit puts people off especially if they can only afford to add smaller amounts.

Feedback:

  • Marketing or remarketing and repackaging Loopring as an all in one service.
  • Partnership with a CEX for L2 transfers would provide great visibility.
  • In line with announcing new developments, provide a simple explanation of what that really means and how it benefits your simple end user. Explanation of what some partnerships also mean. A point to remember is not all users are technical or even interested in the great technology, a large proportion are only here to either make money or to see how they can save themselves some costs.
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Thanks so much @Odesium - your feedback means a ton :raised_hands:

All very great points!

Speaking about marketing and remarketing: maybe putting ETHport individual in the market (with its own marketing) could be something to think about… As ETHport goes beyond Loopring and will support the different L2 protocols, it could be (maybe) clever to launch it as a universal L1<>L2 solution… It’s important imo that people don’t see ETHport as an exclusive Loopring solution…

Wallet

Pros:

  • Daily limits, guardians and white-listed addresses help me sleep better at night.
  • It’s the only wallet that I’m aware of that will show my balance on L1 and L2 (loopring only right now).

Cons:

  • The cost of transactions on L1 is not listed anywhere, and the app defaults to gas limits that are way too high (4x what is needed), and there’s no way to tweak them.
  • Password and biometric logins are poorly enforced, as long as Loopring Wallet was never cleared off from memory you don’t need to pass a biometric verification or write your password ever again.

Feedback:

  • Transparency. Add to your website the approximate gas cost of operations using the wallet (because the smart wallet logic adds some overhead to everything the user does).
  • I knew it supported WalletConnect, but I’ve read multiple questions from people that don’t. Add more info to your website, and a quick onboarding guide to the app itself.
  • The experience of adding guardians is rather poor, you need to work on the UX (I mean for guardians going to https://security.loopring.io/).

Exchange

Pros:

  • Faster and cheaper trading.
  • Good security guarantees. You need to emphasize this more, it’s frankly depressing to see more resources on solutions that are not even 1/10 as secure.

Cons:

  • Bad onboarding. When somebody tries to use the exchange for the first time (a wallet without L2 activated), you should guide them through the process.

Feedback

  • Show the approximate cost of depositing funds to L2, currently, you ask users to write down how much they want to move to L2 and show how much will make it to L2, that’s not a good way of going about it. Show the gas fee, the approximate amount that will make it to L2 and specify that the cost of moving them is just a network fee.
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I’ll throw in my few cents as well.

Wallet Specific
What I like:

  • Trading functionality from swaps to order book trades works great in the app, and fee levels are great.
  • I’m very happy with the look of the UI. I know some think it needs more color, but in my opinion simpler is better.
  • L2 experience is great if you avoid the wallet L1 completely

What I would change:

  • The points system is not useful at all at this time. It feels like right when I get close to enough points to process a transaction, the value of each point goes down and it sets me back. I would like a split fee option where points can be used to offset the gas cost of transactions. Even if this amount ends up being very small, at least I could use the points. Then Loopring would be able to worry less about too many points being amassed as well.
  • Using the L1 portion of the wallet is not feasible for most people, any amount under probably $5k pays way too much in fees for it to be worth it at current gas prices. I understand the plan to incorporate other L2s for onboarding and for the smart contract wallet, so I will have to reevaluate my thoughts once that starts happening, but overall I see a disadvantage to not being able to use one’s own wallet within the app. There is clear demand for it, even if it would require jumping through a few hoops to prove one understands the risks of not having the social wallet.

Web Specific
What I like:

  • I like being able to connect the mobile wallet via wallet connect to see more information on a larger, more suited screen.
  • It’s nice to see a summary of pending and distributed rewards for order book mining, maker rewards, etc, though it would be nice to have more of a breakdown with more information.

What I would change:

  • One of my most desired features is one that I don’t think is that complicated: being able to download trade history to a csv. This would include AMM entries/exits, swaps, and trades, all in one place, and it would be of great benefit to anyone trying to work out their taxes. That’s all I really have for the exchange since I know it’s being reworked anyway.

General Feedback

  • I still want to see multi-pair hops for trading. Not only does this improve UI, but it would also make more people willing to trade in my opinion, as having to trade for ETH or a stablecoin before trading to what you really want can really mess with people’s tax accounting, depending on their reporting method (FIFO, LIFO, etc)
  • I’m super excited for ETHPort, and I really believe it will give a huge boost to Loopring exchange and wallet use if executed well. Shoutout to Brecht doing good work!
  • I’m also excited to see Adam and B. join the Loopring team, and I look forward to seeing what they do. I’ll do what I can to help you guys if you need it, just let me know.
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Top 2 or 3 things you love about Loopring (exchange or wallet):

  • I loved that Loopring v1 provided free, instant transfers…
  • I love that you migrated users from v1 to v2 for free! Thank you so much! Fees are unbearably high lately!
  • I love that Loopring uses zkRollups and is truly decentralized!

Top 2 or 3 things you would change about Loopring (exchange or wallet)

  • No fee for small transactions - perhaps under $20 USD value? I initially used Loopring to spend small (around $5) amounts, and I would love to use it for micro (sub-$1) things. This is not practical with a fee - especially not a 0.0001 ETH (currently $0.34) fee.
  • Free wallet - currently Loopring wallet costs $247 to create - I know we’re at a new all time high right now, so it’ll get cheaper when ETH corrects, but for now, this is a crazy amount of money. I can’t send small amounts to people unless they spend $247 to create a wallet! I can’t grow the Loopring network at these prices. Maybe keep the fee there to discourage spam/bot accounts, but refund it or provide equivalent LRC once people transact over $247?
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I’m also a Loopringian of 2017 vintage. Aged well :slight_smile:

Ok, pardon the mash of words.

Personally I think the marketing is quite lacking but I also understand why it’s been like this. Engineers be engineers. However, it’s definitely time to put emphasis on marketing. Loopring 100% needs fuel in the engines, and that fuel comes from users.

I also think the wallet app is absolutely fantastic and ahead of it’s time. but… for me personally I think it’s damaging the adoption of Loopring since prospective users are getting hit with the huge cost of activating a wallet app, confusion sets in, and wondering why Loopring is cheaper over competitors.

I feel the wallet should have a pro and lite mode. Pro being the smart contract / social recovery etc and lite with features that involve no L1 costs (or minimised to the maximum). This will allow users to onboard frictionlessly and entice them to the bigger features of the wallet later down the track further improving user retention. Might not be possible but imo this is better than a wall of costs that sours the relationship from the get go.

Regarding AMM LP mining, I think the short term isn’t the answer for growth. Yes it gives hype and does bring onboarding but we need long term benefits for the bigger liquidity providers - it’s a hard answer, but right now I feel Loopring is a bucket of water sloshing around as they jump from pool to pool as the rounds go by + the costs of getting in/out is expensive for the small-med users for this time period. Also users are lazy, they do not want to keep revisiting something they setup only a fortnight ago.

Re concentrated liquidity, we need to keep competitive, esp vs Uniswap v3, and stay ahead of the curve (pardon the pun). I think products like BAMM and multi-routing swaps etc are fantastic and cannot wait to see them in production.

Apologies for the rush answer, time contraints suddenly cropped up, but wanted to put my thoughts down. Will add more later!

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This is all very detailed + super helpful feedback, thank you so much! Will all be noted and assessed.

Awesome feedback @brentmw1 , thank you so much for this. Will pass all of this along + see what we can make happen!

Thank you @evanstucker , love the feedback! You will be happy to note that we are soon hoping to bring back the free onboarding to users once we deploy the wallet on L2 :slight_smile:

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This is fantastic feedback @zkBeast.lrc , genuinely appreciate all you do in this community and your input is super valuable!

We will be deploying the new smart wallet on L2 (hopefully soon) + are planning on potentially offering free onboarding to users again when we do this (fingers crossed) so we will definitely be stepping up the marketing and really putting the pedal to the medal here soon!

You will also be happy to see more of our upcoming releases I think :slight_smile:

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What I like most about loopring, aside from the tech, is the community and how we are being involved in almost everything. Threads like this are a good example. Also the fact that I can directly ask questions to the devs on discord is amazing and very useful.

My main issue at the moment is a relatively small one. Currently there are fast withdrawals enabled for LRC, ETH and DAI. This was instated a while back and things have changed in the meantime. DAI is hardly used on the exchange. On the other hand, USDT is not supported while is is part of 2 of the top 3 pairs. So my suggestion would be to review and update the tokens enabled for fast withdrawals, and at least add USDT.

Right now the slow withdraw times are a barrier for efficient arbitrage on USDT based pairs. So I think removing them will both increase volume a bit and bring the prices on loopring closer to those on the big exchanges. Additionally it will make me happy as a user :slight_smile:

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This is great feedback and a very good point! Thank you @jens-j :slight_smile:

I will discuss with the team!