Besides the prizes, Loopring founder/CEO, Daniel Wang, will be giving a talk on how we use zkSNARKs to scale v3 of our DEX protocol.

Loopring Challenge #1: Build an Oedax UI

Prize: $2500 in LRC

Loopring has historically and predominantly been an order-based exchange protocol — meaning we build infrastructure to support building orderbook-based exchanges. Binance or Nasdaq are examples of order-based exchanges.

While that is still the case, we’ve also designed and developed an auction-based protocol: Open-Ended Dutch Auction Exchange, or, Oedax. Auctions don’t function like orderbook-based models, and can allow for certain benefits such as trading less liquid assets, and more easily obtaining price discovery.

Compared to the more common dutch auction model, this open-ended dutch auction allows both sellers and buyers to participate in an auction after the auction starts, so Oedax auction’s final settlement volume is not restricted by the initial deposit of either token and can potentially be much larger than a dutch auction. Oedax is well-suited for large trades and is market-making friendly.

You can and should read full details about Oedax design here, and find the repo here. You can also find a cool curve UI here to experiment with.

As for the challenge, we simply ask for you to create a web UI to display auctions, integrate with MetaMask, and allow users to participate in open auctions. Prize: $2500 in LRC.

For details on how to get started with this task, see here: https://github.com/Loopring/protocols/blob/master/docs/hackathon.md