An Update on Loopring Smart Contract Bounty Programs

Loopring is the protocol for decentralized token exchange

On Oct. 26, we announced our Bug and Optimization Bounty for Smart Contracts. Today we’d like to give the community an update on these programs.

Bug Bounty

We received a few bug reports, some of them were truly bugs (but with very low impact), and most of them are more of feature requests or optimization related. Although most of the bug reports were not accepted, The foundation decided to reward each and every bug reporter shown in bug_submissions.md 5000LRC for their contribution (excluding those who received optimization bounty reward).

Optimization Bounty

We received many excellent optimization suggestions and pull requests. In our last bi-weekly report we announced a 23.06% reduction in gas usage; today we are pleased to tell you that gas usage had been further reduced by another 5.17% to a total of 28.23%. Now our latest smart contract consumes 367070 gas for a ring of 3 orders (it was 511465), each order thus consumes about 122357 gas. To put you into perspective, a normal ERC20 transaction typically consumes 37000 gas, Loopring consumes only 3.3x.

If we use 5Gwei gas price, a ring of 3 costs 0.001835ETH, and each order costs 0.000612ETH. Given today’s ETH price (335.67USD/2227.00CNY), the order’s cost base is about 0.20USD or 1.36CNY.

Here are the major contributors to our optimization (ordered by the time they contacted the team). We truly appreciate what they have done to make Loopring protocol better.