Loopring 'gifting' Loopring Pay UI to DXdao: DXpay

Hey team.

As many of you may know, Loopring extended its zkRollup to support payments last month (ETH and ERC20 transfers), instead of only trading.

Shortly after, we funded a Gitcoin bounty for creating a UI for it, so the transfer functionality doesn’t seem like an afterthought on the Exchange UI.
That bounty is complete, and there are 2 finalists with awesome frontends:

You can see the code, and play around with their mainnet apps. (If you already have an Eth address registered on Loopring zkRollup, you can use that same one, otherwise, need to register one which costs ~271k gas). Or can see a quick 30 sec clip of one of the submissions here.

Whichever one we end up choosing as a winner next week (all your input is very much appreciated btw!), I propose that Loopring ‘gives it’ to the DXdao to host it, and run it as Ethereum’s premier payment portal :slightly_smiling_face: . It can become the place where users can transfer for free (yes, currently completely free, because the costs are so negligible, as low as $0.00006 per transfer, that the Loopring Relayer just subsidizes them, although we can institute tiny fees in future), and with 100% Ethereum self-custodial security guarantees.

Given the DXdao’s strength and experience in running decentralized frontends, I want to see this hosted on IPFS + ENS and governed by DXdao. (Is it one of us who owns DXpay.eth btw? :). Of course DXdao devs & designers can tweak the winning design to match the DAO’s desires, or run as is.

In the future, and as discussed in past, I think this has an obvious overlap into mix.eth, but can also standalone for now, or forever.

How to monetize? Can implement a very small tx fee. Or can implement a fee + offer DXD holders no fees. Or, through other more creative ways, such as using idle assets that are on the zkRollup productively (depositing in Aave, Compound, DSR, wtvr), which will be possible when v3.6 is launched, which includes [custom deposit contracts] from v3.5 (Loopring 3.5 is Code-Complete and Ready for Review | by Daniel Wang | Loopring Protocol | Medium). For near term, though, I imagine we just build up DX brand equity and get users!

Note. A zkRollup does not live solely on-chain. In fact, that’s what makes a zkRollup scale: doing pretty much every single computation off-chain, but in a verifiably correct way, proven with a succinct validity proof which is submitted to Ethereum. So, unlike DXswap or Omen for example, the frontend alone is not enough to ensure 100% availability of service (but funds are always 100% in users’ control as long as Ethereum exists). The off-chain handling + proving is done by the Loopring Relayer. However, this can be done by any operator, if someone wants to build and run one (which is a heavy duty task, tbh). Clearly there is a future in which DXdao also runs the off-chain relayer, especially in forthcoming versions, where we will open source a lightweight relayer version which only processes payments, and not trades. To be clear, a closed source single relayer can never harm/seize/freeze user funds, ever… it can just stop processing new txs/ or choose not to include some txs in a batch. For nuance on this topic, this video interview from the other day may be helpful. Can watch from that starting point for ~15 mins.

So, any scheme in which ‘DXpay’ institutes fees while leveraging the Loopring Relayer means a split of fees (as the relayer is the one with the operational costs of overhead gas + compute power). If/when ‘DXpay’ hosts both the frontend + relayer, it is free to claim all the potential revenue (but will also cover costs). Realistically though, it can continue using the Loopring Relayer for a long, long time. This will be the case if we go forward with this right now: DXdao hosts frontend, Loopring Relayer handles the lifting and swallows the costs.

And that is my proposition to the DXdao. Let’s give users a decentralized access to Ethereum’s fast lane so they can escape these crazy gas fees for transfers! I would love some comments here before I put it forth to an on-chain proposal. Thanks.

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I think the second one is really easy on the eyes, but needs some improvements. There’s no vertical scroll bar. When I go to “Receive” I see a QR code but no eth address- not sure if that’s because demo, probably is. Transaction history should be a tab rather than something you look for at the very bottom of the page. They’re both really good UIs. I couldn’t use the first one, even though it is registered on Loopring. After viewing the video I really like that you could interact with it without scrolling.

DXpay is decent enough if we get the domain for it. There’s a DEX called Matcha, a wallet called Rainbow, and Uniswap has a unicorn logo. We don’t need to name this after Tinkerbell or anything like that, but maybe there’s room for some brand creativity?

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Update, we have chosen a winner :). https://twitter.com/loopringorg/status/1280575399026720769?s=20

GitHub: https://github.com/luzzif/loopring-pay

App on mainnet: https://loopring-pay-ui.netlify.app/auth

Of course, the DXdao need not actually choose to host this one if it prefers the other. Either way, it will need to implement at least one change: changing the name/logo to something ‘DXpay’ decides.

On that note, Bucket, the awesome mod in DXdao trading group took it upon himself to start this little naming contest: https://t.me/dxdaotrading/12668

I will soon make an on-chain signal proposal for hosting the app so we can be ready to roll!

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