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Protocol 2.0 New Features Overview
To settle rings, miners need to call the Loopring smart contracts while passing in the data of the rings. Data that is sent to a contract (called calldata in Ethereum) is expensive and costs the miner gas. In protocol 2.0 we pack the data together to make this as cheap as possible for the miners.
Loopring 1.X was limited to a single ring per transaction. In Loopring 2.0 multiple rings can be submitted in a single transaction. This allows Loopring 2.0 to settle rings more efficiently.
In Loopring 1.X all orders had to be signed by the order owner. In Loopring 2.0 orders can be authorized by the order owner in multiple ways:
- The owner can of course still sign its own order
- The owner can allow a broker to submit orders on its behalf
- The order hash can be registered in the order registry
In Loopring 2.0 orders can be submitted to the onchain order book by the order owner or its broker. The data of the order can be queried from the order book contract and thus does not need to be passed around offchain.
In Protocol 2.0 we do not use a token registry anymore. All ERC20 tokens can be traded by the protocol. It's up to the DEX to decide which tokens are tradeable.
In Protocol 2.0 we allow signing data in multiple ways. Signatures are stored in the multihash format to be as extensible as possible. Currently we support the standard ethereum signing method and EIP712.
In Loopring 2.1 we will support callbacks to external contracts which will allow the protocol to be extremely flexible.
See here.