Loopring Wallet Guide

Wallet Provider: Loopring Technology Limited

Official Website: https://loopring.io/#/wallet

Compatible Operating Systems: iOS or Android

Description: ZkRollup powers Loopring Wallet, the first Ethereum smart wallet ever created. Direct transactions on Loopring L2 are more rapid and affordable while also ensuring the security of the Ethereum mainnet. It gives you an option to choose institutions, people and hardware to be the guardians of your wallet.

Step 1: Download Loopring Wallet

Download Loopring wallet either on Android or iOS.

Step 2: Open the Loopring App and click “Create a new wallet” on the homepage

Step 3: Choose a creation method, it can either be via mobile number or email

Click Get Verification Code after entering your email address or mobile number, and then input the verification code.

You can input a friend's invitation code as indicated below if you have it. You and your contacts will each receive 1,000 points once the wallet has been successfully formed. These points can then be used to offset future transfer fees.

Simply click [Skip] in the top right corner if you don't have an invitation code.

Step 4: Create a 6-digit password

Once you create a password, it should take you to the main screen that looks like the following. You have now a wallet address, however it has to be activated.

Step 5: Activate your wallet address

In order to activate your wallet, it will require a small fee, which is an Ethereum transaction. Loopring supports five tokens for payment: LRC, ETH, USDT, USDC, and DAI.

By clicking the “Activate” button, and then “Add Assets” button, the following should be visible.

In order to avoid paying various gas fees for multiple transfers, it is advisable to transmit your money just once. The remaining funds will be automatically put into your wallet's L1 account after the wallet creation fee is taken into account.

Step 6: Wallet Creation

The Loopring Wallet is a smart contract, and like with all smart contracts, validating one requires time. You'll get an SMS or email letting you know your wallet is live after your assets have been confirmed on Ethereum.

Loopring Wallet Overview

Pros:

Can set a daily transfer quota or lock it down
The Loopring Wallet separates security from identification
ZkRollup technology significantly boosts speeds and reduces costs
Simple to upgrade for future circumstances
Wallet fee table included
Great security
Loopring Exchange (Ethereum’s zkRollup DEX)

Cons:

Only available on Mobile devices
Requires a fee to activate the wallet
Supports only Ethereum network assets

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Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.