How do I create a mobile Loopring Smart Wallet?

How do I create a mobile Loopring Smart Wallet?

How to create the Loopring Smart Wallet

The Loopring Smart Wallet is the world's first Ethereum smart wallet powered by zkRollup technology. Users no longer need cumbersome private keys and mnemonics. Instead, Loopring offers better security in the form of social recovery. Users can also take full advantage of L2, offering: gas-free Token/NFT transfers, NFT minting, DEX trading, AMM Pools, and more!

 

In this guide, you will learn how to create a mobile Loopring Smart Wallet.

1. Install the Loopring Smart Wallet app

Download and install the Loopring Smart Wallet app on your iOS or Android mobile device. On a mobile device, visit the official website to install: https://loopring.io/#/wallet

 

 

You can also search for the app directly on the App Store or Google Play Store using the keywords loopring or loopring smart wallet.

 

 

2. Create a new wallet

Once installed, open the app and tap the Create a new wallet button on the homepage.

 

3. Register with your mobile phone number or email

Enter a mobile phone number or email address to act as your official Loopring guardian. This contact will be used to verify your identity in case you need to recover or lock your wallet.

After you determine if you would like to use a phone number or email

  1. Tap Send Code

  2. Slide to complete the puzzle

  3. Enter the verification code

Note: if your mobile phone number does not receive the verification code, register with an email instead or try again later if you have attempted a few times.


 

 



4. Enter the invitation code

If you have a friend’s invitation code, you can enter it as shown below. Once the wallet is successfully created, both you and your friend will earn 1,000 points, which may be used to deduct transfer fees in the future. If you don’t have an invitation code, simply tap Skip in the top-right corner.

 

 

5. Review the available account types

You have the option to choose between two types of accounts, or both. First, we need to understand the difference between a L2 wallet and a full Loopring Smart Wallet (L1 + L2). 


Activate Ethereum and Loopring Accounts (L1 + L2)

  • Provides advanced features and security such as Social Recovery, lock protection, daily limits, and more. There is a one-time gas fee for deploying the smart contract to L1. Activating the full Smart Wallet also provides users with immediate access to L2.


Activate Loopring Account (L2)

  • Functions like a traditional wallet but is deployed directly on L2 - skipping the Ethereum layer and its creation fee. If there is a need to withdraw funds back to L1, you can deploy your L1 smart contract wallet, paying for the creation fee at that time.



5.1 Create a counterfactual wallet (only the Loopring L2 account is activated)


Choose to activate your Loopring L2 account, set your wallet passcode, and read every statement on the page to ensure you understand how the counterfactual wallet works. If you understand and agree, please check every box to the left of the appropriate statement. Once you understand and confirm that you agree with all statements, tap the Confirm button to continue.


Note: Counterfactual wallets do not support social recovery and guardian features. If your wallet is lost, stolen or deleted, you need to trust the official Loopring guardian to recover the wallet. Recovering the wallet requires paying a gas fee of Ethereum. Once the wallet is created, please do not uninstall the wallet, or you will need to pay a gas fee to recover it.



You can activate your Loopring L2 account by using one of the following options:

  1. Buy with a card (Ramp and Banxa)

  2. Using assets from a CEX (LayerSwap)

  3. Transfer from a friend on Loopring L2 (Walkthrough)



5.1.1 Buy with a card

Currently, Looping supports purchasing assets directly on L2 through fiat on-ramp providers - Ramp and Banxa. Using Ramp as an example, you can select the currency to be paid and enter the amount you would like to purchase. Ramp will calculate the number of tokens you may receive based on the real-time price. Please note that Ramp and Banxa both require KYC, so you need to verify your identity to complete the purchase. Some countries and financial institutions do not yet support using these services to purchase cryptocurrency.



5.1.2 Invite a friend to make a L2 transfer

If your friend has a Loopring L2 account, you can invite them to make a L2 to L2 transfer to help you activate your L2 account. Activation requires depositing a certain amount of LRC or equivalent ETH, USDC or USDT. The amount of tokens may fluctuate, so please refer to the amount displayed on the screen at the time of creation.


Note: Be sure to confirm that your friend uses a Loopring L2 account for this transfer, otherwise assets may be lost.



After the tokens have been transferred to the account via fiat on-ramp or a friend, your Loopring L2 account will show that it is being created. You will be notified when the creation is finished.



5.2 Decide to create a full Loopring Wallet (activate both the Ethereum L1 and Loopring L2 accounts)


5.2.1 Choose to create a full Loopring Wallet and enter the verification code received to confirm



5.2.2 Confirm Statement

Please read every statement on the page to ensure you understand how the Loopring Wallet works. If you understand and agree, please check every box to the left of the appropriate statement. Once you understand and confirm that you agree with all statements, tap the Confirm button to continue.


Note: The Loopring Wallet is a smart wallet, therefore its creation needs to call the Ethereum smart contract. Ethereum's gas fee varies depending upon network congestion. Generally, transfers consume less gas, while smart contract execution consumes more gas (the more complex the contract, the more gas consumed).

The cost of creating a wallet will vary according to the price of gwei and Ethereum at the time of creation. You’ll need to pay this fee (which is an Ethereum transaction) prior to your wallet’s creation. Any assets sent for the initial creation of the wallet to cover the fee will be converted by Loopring to ETH to pay the Ethereum miners the gas fee for the transaction. Loopring does not benefit from this conversion.



5.2.3 Select payment method


You need to pay the wallet creation fee before you can start creating a wallet. Loopring supports four kinds of tokens for payment: LRC, ETH, USDT and USDC.


 

 

 

5.2.4 Receive wallet address and QR code for creation payment

It is best to send your funds once in order to avoid paying multiple gas fees for multiple transfers. Consider sending the entire amount you want held in your Loopring Wallet to avoid multiple costly transactions.

After the QR code appears, you can scan it or copy the address. You will then need to send funds from your previously activated L2, a centralized exchange, fiat on-ramp provider, or another Ethereum L1 wallet – funds must be sent to the L1 account.

Transfer the necessary ERC-20 tokens to the address shown. Once the gas for the wallet creation fee is consumed, the remaining funds will be automatically deposited into your wallet’s L1 account. 

 

Note: If the timer expires before you transfer the proper token and amount, do not delete the app. You can simply restart the activation process from the token selection screen whenever you are ready.

 

5.2.5 Create a full Loopring Wallet (L1 + L2)

After confirming payment, you need to wait for the confirmation on-chain before the assets are credited to the account. After the assets are confirmed, the wallet will automatically begin the creation process. Since this is a smart contract wallet, it may take some time to create - please be patient. After the wallet is successfully created, you will receive a SMS or email reminder.

 

 

After you create a full Loopring Wallet, the L2 will be automatically activated (if it was not activated previously).

 

 

 

You’re on the future of Ethereum!

 

Congratulations! Welcome to the Loopring Smart Wallet experience and say goodbye to cumbersome private keys and seed phrases – while still retaining 100% control over your assets.