What is Loopring Smart Wallet?

What is Loopring Smart Wallet?

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 with the tools you already have: your phone and friends/family. Users can ensure their assets are secure by choosing their trustworthy security team.

 

The Loopring Smart Wallet is an Ethereum wallet that is managed by a smart contract instead of a mnemonic seed phrase.  By using a smart contract, the wallet allows the user to enjoy advanced features and security such as Social Recovery, lock protection, daily limits, and more eliminating the single point of failure common in a normal wallet. With the security and added features comes a  one-time gas fee for deploying the smart contract to Ethereum L1. For information on other fees that may apply check our Fee Types article.

 

If you would like to know the difference between the EOA (Externally Owned Account) address and the contract address on Ethereum, please see this article.  Furthermore, you can review our wallet’s smart contract source code to understand the technical details.


NOTE: In addition to the Loopring Smart Wallet, Loopring provides a Counterfactual Wallet that doesn’t require a deployed smart contract for setup. This CF Wallet has access to L2 only, please exercise caution when sending tokens from L1 to this type of wallet as those funds are only accessible in the full version of the Smart Wallet. Additionally, note that the addresses for both L1 and L2 are the same. Both of these wallet types are usable in the Loopring Smart Wallet Mobile app.

Setting up the Loopring Smart Wallet

Create and Activate the L2 Counterfactual Wallet