Loopring Smart Wallet is a wallet based on a smart contract, granting it special features and functionality. An EOA (Externally Owned Account) wallet is not based on a smart contract, and so lacks similar features.
The Loopring Smart Wallet is a non-custodial wallet. It will encrypt and store your secret key on your phone, which nobody else can access. It is a social recovery wallet which utilizes Guardians for the recovery process. Because it is based on a smart contract, it has other special features like daily limits, lock protection, Red Packets, and many more that you can’t get with a normal crypto wallet. For instance:
If you lose or break your phone, you will need to download the Loopring Smart Wallet app on your new device. Follow the instructions for recovering the wallet to create a new secret key and restore access to your funds.
You can easily migrate to a new device as well. It is simple, secure, and free.
Additionally, you can quickly link the wallet to the Loopring DEX and easily view your funds in the browser.
Currently, we integrate with Ramp and Banxa to easily purchase funds directly into your wallet without the need to use a CEX (Centralized Exchange).
EOA wallets like MetaMask use a recovery phrase called a seed phrase. Anyone who knows your seed phrase will be able to gain access to your wallet. EOA wallets are recovered using the seed phrase, and lack the kinds of special features unique to smart wallets.