Loopring Wallet is the world's first Ethereum smart wallet powered by zkRollup. Users no longer need cumbersome private keys and mnemonics. Users can ensure their assets' security by choosing their trusted third party as the guardian.
In Loopring Wallet, you only need to pay 1% of the Ethereum mainnet processing fee to enjoy a payment experience comparable to Visa and Paypal.
Next, we will teach you how to create a Loopring wallet.
1.Install Loopring Wallet
We have launched Loopring Wallet for iOS and Android version.
Install Android Version:
Visit Loopring's official website (https://loopring.io/) on your Android phone to install Loopring Wallet.
Install iOS Version:
Go to the PlayStore and Search [Loopring Smart Wallet], press "Install" and once the installation is complete, press "Open" .
2.Open Loopring Wallet APP and click [Create Wallet] on the homepage
3.Register with a mobile number or email
The mobile phone number or email address can help the official guardian to verify your identity and message you the wallet creation progress in time.
Enter your mobile phone number or email address, click Get verification code, and then enter the verification code. (Note: If your mobile phone number cannot receive the verification code, you can try to create it by email)
4.The Invitation Code
If you have a friend’s invitation code, you can enter the invitation code.
Once the wallet is successfully created, both you and your friends will earn 1,000 points, which can be used to deduct transfer fees in the future.
If you don’t have an invitation code, just click [Skip] at the top right.
5.Choose wallet name and wallet address
You can choose your favourite wallet name, which is unique on the entire network and is valid forever. (The wallet name here is actually the ENS domain name provided by Loopring Wallet, which can be inherited and transferred in the future)
Loopring Wallet is a smart wallet, and the creation of the wallet needs to call the Ethereum contract. Ethereum's GAS fee is not fixed. Generally, transfers consume less GAS, while smart contract execution consumes more GAS (the more complex the contract, the more GAS is consumed).
The cost of creating a wallet will vary with the Ethereum GAS fee.
6.Select Payment Method
You need to pay the basic fee for creating a wallet first to execute the smart contract for creating a wallet on Ethereum.
We support five Tokens for payment：LRC, ETH, USDT, USDC, and DAI.
After the QR code appears, you can scan the payment QR code (or copy the address) from a centralized exchange or any Ethereum wallet to pay.
You actually need to pay more than the amount shown because the transfer requires a certain fee. After the wallet is created, the remaining assets will be automatically deposited into the wallet L1 account. (Usually, there will be a return)
After payment, click the ellipsis icon on the upper right. Then click [I have paid] in the pop-up window at the bottom.
7.Assets are confirmed
After confirming the payment, you need to wait for the confirmation on the chain before the assets arrive.
8.Wait for your wallet's creation
After the assets are confirmed to the account, the wallet is created. Loopring Wallet is a smart contract wallet. It takes a certain time to create.
Please be patient. After the wallet is successfully created, you will receive an SMS or email reminder.
9.Activate the L2 account
When using an Ethereum account (L1), if the Ethereum network is congested, transactions will become slow and expensive.
Therefore, it is very necessary to have a Loopring account (L2).
After creating a Loopring wallet, you only need to click to activate your L2 account on the homepage, and you can use L2's free transfer and fast transactions without being affected by L1 network congestion.
Welcome to experience Loopring Wallet and say goodbye to the cumbersome private keys and mnemonics.
As Ethereum has low gas fees in recent days, it is recommended to create a Loopring wallet right now to participate in various wallet-based events held by Loopring in the next quarter.