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.
With the Loopring Wallet, users only pay 1% of Ethereum Layer-1 fees, for a payment experience comparable to Visa and Paypal.
In this guide, we will teach you how to create a Loopring Smart Wallet.
1. Install Loopring Wallet
Download Loopring Wallet on either iOS or Android.
2. Open Loopring Wallet APP and click [Create Wallet] on the homepage
3. Register with a mobile number or email
Registering with either a mobile phone number or email address can help Loopring’s Official Guardian verify your identity and message you when the wallet has been created.
Enter your mobile phone number or email address, click Get verification code, and then enter the verification code. (Note: if your mobile phone number does not receive the verification code, register with an email instead).
4. 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 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
The wallet name you create 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 also 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
Before you can create your wallet, you’ll need to pay the wallet creation fee (which is an Ethereum transaction).
Loopring supports five tokens for payment: LRC, ETH, USDT, USDC, and DAI.
After the QR code appears in your wallet, you can scan it (or copy the address) from a centralized exchange or any Ethereum wallet to pay.
It is best to send your funds once in order to avoid paying multiple gas fees for multiple transfers. Once the wallet creation fee is accounted for, the remaining assets will be automatically deposited into your wallet’s L1 account.
After payment, click the ellipsis icon in the upper right of your wallet. Then click [I have paid] in the pop-up window at the bottom.
7. Assets are confirmed
After you have submitted your payment, you’ll need to wait for the transaction to be confirmed on-chain in order for your assets to arrive.
8. Wallet Creation
The Loopring Wallet is a smart contract and like any other smart contract, it takes time to validate. Once your assets have been confirmed on Ethereum, your wallet is created and you’ll receive an SMS or email notifying you it’s live.
9. Activate the L2 account
Now that your wallet is live, simply click to activate your L2 account on the homepage to start benefiting from L2’s gas-free and lightning-fast transactions.
You’re on the Future of Ethereum!
Congratulations! Welcome to the Loopring Wallet experience and say goodbye to cumbersome private keys and seed phrases - but still retain 100% control over your assets.
We recommend creating a Loopring wallet now in order to take advantage of Ethereum’s recent low gas prices and so you can be first in line as we roll out more new exciting features. First, our upcoming launch of Ethport will provide L1/L2/CEX composability. Secondly, we will be coming out with a brand new AMM model to improve capital efficiency.