We have released a beta version of Loopring Wallet, the first Ethereum smart wallet with zkRollup scaling baked in. Android users can download the wallet app right now from https://loopring.io.
We think this is the first step for Ethereum’s flourishing financial system to step right into the traditional world. It’s far from perfect on its first day, but the UX of a blazing fast, super cheap, powerful Ethereum gateway in your pocket makes us ecstatic, and we hope it does you too.
As many in our community know, we have been working on the Loopring Wallet (aka Hebao for our Chinese-speaking community) for nearly one year. It is a mobile Ethereum smart contract wallet, and it has Loopring protocol — our zkRollup layer-2 — baked in natively.
Smart contract wallets give users great security, flexibility, and user experience. [Visit Loopring.io to learn some of these features].
zkRollups gives users much of the same: complete Ethereum layer-1 security guarantees, plus a massive scalability boost: 1000x greater throughput, and 1000x lower fees.
What that means from a user’s POV is that it feels like they are on a traditional fintech app, except it is global, self-custodial, and presents Ethereum’s powerful opportunities. Freedom at your fingertips.
Today, the Android app is available to download via link (APK) on Loopring.io. [We’ll get the app in Google Play and other app stores ASAP].
We know our iOS users want to get aboard too, so we are working hard on that. We hope to have it released in early 2021.
The wallet allows users to trade on the same orderbooks that are present on Loopring Exchange. Trade at a click, no delays, no gas.
It also allows users to send transfers instantly and for free, using Loopring Pay. Transfers can be sent to any of the existing 7400+ users on Loopring’s L2 (whether they have onboarded via wallet, or Loopring.io in past, or Rails.eth, etc).
Basically, it distills everything we’ve built protocol + product wise, and puts it into your pocket, with the extra features of a smart contract wallet.
But it’s really just a beginning, and a beta.
Those that follow Loopring may be wondering: is the wallet on Loopring v3.6? No, it is not. But… it will be in a few short days, Friday November 27th!
We’ve received the audit report for 3.6, which we will release shortly. On November 27th, we will deploy Loopring 3.6, which is the other thing we’ve been working on all year. Loopring 3.6 is a massive upgrade to the current protocol version, which we suggest you read about here, if you haven’t already.
The BIG feature many are awaiting is 3.6’s AMM support on our zkRollup. So in a few days, AMM awesomeness will be in your pocket — where you can swap, add liquidity, remove liquidity, all gas-free, and instantly. [We’ll also release a Loopring AMM web UI at that time].
Another big feature is that you will not be limited to only send assets to users/addresses already on Loopring’s L2, but to any Ethereum address at all!
Important note: when we deploy 3.6 in a few days, it will be without a large, externally-participated trusted setup ceremony. We will do one internally amongst team members, for the sake of a rapid release. This requires a certain level of trust, that the Loopring team members will not collude to attack (rug pull) users. If you are not comfortable with that risk, then that’s OK, you will not be forced to upgrade to v3.6 in the wallet (nor web app), you can simply remain in the v3.1 protocol for now, which has been running smoothly for nearly 1 year.
We will run an incentive campaign from November 27th to December 26th that we call Withdrawal Mining. It is meant to incentivize people to take control of their cryptoassets, and take them off centralized platforms.
We all know the days of CEX-supremacy are coming to an end, and the winning platforms will empower users with self-sovereignty, openness, and endless opportunities. This is a little nudge to get you going, with 1 million LRC (currently ~$220k).
The TLDR is: place certain Ethereum-based assets into your Loopring Wallet, and earn daily rewards. You can increase the ‘weight’ of your assets by doing certain things, such as putting them on L2, not L1, adding ‘guardians’, etc.
This app version is a beta. There are many small UI things on our radar we must tweak. Especially English translations. Expect rapid improvements.
The actual wallet smart contracts are much more mature than the UI. They have gone through several audits throughout the past few months, and the team and a few hundred beta testers have been using it in the wild with no incident. You can see all the wallet smart contract code here.
If you have any feedback or bugs to report, please feel free to create an issue on GitHub here.
If you have any questions about the Loopring Wallet, Withdrawal Mining, need any help onboarding, or if you are just thinking now is a good time to become a Loopringer, join us on Discord. 3.5 years in, our journey is just beginning!
Loopring is a protocol for scalable, secure exchanges & payments on Ethereum using zkRollup. You can sign up for our Monthly Update, learn more at Loopring.org, or check out our wallet & exchange at Loopring.io.