Below the video is an article of the step-by-step instructions on how to set up your Loopring Smart Wallet.
In this article, you will learn how to create a mobile Loopring Smart Wallet.
You can also search for the app directly on the App Store or Google Play Store using the keywords loopring or loopring smart wallet.
Once installed, open the app and tap the Create a new wallet button on the homepage.
After you determine if you would like to use a phone number or email:
- Tap Send Code
- Slide to complete the puzzle
- Enter the verification code
Wallet tip: If your mobile phone number does not receive the verification code, register with an email instead or try again later if you have attempted a few times.
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 friend will earn 1,000 points, which may be used to deduct transfer fees in the future. If you don’t have an invitation code, simply tap Skip in the top-right corner.
You have the option to choose between two types of accounts, or both. First, we need to understand the difference between a L2 wallet and a full Loopring Smart Wallet (L1 + L2).
Activate Ethereum and Loopring Accounts (L1 + L2)
- Provides advanced features and security such as Social Recovery, lock protection, daily limits, and more. There is a one-time gas fee for deploying the smart contract to L1. Activating the full Smart Wallet also provides users with immediate access to L2.
Activate Loopring Account (L2)
- Functions like a traditional wallet but is deployed directly on L2 - skipping the Ethereum layer and its creation fee. If there is a need to withdraw funds back to L1, you can deploy your L1 smart contract wallet, paying for the creation fee at that time.