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Activate a Counterfactual wallet
A counterfactual wallet is a type of wallet that only has access to Loopring L2
Choose to activate your Loopring L2 account, set your wallet passcode, and read every statement on the page to ensure you understand how the counterfactual wallet works. If you understand and agree, please check every box to the left of the appropriate statement. Once you understand and confirm that you agree with all statements, tap the Confirm button to continue.
Counterfactual wallets do not support social recovery and guardian features. If your wallet is lost, stolen or deleted, you need to trust the official Loopring guardian to recover the wallet. Recovering the wallet requires paying a gas fee of Ethereum. Once the wallet is created, please do not uninstall the wallet, or you will need to pay a gas fee to recover it.
You can activate your Loopring L2 account by using one of the following options:
Currently, Looping supports purchasing assets directly on L2 through fiat on-ramp providers - Ramp and Banxa. Using Ramp as an example, you can select the currency to be paid and enter the amount you would like to purchase. Ramp will calculate the number of tokens you may receive based on the real-time price. Please note that Ramp and Banxa both require KYC, so you need to verify your identity to complete the purchase. Some countries and financial institutions do not yet support using these services to purchase cryptocurrency.
If your friend has a Loopring L2 account, you can invite them to make a L2 to L2 transfer to help you activate your L2 account. Activation requires depositing a certain amount of LRC or equivalent ETH, USDC or USDT. The amount of tokens may fluctuate, so please refer to the amount displayed on the screen at the time of creation.
Be sure to confirm that your friend uses a Loopring L2 account for this transfer, otherwise assets may be lost.
After the tokens have been transferred to the account via fiat on-ramp or a friend, your Loopring L2 account will show that it is being created. You will be notified when the creation is finished.
Depending on the exchange, you may be able to transfer funds directly to your Loopring wallet’s Layer 2 (L2) balance.
Currently, Loopring leverages intermediary services, like LayerSwap, to allow users to move funds from a centralised exchange to the Loopring wallet’s L2 balance. The main benefit of this service is that users can save up to 10x on fees relative to moving funds from CEX → Loopring L1 → Loopring L2.
It acts as a software as a service (SaaS) for matching users swapping digital assets across crypto exchanges and different chains. LayerSwap is not a custodian, all asset transfers are done peer-to-peer (P2P). After the user selects the criteria for transfer (currency type and amount, exchange, wallet address, network), they will be shown both a fee and the amount of currency that will arrive in the wallet address provided. From here, the digital assets will be sent to the wallet address after the liquidity provider (LP) receives the purchase price from the user. This purchase price includes the price of the digital assets and all applicable fees as denoted in LayerSwap’s Global Terms of Service.
At this time, the following exchanges are supported on LayerSwap:
- Bittrex Global
Coinbase Pro is not supported. Please ensure your funds are moved to Coinbase from Coinbase Pro before using LayerSwap.