Loopring Smart Wallet
DownloadFundTroubleshootSecure
  • Loopring Smart Wallet
  • 🛠️Create your wallet
    • Wallet activation
      • Activate a Counterfactual wallet
      • Activate the full Loopring wallet
      • Video guides
    • Name your wallet with an ENS
  • 💰Funding
    • Deposit
      • In-app L1 to L2
    • Withdraw
      • In-app L2 to L1
      • L2 to External L1
      • In-app L1 to External L1
      • Cross-chain
    • Transfer
      • L2 to L2
    • Bridge
    • Fiat On-ramp
      • L1 On-ramp
    • Fiat Off-ramp
      • L1 Off-ramp
      • L2 Off-ramp
  • ⚙️Troubleshooting
    • Recovery
      • Recover into Multi-wallet UI
        • Recover with Cloud
        • Recover with Guardians
    • Import
      • Import Process
  • 🔐Security
    • Guardians
      • Guardian set-up
    • Two-Factor Authentication (2FA)
      • Video Guide
      • 2FA Options
    • Cloud back-up
    • Daily Quota
    • Address Whitelist
  • 💸Earn
    • Dual Investment
      • Beginner's Guide
      • Intermediate Guide
    • Staking
      • ETH Staking
        • Reedem staked ETH
      • LRC Staking
        • Staking Rewards
    • AMM
  • ✨Additional features
    • Red Packets
      • Send a Red Packet
      • Receive a Red Packet
      • NFT Blind Box
    • Points
    • Forced Withdrawal
    • Gas Tank
      • Withdraw ETH from Gas Tank
  • Wallet Closure
    • Tips
    • Guides
      • Deploying Legacy Smart Wallets on Ethereum L1
      • Transferring Assets from Taiko L2
      • Withdraw ETH from Gas Tank
    • Error Messages
      • You Have Not Created a Wallet Yet
  • ❓FAQs
    • General FAQs
      • Smart wallet vs EOA
      • EOA import to Smart wallet
      • Incorrect balance
      • Sent funds to wrong address
      • Wallet to web dApp connection
      • Wallet Logs
      • New device
      • Forgotten wallet address
      • Connected to a Phishing site
    • Wallet Creation FAQs
      • Alloted creation time expired
      • Insufficient token transferred
      • Locating initial funds
      • Funds landed on Layer 1
      • Inactivated Layer 1
      • Cache clearing
    • Fee FAQs
      • Fee types
      • Fee reduction tips
      • Charged for funds not moved
    • Security FAQs
      • Loopring has access?
      • "Do not uninstall the app"
  • 🔧Change Logs
    • iOS
      • 3.2
        • 3.2.42
        • 3.2.41
        • 3.2.40
        • 3.2.39
        • 3.2.38
        • 3.2.37
        • 3.2.35
        • 3.2.34
        • 3.2.33
        • 3.2.32
        • 3.2.31
        • 3.2.28
        • 3.2.27
        • 3.2.24
        • 3.2.23
        • 3.2.22
        • 3.2.21
        • 3.2.19
        • 3.2.17
        • 3.2.16
        • 3.2.15
        • 3.2.14
        • 3.2.13
        • 3.2.12
        • 3.2.11
        • 3.2.10
        • 3.2.9
        • 3.2.8
        • 3.2.7
        • 3.2.6
        • 3.2.5
        • 3.2.3
        • 3.2.2
        • 3.2.1
      • 3.1
        • 3.1.26
        • 3.1.25
        • 3.1.23
        • 3.1.22
        • 3.1.21
        • 3.1.20
        • 3.1.19
        • 3.1.18
        • 3.1.17
        • 3.1.16
        • 3.1.15
        • 3.1.14
        • 3.1.13
        • 3.1.9
        • 3.1.8
        • 3.1.7
        • 3.1.6
        • 3.1.5
        • 3.1.4
        • 3.1.3
        • 3.1.1
        • 3.1.0
      • 3.0
        • 3.0.24
        • 3.0.23
        • 3.0.20
        • 3.0.19
        • 3.0.18
        • 3.0.17
        • 3.0.15
        • 3.0.14
        • 3.0.13
        • 3.0.12
        • 3.0.11
        • 3.0.10
        • 3.0.8
        • 3.0.7
        • 3.0.6
    • Android
      • 3.9
        • 3.9.2.310
        • 3.9.1.309
      • 3.8
        • 3.8.9.308
        • 3.8.8.307
        • 3.8.7.306
        • 3.8.5.304
        • 3.8.3.302
        • 3.8.2.300
        • 3.8.1.299
        • 3.8.0.298
      • 3.7
        • 3.7.9.297
        • 3.7.8.296
        • 3.7.7.295
        • 3.7.6.294
        • 3.7.5.293
        • 3.7.4.292
        • 3.7.2.290
        • 3.7.1.289
        • 3.7.0.288
      • 3.6
        • 3.6.9.287
        • 3.6.8.286
        • 3.6.7.285
        • 3.6.6.284
        • 3.6.5.283
        • 3.6.4.282
        • 3.6.3.281
        • 3.6.2.279
        • 3.6.1.278
        • 3.6.0.277
      • 3.5
        • 3.5.9.276
        • 3.5.8.275
        • 3.5.7.274
        • 3.5.5.272
        • 3.5.4.271
        • 3.5.2.269
        • 3.5.1.268
        • 3.5.0.267
      • 3.4
        • 3.4.9.266
        • 3.4.8.265
        • 3.4.6.263
        • 3.4.5.262
        • 3.4.4.261
        • 3.4.3.260
        • 3.4.2.259
        • 3.4.1.258
        • 3.4.0.257
      • 3.3
        • 3.3.9.256
        • 3.3.8.255
        • 3.3.7.254
        • 3.3.6.253
        • 3.3.5.252
        • 3.3.4.251
        • 3.3.2.249
        • 3.3.1.248
        • 3.3.0.247
      • 3.2
        • 3.2.9.246
        • 3.2.8.245
        • 3.2.7.244
        • 3.2.6.243
        • 3.2.5.242
        • 3.2.4.241
        • 3.2.3.240
        • 3.2.2.239
        • 3.2.1.238
      • 3.1
        • 3.1.9.236
        • 3.1.8.234
        • 3.1.7.233
        • 3.1.6.232
        • 3.1.5.231
        • 3.1.4.230
        • 3.1.3.229
        • 3.1.2.228
        • 3.1.1.226
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On this page
  • Why do I need to pay a setup fee?
  • Does Loopring profit from gas fees?
  • How can I reduce my gas fees?

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  1. FAQs
  2. Fee FAQs

Fee reduction tips

PreviousFee typesNextCharged for funds not moved

Last updated 2 years ago

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To process a transaction on Ethereum (Layer 1), you need to pay a gas fee. More specifically, the fee to offset the computational effect required to execute a specific operation on the Ethereum network, multiplied by the gwei, which is a representation of the current network congestion. Simply put, the gas fee offsets the energy costs used to process your transaction, multiplied by a representation of how many other people are also trying to process transactions. The more people making transactions, the higher the gas fee.

Since each Ethereum Layer 1 (L1) transaction requires computational resources to execute, each transaction requires a fee. The transaction will only execute if enough funds have been sent to cover the transaction’s gas fee.

Why do I need to pay a setup fee?

The setup fee is required to pay the gas for deploying the wallet’s smart contract on L1 of the Ethereum network.

Does Loopring profit from gas fees?

No, all the L1 gas fees for executing transactions are paid to Ethereum block miners.

How can I reduce my gas fees?

You can reduce the overall fee by submitting transactions when network congestion is low. See the following for more details on gas and Ethereum costs:

❓
Ethereum.org - Gas
Ethereum Gas Price Chart
Etherscan Gas Tracker