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Creating a Loopring Smart Wallet requires interaction with a smart contract on Ethereum Layer 1, this incurs a gas fee. When creating the wallet, you choose the asset you want to use to pay this gas fee, such as ETH, USDT, USDC, DAI or LRC, and are then provided a deposit address and amount. This amount is the gas fee at the time to create the wallet. If there is any excess that is not used for the gas fee it will be deposited back into the L1 address of the wallet after it is created.
Scenario:
If the amount requested to deposit is 31 LRC and you send 45 LRC, then 14 LRC will be left in the L1 portion of your wallet. It is always best to send more than you need to activate the wallet to avoid issues.
The information you provide when creating your wallet, such as which asset type you want to use to pay the gas fee, is included in the smart contract. When you send money to your new wallet to pay the gas fee, the smart contract requires that the asset type be the same that you choose when setting up your wallet. If the asset is different, or you didn't send enough of the asset, then the smart contract can't execute and your wallet isn't created.
Sending a different token to the supplied wallet address or not sending enough of the token to the supplied wallet address will lead to the smart contract not executing. This means the wallet will not be created.
Make sure to transfer at least the originally specified tokens to the same address in one transaction within the specified time frame, otherwise you would need to restart the activation process again after the timer expires.
Last modified 2mo ago