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.
The LayerSwap application is offered by Bransfer, Inc. 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:
Coinbase Pro is not supported. Please ensure your funds are moved to Coinbase from Coinbase Pro before using LayerSwap.
LayerSwap is continually adding more exchanges based on user demand and capability of the exchange.