L2 to External L1

Withdrawal from Loopring L2 to an External Layer 1 address

Please use this method when withdrawing assets from your Loopring L2 account to a centralized exchange (CEX) that does not yet support Loopring L2 deposits or to an external wallet address on L1, such as MetaMask.

When withdrawing assets from your L2 to an external L1 address, there are a few things to be aware of:

  • When interacting with an external L1 account, you will incur an Ethereum gas fee

  • If this is the first time withdrawing a specific token (LRC, USDC, DAI, etc.) to L1, there will be a Token Approval process. After the Token Approval completes, you will need to restart the withdrawal.

A. Open the Loopring Smart Wallet app

With the app open:

  1. Tap Loopring L2

  2. Tap Send

  3. Tap To another L1 account (incl. exchange)

B. Select the recipient address

While on the Choose the payee screen, you may select the recipient by any of the following methods:

  1. Enter or search the contact’s name, address, or ENS

  2. Tap the contact’s name or address in the list

  3. Tap the scan icon in the top-right corner to scan the recipient’s QR code

C. Select the Address Type

While on the L2 Send screen:

  1. Tap Select in the Address Type field to indicate the type of wallet you are withdrawing assets to:

  2. While in the Address Type screen, select the type of address

    • Wallet

      1. Includes Loopring L1 as well as EOA wallets (MetaMask, GameStop Wallet, Coinbase Wallet, imToken, Ledger, Trezor, etc…)

    • Exchange

      1. Binance

      2. Huobi

      3. Others

  3. Tap Confirm

D. Set the withdrawal token and amount

Back on the L2 Send screen:

  1. Enter the amount of tokens to withdraw to the external L1 account. To withdraw all of the tokens, simply tap All.

  2. Confirm the details one more time. When you are ready to proceed, tap Next.

E. Submit a Token Approval (token’s first-time only)

You will only see this next screen if it is the first time withdrawing the token from your L2 to a L1. If it appears, tap Confirm to submit a Token Approval transaction.

The Token Approval requires a gas fee; this fee will be shown on the screen.

After submitting, you can check the status of the Token Approval by opening your Transaction History, tapping the transaction, and then tapping the TxID link. Once the process is complete, the Etherscan status will show as Success. You can then restart the steps to withdraw.

F. Verify the gas fee payment preferences

The Loopring Wallet will use your token order located in Settings > Fee Preference when determining the token used for paying fees. You have the option to change the token on the Confirmation screen.

Ensure you have more than enough tokens in your balance to pay the fee or the remainder needed may be taken from the other layer’s balance.

  1. Tap Change

  2. If needed, change the Layer the token will be paid from

  3. Tap the token used to pay the gas fee

  4. If needed, change the transaction speed (this will also change the amount needed for the gas fee)

    1. Slower is usually cheaper, while faster is usually more expensive

  5. Tap Confirm when you are ready to proceed

G. Confirm the Transfer

While on the Confirm the Transfer screen, please confirm the following:

  1. The token and amount withdrawn

  2. The From and To fields

    • From should contain My Loopring Account

    • To should contain the Contact/Ethereum Account

  3. Fee preference and amount

As a reminder, transactions on the blockchain are final. After reviewing the information above, tap Confirm to submit the transaction.

Congratulations! You’ve successfully completed and submitted a Loopring Layer 2 withdrawal to an external wallet.

Last updated