Add another layer of security to your assets by setting up a daily quota
The daily quota is used to set a limit for the maximum value of your tokens that can be transferred within a 24-hour period. Using this feature will help protect your digital assets in the unfortunate event that your wallet is compromised. Each Loopring Smart Wallet app is initially set up without a quota. Use the instructions below to change your settings.
Note: The daily quota also applies to deposits between the wallet’s L1 and L2.
1. Navigate to Gear icon -> Daily Quota
2. Swipe Daily Quota to the on position
3. Enter your limit in the Amount field.
The Loopring Smart Wallet currently only allows the limit to be set using ETH. With a minimum of 1 ETH.
4. Select the method of payment you wish to use
Changing your daily quota requires making changes to your Loopring Smart Wallet which is a Layer 1 (L1) smart contract.
Any Layer 2 (L2) token can be used as long as your preferences are set that way. Even your referral points if you have enough of them! To change your fee preferences, navigate to: Profile > Settings > Fee Preference
5. Enter your password when prompted
Once the process is done, it is now submitted to the Ethereum network. It will normally take ~24 hours for the quota implementation.