Learn about the security of your Loopring Smart Wallet
Your Loopring Wallet is not a normal Ethereum address (like MetaMask for instance), it is a smart contract. As such, it is much more flexible, and it has rules and logic baked in, which makes it more user-friendly, secure, and extensible in the future. You will see that all rules below err on the side of caution. Security is at the core of Loopring Smart Wallet design decisions.
- Guardians: Ethereum addresses that you name as part of your wallet's “security team”. A guardian can be an address on a hardware wallet you own, a software wallet you own, or an address that a friend or family member controls, or even an institution that exists to provide this service for you. You can add as many guardians as you want, and together, using the rules listed below, they become a safety net for your assets – no more seed phrases that can be misplaced or stolen. If you ever lose your wallet, your guardians can collectively help you recover it. You set up your guardians within your Loopring Wallet, and on https://guardian.loopring.io .
- More than half of the guardians needed for approval means that if the wallet has N guardians, the transaction needs to be approved by at least N/2+1 guardians.
- More than half of the guardians plus Owner needed for approval means that if the wallet has N guardians, the transaction needs at least (N+1)/2+1 guardians to approve. In these cases, the Owner must be among those that approve the transaction.
The official Loopring guardian is automatically added when the wallet is created. The official guardian can be deleted, and also added again by the user in future.
- 1.Loopring Smart Wallet uses meta-transactions to send transactions by default and supports multiple currencies for fees, not just ETH.
- 2.Loopring Wallet can expand functionality in the future, including upgrades, through contract modules. The contract module needs Loopring certification and registration and can be added to the user's wallet only after the user's signature authorizes it. That is, Loopring cannot add new features to a user's wallet without a user's explicit permission.
- 1.The first two guardians that you add to your wallet are added immediately. Adding or removing additional guardians happens as soon as half of the existing guardians plus the owner approve it, or after 72 hours.
- 2.The owner, or any guardian, can instantly lock a wallet at any time. After the wallet is locked, it must be unlocked to resume functionality.
- 3.More than half of the guardians are needed to unlock the wallet. Unlocking then takes effect immediately.
- 4.If you lose access to your wallet, then more than half of the guardians are needed to recover the wallet and this operation will take effect immediately. After the wallet is successfully restored, the wait time for the addition and deletion of guardian operations will be reset, so you can add guardians immediately.
- 1.Users can impose a limit on daily transfer amounts. By default, transfers have no daily limit. The increase of the daily limit takes effect within 24 hours. The decrease of the daily limit will take effect immediately.
- 2.Users can whitelist addresses, which are then exempt from daily limits. Interacting with whitelisted addresses is not subject to a daily limit. Adding a whitelist address takes effect after 24 hours; deleting a whitelist address takes effect immediately.
- 3.More than half of the guardians plus the owner are required for the addition and deletion of whitelisted addresses. The operation takes effect immediately.
- 4.The Loopring Wallet also supports a global DApp whitelist address list. Transfering or interacting with a DApp on the whitelist address is not restricted by the daily limit. The global DApp whitelist is managed by Loopring. This means you can interact with some yield protocol, for example, without it affecting your limit.