Import your Loopring Smart Wallet from one device to another, gas-free!
Importing is the process of moving your Loopring Smart Wallet from one device to another device.
The Loopring Smart Wallet Mobile App is a self-custodial crypto wallet app that holds and stores the private keys, which gives you access to your funds -- these keys are not exposed publicly, and can only be stored on one phone or device at a time.
To perform a wallet import, you will need access to the Loopring Smart Wallet on your original device so that it can generate a QR code to be scanned by your new device -- this feature does not require L1 smart contract interactions on Ethereum, meaning it is a gas-free process. A wallet recovery is required when you no longer have access to your Loopring Smart Wallet or its private keys. Because recovery generates a new set of private keys, it also needs to update the smart contract which is a L1 interaction and thus you incur a gas fee. Additionally, recovery requires Guardians to approve the action.