Recovery

Regain access to your Loopring Smart Wallet or transfer the wallet to another device

Wallet Recovery

A wallet "recovery" is required when you no longer have access to your wallet app (which holds your private keys) - for example if you have uninstalled the Loopring Smart Wallet app or lost access to your mobile 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.

If you delete or uninstall the app, you have effectively removed the private keys from your device.

If you no longer have the private keys, then you no longer have access to your wallet.

In order to regain access to your wallet, and the funds contained within, you will need to perform a wallet "recovery" either on the same device or a new device. This recovery action requires Ethereum gas fees since there is an on chain transaction, to update the smart contract with the newly created key information.

The "recovery" action requires your guardian(s) to interact with your wallet through the smart contract you deployed (on Ethereum L1) when you setup your new wallet -- which can be expensive based on how much gas fees are on Ethereum at any given moment.

A "recovery" requires your guardians (over 50% majority to sign off on confirming it's really you) - for example if you have 3 guardians protecting your wallet - you will need 2 out of 3 guardians to sign a message to approve this action.