Loopring Smart Wallet is an easy-to-use crypto wallet built on L2. This means very low gas fees for transactions taking place on L2, but with the added security of the Ethereum mainnet. This app allows you to take full self-custodial control of your crypto and NFTs and the team is consistently churning out new dApps to explore, though I suspect there is much to come on that front. The “Earn” option in the wallet allows you to leverage your crypto in various ways and with varying degrees of risk. I personally enjoy partaking in the LRC/ETH AMM pool and in CIAN leveraged Eth staking. My only suggestion for the team would be to make it easier to see your earnings for AMM pool participation and others. As it stands now, you are able to see your total earnings with a breakdown in the various formats. I’d like to see these earnings broken down into each individual “subscription,” allowing users to more easily identify appropriate exit points from their subscriptions; I.e. I see I’ve made 10 LRC and .000x ETH during my time in the AMM pool, but I can’t see what my CURRENT pool tokens have made, or what the value of them was when I entered. I may have withdrawn all of my LP tokens 6 months ago and added new ones 2 months ago, but the total rewards reflect the history of my participation in that pool in its entirety.
Loopring doesn’t charge a fee… ETH fluctuates and at different times of the day, depending on the gas fees at the time of creation, people might pay a lot or might pay a little. That isn’t looprings fault. As for the App, it’s easy to set up and use. The guardian safety feature is great. The way of the future. if you choose to set up an L2 wallet, like I did, swaps are lightening fast and super cheap. If you ever use uniswap to swap coins then you’re living in the past. No more wait times. No more high gas fees. No more fails. This App/wallet delivers. Don’t listen to the sourpuss’ that don’t understand burn rates and gas fees and complain about set up costs. If you plan on being in the crypto game for a while, you’ll want to be on L2 as fast as you can and this app is fantastic for that.
Intuitive seamless smart Web 3.0 wallet- best in class
The Loopring Smart Wallet is the world’s first Ethereum smart wallet powered by zkRollup technology. Users no longer need cumbersome private keys and mnemonics. Instead, Loopring offers better security with the tools you already have: your phone and friends/family. Users can ensure their assets are secure by choosing their trustworthy security team. The Loopring Smart Wallet is an Ethereum wallet that is managed by a smart contract instead of a mnemonic seed phrase. By using a smart contract, the wallet allows the user to enjoy advanced features and security such as Social Recovery, lock protection, daily limits, , and more eliminating the single point of failure common in a normal wallet. With the security and added features comes a one-time gas fee for deploying the smart contract to Ethereum L1.
To all those complaining about the cost to set it up - this is the cost for gas to create the L1 Wallet. This fee goes straight to the miners and not to Loopring. Additionally - the cost changes with the price of gwei. Time it correctly and you may pay $70; time it poorly and it may quote you $300+. If you don’t want to pay it, stick to a different L1 Wallet for now and wait for Loopring’s Counterfactual Wallet. Now for the Smart Wallet - the app has a great look and feel; it’s very easy to use. I really like the concept of Social Recovery and Guardians. I’d suggest reading up on that if you aren’t aware. It feels like Loopring is gearing up to be the future and I’m excited to tag along for the ride.
Love my loopring wallet. Features are great, many different earn options, and the team behind loopring is very responsive and helpful within the community. Only gripe is on/off ramp. Which says more of legacy banking than it does about the loopring team. Big Business is trying to create choke points to slow inflow to the ecosystem in the hopes of it(cryptocurrencies) dying off. But IYKYK, and the US dollar will eventually fail due to money printing and inflation. How quickly this happens is anyone guess, but I’m comfortable “ being my own bank “ knowing loopring is there for support.. Great work team, and keep pushing those improvements.
Personally, I’m very excited for Loopring’s future and the transition of financial markets. This smart wallet is pretty neat in the way that it’ll make it easier for new people to join into crypto. Just please be sure that you DO NOT DELETE THE APP UNTIL YOU HAVE GUARDIANS SET UP so that you can recover access to the wallet. If you don’t set up guardians, you’ll learn the hard way like me and now I’m stuck having to deposit more Ethereum into the wallet in order to recover it (via some backend way? I’m not sure what happens after there’s a high enough balance in the wallet to cover the recovery fee in the app) and cost myself more money… Regardless, Loopring is still great.
I have had this wallet for a few months now and so far it has been very easy to use. The interface is fast and looks great. It supports all of the standard security features and after the latest update I was able to seamlessly migrate my wallet from an old phone to a new one I purchased during Black Friday. If you’re new to crypto and ethereum do a little research to minimize the cost when first setting up the wallet. The dev team has done a great job supporting this app so far, and I can’t wait to see how much more it and the Loopring currency as a whole can grow!
This app is still very much under development but hasn’t really felt that way to me. I would recommend the devs continue to push forward at the great pace they are with LRC in total and after the have the functionality down for the wallet, they could look into making things more user friendly focused and simple. That said, there’s a lot of power in this app and simplifying it I’m sure is difficult or may be impossible. I love this coin and can’t wait for the moon with GME!
I kept debating about writing this review since I own LRC. I’m not rich but I had accumulated about $400 worth on coinbase. Let’s see, I had just wanted an L2 wallet but I was confused (like a lot of people) and tried to set it up by sending loops from coinbase. Well that’s a big nono. Got my 50 loops stuck in L1 where at the time I was told they would be safe but I couldn’t touch them until I activated (pay about $150) L1 wallet. Now after waiting about 2 months for “off ramp” so I could at least get the ETH I had to transfer from my bank account out of L2 (about $120). I finally saw the price for activating L1 go down to about $60. So I payed $60 to activate… then I payed about $10 to transfer my eth to L1. Then I was able to get my 50 loops back into my coinbase app…. Which cost about $10. O and now I have $30 of ETH just stuck on L1. So all in all, no off ramp for L2. And I spent about $80 on nothing. $80 is a lot of money for me but at least I’m not like some people who had to spent $200+. I just wish they would’ve been transparent and customer service friendly. They absolutely are none of these things.
Loopring is here to change the game. Be Your Own Bank.
Everyone seems so confused when it comes to crypto. They think it’s fake online money or a scam. Loopring builds on the foundation that Ethereum built to provide financial freedom with the highest level of security. Those of us who are ahead of the game have been following this closely and the tech that’s here will not only change the world for the better but it will do so at next to no cost to you. This is the future. Get excited.
This is a basic L2 smart contract wallet. You will assume not insignificant fees (in ETH and/or LRC) to create a smart contract to use the wallet. You will assume not insignificant fees to move to and from L1 to L2, including through 3rd party networks like off ramp. There will be impermanent loss on most of the investing opportunities, with the exception of staking. LRC staking reward is below 1%. The fun part: You get to be a part of a community that had to watch the founder beg daddy Elon for help for two days because his Loopring official Twitter account was hacked. For two days that account sent out scam links wallet links. Days before that the founder is begging daddy to look into LRC and to use the Twitter platform to grow the community.
I’ve been involved in crypto over the last few years. Over time I’ve accumulated eth and quickly became accustomed to the gas fees for using the network. Loopring changes this!! Besides that, the app is pretty much flawless. The fact that you can have a crypto wallet and never lose access is another thing that is pretty incredible. Every since I’ve learned about Loopring my whole life has changed!
Make note of the reviews. Go ahead, take a minute or so to read a few of them. Positive and negative. Sort by Recent. They're either complaining about the up-front initial cost. You might be asked to burn $200 of REAL MONEY just to create a wallet. This is of course a MAJOR turn-off for most people. They are valid concerns, as most people don't have such money to throw at some hot new thing just to try. What other reviews do you see? Well, a lot of overly positive and conveniently vague reviews that are obviously from people that haven't even used the app. This scream FAKE. Regardless of what you think of Loopring, pumping up your rating with clearly fake reviews is NOT a good thing.
I’m loving the app and the L2 Wallet because the fees are way cheaper than L1 Ethereum. I wanted to get the guardian protection as well as a quick way to get back to L1 so I went to activate my L1 Wallet. When prompted to input a phone number I did, and when I pressed enter the screen will not let me proceed. I would like to do this at a time where gas is relatively low so the fees don’t kill me too much but I need help proceeding. Otherwise great app experience and will be a full 5/5 once this issue is resolved.
Thanks to the dev team for working so hard on this. App updates have been frequent with big/exciting/revolutionary changes each time. I personally believe this is the future of finance. Super low fees compared to Ethereum and transfers are nearly instant. Hoping for some more intuitive UI - as it sits now it would be difficult for mass adoption as some of the wording and overall process can be confusing.
You know when the iPhone came out and it was the first easy to use smart phone this is kinda like that but for the crypto world. I know I know I’m comparing this to an iPhone which is honestly a bit of an exaggeration but nonetheless it was the easiest way for me to get my point across. I say this all with knowing very little about the crypto/NFT/blockchain. All I know is this app is easy to use. Bam. That simple.
I’ve been using Loopring Wallet since the beginning! So many changes during that time has made it so easy to use. I love how my NFT collection is easily accessed, stored, and distributed! I had a fantastic experience with the support team recently when I needed to recover my wallet. They were incredibly helpful during that time. I wouldn’t use another wallet.
The founder of Ethereum has come out and said that L2 ledgers are the future of Ethereum. Loopring has been working on this technology for years and has finally launched its Counterfactual Wallet with the ability to directly on ramp fiat with its latest update. This update will help with the mass adoption of cryptocurrency and can help provide the foundation for blockchain based platforms (i.e. ticketing systems, resale of digital games, NFT marketplace, etc…)
I create this wallet because I thought it would be more safer to use than MetaMask. Thing is, this wallet does not provide private key or security seed phrase. If you delete the app, your assets are lost and have to use L1 to retrieve. Not sure I like that. I know many people not tech savvy but I’m looking to make sure I can get access to my wallet. Anything can happen to one’s cellphone.
I ordered my wallet like 2 weeks ago. They didn’t ask for my address or anything. Still waiting on it to come in the mail. App is really nice though. Heard there was a better wallet called the L2 coming soon. I might return the L1 for the upgrade. Either way just need a new wallet. My old ones all beat up.
As a newcomer to crypto, it’s always seemed like a scary world to me. Now that LoopRing is offering an L2 fiat on ramp, it’s cheaper than ever to get involved and start learning. For the first time, I really feel like I can participate without risking serious money. The app lags after the most recent update, but besides that, my experience has been perfect
I use this wallet everyday! The earn function is awesome, it’s like having the derivatives market for cryptocurrencies. Don’t forget to check in and earn points that make upgrading and other benefits free if you stack up some points by simply clicking the lil bell. The only wallet I use everyday.
Easily one of the most intuitive and user friendly wallets I have ever used. The Guardian system provides excellent security and you receive guardianship natively through the app by simply creating a wallet. Features like AMM provide end users with many options to earn APY on L2 by providing their tokens for liquidity. With the upcoming mass adoption via the release of the Counterfactual Wallet I’d suggest making the text displaying the gas fees larger, and potentially adding the ability to tap fee displayed for new users to learn about gas fees and how they work. Besides that outstanding work from the LoopRing team 👍
Great crypto wallet, especially if you’re newer to crypto. They allow you to buy crypto with your bank or card directly rather than having to jump through a bunch of hoops. I also like the security features, having a “guardian” to allow you to recover your wallet is a game changer.
I’m not sure what the random complaint about cost to open the wallet it cost me just under $5 it’s. Beyond my understanding others paid much more seems to by lies anyway so far a pleasant wallet experience I wish you could hold a cash balance on the wallet as well that be cool
Some mouseover explanations and info blurbs for newbies
I’m trying hard to understand everything. It would be nice to have a lot more explainers that I could click on or hover over that help me understand what I’m even doing lol. Also intro pages or about pages with term definitions that I can refer back to. And explainers about why I can’t do certain things. Just would help be a little more user-friendly for beginners.
Decentralized Exchange, Fee Free Trading, Ez L2 On-ramp using Ramp, Layerswap, etc. Off-ramp direct from L2 slotted for 2022 🚀 Socially recoverable smart wallet with personal chosen guardians so you can recover your funds if ever lost, access to liquidity pools that pay you for providing liquidity for swaps, fully working L1 ETH wallet and access to all other decentralized exchanges and defi platform in the ETH. Be your own bank!
The freedom of being my own bank is becoming a reality with Loopring. The applications that are coming to fruition will continue to expand the accessibility of this technology and its application to countless human scenarios simultaneously around the world while providing those who use it real freedom and security of their finances. Thank you.
This is by far the easiest wallet to start using. Also it is a must for the GME marketplace and the marketplace is awesome. Loopring will continue to grow and this wallet makes my funds feel secure and gives me a peace of mind. Must download for anyone new to crypto or looking to change
In order to create a wallet it’s asking me to deposit 70 LRC. Enterprise that much LRC is worth over $50. Would I be losing that? Just to create the Wallet? Or is this one of those “Deposit now to create and you’ll have your deposit sitting in your account once you’re done, we only do this to ensure you’re serious about doing business with us.” Kind of things like Banks do?
The app is quick and easy to use. Easy set up and overall a great way to store assets. The only gripe would be that there is a fee fir creating the wallet. Other than that the technology is great and takes away costly Ethereum fees.
Some bugs at times when transferring L1 to L2 but can’t figure out if it’s because I dont have enough eth for gas fees. Just a crash. Otherwise fast, reliable, love the easy AMM options. I recco it to ppl. So far no real issues that run me backwards.
Tremendous potential for future financial management
This could fundamentally change the game for retail investors. Download the app, start to learn all you can about LRC and the value this brings to the marketplace. It will be well worth your time now to learn how to use it.
This hands down the best crypto wallet experience out there. The UI is clean and well thought out. The efficiency and speed with which transactions occur is seamless. Only thing I would suggest is allow for more content to be rendered for NfTs. MP4, html5, etc…
While ramp needs some adjusting with certain things, the app is great. For the one star reviews read them cautiously. Why on earth would you download something you don’t know how to use? There are plenty of FAQs and tutorials available. Be smart, be great. Go LRC.
The loopring ring smart wallet keeps it simple. No 20 word phrase that I have to write down and / or remember. No hard wallet I have to use to keep my crypto safe. The guardians to my wallet is all I need. Looking forward to seeing what’s next.
Loopring has solved the issue that’s plagued crypto from the start… FEEs! Fees have gone from tens of dollars to tens of cents for your transactions and Loopring is one of very few that can accomplish this Loopring is transforming the world and making crypto viable for every day use.
This level 2 ZK rollup technology is amazing. It solves the high gas fee problem on Ethereum. The wallet itself is pretty basic right now but I am looking forward to new features that should be coming in the next year.
This is a nice play wallet but if you don’t have your keys then it’s not your wallet/money. It’s weird that you try to sell this fact as a feature not a massive centralized flaw. Why can’t I import my GameStop wallet that already has Loopring L2 activated? The fact I can’t do that means this wallet is a walled garden. Why don’t you want us to own our own wallets? This is the antithesis to web 3.0
But this app rocks! First off , you get to create a FREE L2 wallet. You can add cash directly to etherium layer two with the cheap on ramp then your trading on L2 pretty much all gas free all on one app. This makes it so simple and user friendly!
Since I first downloaded the app and paid the fees to open the wallet it has transformed into a beautiful crypto app/wallet/dex all (zk)rolled up in one simple application! They just made it to where you can view your NFT collection from your phone! For those serious crypto traders, loopring smart wallet offers a professional version IN the app! Amazed at how much progress has been made and cannot wait to see the end product! Much love loopring team!
Loopring is such a fantastic app with so much in store, especially in the coming months. (NFT, counterfactual wallet) Yes, there is a fee associated, just like Binance or Coinbase. Transferring from an L1 to L2 wallet costs money, but at least you’re actually owning your funds without super complicated passwords. Coinbase running out of coins and locking people out from being able to withdraw/deposit/sell/purchase their funds/assets screams major red flags. A must-have wallet for anyone interested in cryptocurrency.
This crypto wallet has been the easiest to use for myself by far. I’ve used other iOS wallets before and nothing comes close to the look and ease of the loopring wallet.
I spend a lot of time exploring wallets and I can say that the Loopring wallet is the best around. Low gas fees, AMM Liquidity options and the collectibles. This product feels like it’s been around for 10+ years.
I love my Loopring Wallets. I think it’s awesome that I can be my own custodian & actually own my assets. I find signing in with my Loopring wallet so much easier & secure than the usual email/password tradition. Let’s go Loopring!
The wallet is in fact a joy to use. The interface is the right amount of intuitive and sophistication. Red Packets separate it from the rest, just incredibly fun to use.
I’m very new to crypto and have had my own wallet, and this was totally approachable and intuitive. Not intimidating like other crypto wallet platforms, plus the Layer 2 costs are SOOO much cheaper with the same security.
I’ve been waiting for the gas prices to drop and I finally made the move to activate the wallet. App works smoothly with no glitches and ready to participate in the tournaments.
Be your own bank and stay in control with a Loopring wallet! • CHEAP, FAST and INTUITIVE Harness the power of zkRollups with Loopring L2; trade, transfer assets with Ethereum-level security at 100x lower fees and faster transactions: Easily move assets between your wallet’s L1 and L2 accounts. Manage your NFT collections. Send and receive tokens/NFTs quickly; supporting ERC-20, ERC-721 and ERC-1155. Trade assets using a simple Swap view; • SECURE, SMART and TRUSTLESS The Loopring Wallet is self-custodial, meaning only you are in control of your assets. It is also managed by a smart contract, allowing for enhanced security features: Social recovery with Guardians: trusted contacts help you protect and recover your wallet should you ever lose your mobile device. No Secret Recovery Phrases to remember or risk losing. Cloud recovery: back up your wallet safely and securely to the cloud (iCloud / Google Drive) Secure your wallet: increase the security by enabling two-factor authentication (2FA) Lock your wallet: if your mobile device is lost or stolen, instantly lock your wallet until you're back in control. Daily quotas: set limits for the maximum value of tokens that can be transferred in a 24 hour period. Whitelist addresses: trusted contacts are exempt from your daily quota limit. • EASY TO USE and FUN Access additional features designed with quality of life in mind: Bind an ENS to your wallet, making it easier to remember your address. Sign in daily to earn points that can be used to cover transaction fees.
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