The world of crypto is flooding with different wallet options, yet few are as secure, convenient, and easy to use as the Loopring Smart Wallet. While most wallets offer the exact same set of features, Loopring breaks off from the pack with their own mobile wallet, where users are able to transact tokens on Loopring’s layer 2 protocol without the outrageous gas fees that keep you up at night.

Initially, it might be confusing that you can securely transact your tokens without paying gas fees. The common question that arises is: if I’m not paying gas fees, how are my transactions being verified and secured? Great question. Here’s where the magic happens.

The Loopring Wallet utilizes Loopring’s zkRollup protocol, a layer 2 Ethereum scaling solution, which verifies transactions off-chain before grouping them together and sharing their verified state for the Ethereum network to view.

Well why is this better than just using the Ethereum network? Another great question.

Moving the cumbersome transaction data off-chain, the Loopring protocol is able to settle more than 2,000 transactions per second all while providing users the safety and security they’re used to on the Ethereum network. This means no more sitting around waiting for your transactions to be confirmed while you wish you set a higher gas fee. Now you can send, receive, and swap your tokens gas-free with 100% Ethereum-level security guarantees right from your smartphone. And we’re just getting started.

The Loopring Wallet offers all essential features you would need for your tokens as well as a number of additional tools to help you make the most of your tokens without any stress or hassle.

Let’s first look at the basic, everyday features that the Loopring Wallet offers and how to use them.

When you first launch the Loopring Wallet, you will be greeted by your total balance, as well as three of the wallet’s main tools: ‘Receive’, ‘Send’, and ‘Scan’.

Let’s say you pick up the check at dinner with your friend, John, and he offers to send you some USDT from his L2 wallet to cover the share of his meal. Simply hit the ‘Receive’ icon and show your friend the QR code for him to scan and send the USDT your wallet, without spending any extra on gas fees. When using your own QR code, you can even set the token and the amount you wish to receive.

Just for argument’s sake, let’s assume your John’s phone camera is broken and he can’t scan your QR code. Just tell them to look up the name of your Loopring Wallet, or simply just enter your ENS name to send you your USDT, still without paying any gas fees.

Let’s fast forward to the following week, when John takes you out to a baseball game and you offer to send them some USDT to cover the price of the ticket. Ask your friend for their QR Code, then hit ‘Scan’ to scan their QR code, or hit ‘Send’ to look up the name of their wallet, or paste in their address to send the tokens.

Keeping with the same scenario, it’s just about halfway through the game and John grabs you a hot dog and a beer, you again offer to send him some USDT but soon realize your wallet is all out of USDT, all you have left is some ETH.

To solve this, let’s switch tabs at the bottom of the screen to the ‘Trade’ tab. Once here, open the drop-down menu and select ‘ETH’ for the top token and ‘USDT’ for the bottom. If you wish to swap to or from other tokens, just select those you wish to swap. You can then enter the amount you wish to swap and hit the ‘Swap’ button to complete the trade. Anytime you wish to view your swap history, simply hit the ‘Swap Records’ button on the top right to view past trades.

If you want to view all the possible tokens you can trade for, tap on the ‘Markets’ tab on the bottom panel to view all token pairs available for swap, their available liquidity, their price in USD, as well as the tokens 24 hour percentage change in price.

Let’s return back to the original page by selecting the ‘Assets’ tab on the bottom left to view our wallet balances. If we swipe up on the middle of the page we can now view our wallet balances, as well as our transaction history.

While viewing your wallet balances you will notice two wallets: your Ethereum / L1 wallet as well as your Loopring / L2 Wallet. What’s the difference between these two wallets?

The top wallet, the Ethereum / L1 is your wallet that is attached to the Ethereum network, so anytime you would like to send or receive tokens from a mainnet address, it will be through this L1 wallet. The other wallet is your Loopring / L2 wallet, where you can send tokens to other L2 wallets without paying gas fees. If you have tokens in your L1 wallet that you wish to move to your L2 wallet, just tap on your L1 wallet, then tap on the token you wish to move from your L1 to your L2 wallet. Then tap on the ‘Move’ button, then hit ‘Next’, and specify the amount you wish to move, hit ‘Next’ again, and finally confirm the move with the ‘Confirm’ button and your passcode.

We already have looked into the advantages of transferring tokens from your L2 wallet to other L2 wallets, now let’s look at some other advanced features of the L2 wallet.

Let’s imagine you have tokens in your L2 wallet that are just sitting there wondering when they’re gonna be spent. A great way to make use of these tokens, while still maintaining ownership of them, is to deposit them into liquidity pools in the ‘Utilize’ tab. Select ‘AMM Liquidity’ and here you can scroll through all the liquidity pools you can contribute to.

Here’s how these pools work: Users constantly need to swap one token for another token, and in order to do so there needs to be sufficient liquidity in the market. By depositing some of your tokens into a given pool, it allows other users to swap their tokens while paying a small fee. In return for providing the liquidity for the swap, you are rewarded with a portion of the swap fee based on your share of the total liquidity. Again, this is a fantastic way to put your tokens to work, opposed to having them sit idle in your wallet.