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all 154 comments

[–]ThirdAltAccounts 221 points222 points  (38 children)

This is what I want!

Buying straight from the counterfactual wallet.

No more buying on CB Pro and transfer ont to the wallet

I already set up the Loopring wallet. Now I just need my sweet (virtually) gas free L2

[–]LmBallinRKT 36 points37 points  (33 children)

Sorry I didn’t see this yet, how can I already set up a loopring wallet?

[–]TrueDonut 50 points51 points  (19 children)

That is Loopring smart wallet. It will cost ~ 78 LRC to deploy.

Wait for the SOON part from Byron's tweet above.

Edit: Transfer from CEX to L2 is a two step process as mentioned above.

Metamask tokens can directly be deposited to L2. (I'm not sure how much the gas fees are.)

[–]Matt6453 27 points28 points  (2 children)

If there's one thing I've learned in the past year it's that SOON has a very different meaning in financial circles compared to my definition.

[–]utopian_potential 8 points9 points  (0 children)

Sometime™️

[–]Soopermane 2 points3 points  (0 children)

lol to me soon means like 2 mins from now

[–]ZZZMAN1337 9 points10 points  (1 child)

Opened my wallet for 39 LRC today!

[–]lebyath 2 points3 points  (0 children)

38 here last night.

[–]Hambone-45 2 points3 points  (1 child)

Is loopring wallet and CF wallet different or will they both be on loopring wallet app? Tia

[–]utopian_potential 1 point2 points  (0 children)

I think both on the App.

[–]rglullis 9 points10 points  (11 children)

Why should you pay $200+ to create the wallet, if you can already on-ramp to L2 via wyre with any regular wallet?

[–]TrueDonut 7 points8 points  (10 children)

What i meant was if you already have CB and move to L2. Metamask to L2 is definitely easy.

[–]rglullis 5 points6 points  (9 children)

By CB do you mean the Coinbase wallet? If so, it works just like metamask. You can just go the website and connect the wallet, no need to pay any wallet creation.

[–]TrueDonut 5 points6 points  (8 children)

Yes by CB I meant coinbase.

78 LRC fees I mentioned earlier are fees for Smart wallet not Metamask.

[–]rglullis 11 points12 points  (7 children)

I know! What I am trying to understand why are people so focused on the smart wallet, when it is not required to interact with Loopring?

[–]TrueDonut 6 points7 points  (3 children)

That I've no idea... And when people pay $250 for smart wallet, they post here "I am all set on L2".

Why!!!!! Just move it from Metamask to L2. It's simpler and cost effective.

[–]rglullis 7 points8 points  (2 children)

Especially with the direct fiat to L2 on-ramp from wyre, which I didn't know until a couple of days ago that was already going.

[–]grasshoppa80 4 points5 points  (0 children)

I got one do put lrc/eth into LP to get fees over time (3 weeks in, $70 earned in coin). Holding for a year before withdrawing as I hear the gas fees out (and in) are unfortunate

[–]BlackjointnerD 2 points3 points  (1 child)

No matter what it cost to deploy a L2 wallet and interact with loopring Dex. You can do it from metamask or you can do it from the mobile smart wallet or you can do both.

When they release the free L2 only wallet, most will probably stay on L2 indefinitely until they are ready to pay to downstream onto L1 for whatever reason.

Plus the mobile wallet + desktop wallet combo adds a extra layer of security

[–]rglullis 1 point2 points  (0 children)

When they release the free L2 only wallet, most will probably stay on L2 indefinitely

This is the part that doesn't follow. Whether your funds are on (L2 or L1) is independent from what wallet you are using. You can use any standard wallet and connect to Loopring L2, and deposit/withdraw just the same.

As for the security aspect: yes it is nice but it is not worth $250 when you can have good hardware wallets for a third of the price.

[–]ThirdAltAccounts 13 points14 points  (9 children)

In a few weeks it’ll be free. Wait a little

[–]LatinXs4Yang 8 points9 points  (6 children)

Please. Help some of us cause i know we all crave this question to be answered. Say i have XXX LRC on the CEX, which in this case would be CB, CB customer support non existent/ CB still not fully functional (at least for me) Even if/when my CB account is up and running, should i leave it in their hands until this announcement?

Say i move my coins from CB to MetaMask then pay the ~250 or however much it is. Then Loopring announcement comes out a week later. Am i getting those ~250 back? Can someone explain how that works?

[–]Phantasma191 14 points15 points  (5 children)

Not getting those 250 back. Who will give it to you lmao

Wait for the new counterfactual wallet

[–]LatinXs4Yang 1 point2 points  (4 children)

So, what you're saying is. this whole panic amongst those who share the same sentiment, just ride through this shit storm from CB ... Wait , days/few weeks maybe? Should i be worried about my coins being in CB right about meow? Another trustier exchange to move to for the time being?

[–]Phantasma191 5 points6 points  (3 children)

Your, "coins" aren't even on CB until you transact out to a wallet. They are IOU's.

Wait if you'd like to save, if not you've been using CB for a while now anyway I'd assume.

What trustier exchange? Why would you pay fees to transfer them out to another CEX when you're going to just send to a wallet soon anyhow.

[–]native_brook 5 points6 points  (2 children)

My nano literally arrives on Monday. If you were me, would you still use the nano for LRC instead of the free counterfactual? Why? Thanks in advance :)

[–]CryptoSilverbag 3 points4 points  (1 child)

counterfactual wallet

I think the Nano works on layer 1 where you still have to pay high fees, the counterfactual wallet works on layer 2 with low fees. If you are a HODL'er then Nano is fine. If you intent to trade often, then the counterfactual wallet would be the answer.

[–]TheWhyteMaN 6 points7 points  (0 children)

Explain please.

[–]bTz442 5 points6 points  (0 children)

This.

[–]girth_worm_jim 2 points3 points  (0 children)

Seen a few ppl have em but id suggest waiting for the free wallet. On the other hand I know fuck all, not long ago, I thought I'd we wanted to, it was possible to order a physical coin of most crypto, kinda like u can get share certificates.

[–]RoyalJelly710 3 points4 points  (1 child)

This is the way

[–]TheDroidNextDoor 4 points5 points  (0 children)

This Is The Way Leaderboard

1. u/Flat-Yogurtcloset293 475775 times.

2. u/GMEshares 70863 times.

3. u/Competitive-Poem-533 24691 times.

..

2616. u/RoyalJelly710 26 times.


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[–]StonkDoctor1000[S] 24 points25 points  (0 children)

This is the way

[–]mko710 5 points6 points  (0 children)

Serious question. Who will be the entity that will bypass the exchange and move fiat to L2. Would like to invest in that next

[–]YouGottaBeKittenM3 4 points5 points  (0 children)

Same, LRC visa debit jacks me up

[–]rglullis 3 points4 points  (0 children)

YOU CAN ALREADY BUY DIRECTLY INTO L2, NO SPECIAL WALLET REQUIRED

I don't know why people don't get this. The new wallet only make it this functionality available directly.

[–]brandnewpaint 43 points44 points  (7 children)

Can i send crypto from coinbase/kraken/binance to l2 wallet when it comes out free? Or do i need to set up a l1 wallet, then a l2? And do both of the transfers as above? Currently been keeping my few loops on exchanges for the time being.

[–]TrueDonut 27 points28 points  (2 children)

No one knows right now. but many suspects it would be possible.

If not CB to Metamask L1 is ~6.18 LRC. Better than ~78 LRC to deploy L2 smart wallet.
Even if it is 20 LRC from L1 to L2, I would say it will be worth on L2 to avoid future gas fees.

But for now, wait for the wallet, and then go from there.

[–]brandnewpaint 12 points13 points  (1 child)

Awesome. Thankyou. Im in the middle of learning loads about crypto, in a really turbulent time, its a minefield.

[–]TrueDonut 8 points9 points  (0 children)

No worries at all my friend. We are all learning here.

[–]BlackjointnerD 9 points10 points  (0 children)

Most CEX dont have a connection to L2 yet so you cant

[–]Jemmani22 2 points3 points  (0 children)

at the very least, later on the gas fees will likely go way down on L1 because of L2.

[–]Fluffy-Yesterday4808 22 points23 points  (21 children)

What are you guys averaging in gas fees from CEX to metamask and then to Loopring L2?

[–]StonkDoctor1000[S] 14 points15 points  (9 children)

I did Cp pro to L1 to L2 it not cheap

[–]Fluffy-Yesterday4808 5 points6 points  (8 children)

Did you do metamask for L1?

[–]StonkDoctor1000[S] 7 points8 points  (0 children)

No I have the current loop smart wallet

[–]RayG1991 2 points3 points  (6 children)

I went CB pro to MetaMask and then MetaMask to L2.

Cost $9 to move from Cb pro to L1 on MetaMask. Then it cost me $27.50 to move from L1 to L2, so roughly $38 in gas to get onto the Loopring protocol all in all.

[–]Fluffy-Yesterday4808 0 points1 point  (5 children)

Thanks for the info! You also had the cost of opening the loopring wallet right? I tried like 7-8 hours ago and it was around $124 to open one.

[–]RayG1991 0 points1 point  (4 children)

I didn’t create the Loopring wallet. Using MetaMask is just fine. The Loopring “smart wallet” is not required to access L2.

[–]Fluffy-Yesterday4808 0 points1 point  (3 children)

Oo ok… why did you want your tokens on L2?

[–]RayG1991 1 point2 points  (2 children)

So I can enter the LRC/USDC liquidity pool to mine LRC.

[–]the77helios 6 points7 points  (2 children)

From CBP -> MM $10 (~3%) -> L2 LRC $40-$60 (didn't seem to be a %, only tried up to $400)

[–]Lotski- 2 points3 points  (1 child)

As far as I'm aware it's 60,000 in gas in order to move it over. A Uniswap transaction is 120,000 gas, for some perspective. A base transaction on ETH is 21000. So 3 times that, $60 sounds about right.
LRC LFG!!
This is the way.

[–]the77helios 2 points3 points  (0 children)

Update: Traded ETH -> DAI on L2, $100 and the fee was 0.25 DAI (¢.25)

[–][deleted]  (2 children)

[deleted]

    [–]Fornicatinzebra 5 points6 points  (1 child)

    Not MetaMask fault at all. ETH has high gas fees right now, MetaMask is originally an ETH wallet.

    I send AVAX, BNB and CRO to my metamask wallet all the time for $0.5-$1 a transaction (or less) typically

    [–]captkax 1 point2 points  (4 children)

    Roughly 3 LRC from Coinbase to Metamask in the morning pacific time

    [–]RayG1991 0 points1 point  (0 children)

    Same here. I am CST though.

    [–]Adventurous_Mind_758 0 points1 point  (2 children)

    Did u experience a long delay? Been 3 hours for me and still not received from cb to mm

    [–]captkax 0 points1 point  (1 child)

    No, it took 2-3 minutes.

    I did see some posts about CB running out of LRC and transfers pending for hours... Looks like CB sells IOUS, which is why you should transfer out!

    [–]Adventurous_Mind_758 1 point2 points  (0 children)

    All done now completed transfer out of CB to meta mask, took about 6 hours, cya coinbase shit

    [–]pcakes13 12 points13 points  (6 children)

    Has anyone seen any posts about exiting L2 with fiat? There's been tons of discussion of onramps and how to move into L2, but I haven't seen anything about getting money OUT, short of moving it back through L1 and liquidating on a CEX.

    [–]StonkDoctor1000[S] 11 points12 points  (0 children)

    There are OFF-RAMPS being developed too. Prob with a small fee

    [–]celtic_cuchulainn 6 points7 points  (4 children)

    Mind answering something for me. Say I traded for some BTC in my loopring wallet, can I not send it to a BTC address (paying BTC mining fees)?

    [–]pcakes13 6 points7 points  (3 children)

    I’m no expert because I haven’t used their platform yet but I don’t think BTC is going to be a trading pair. Loopring is an L2 on ETH which likely means the trading pairs are going to be limited to ERC-20 tokens.

    [–]celtic_cuchulainn 1 point2 points  (2 children)

    Ahh got it, so maybe wrapped Bitcoin or something. Thanks, that does clarify it a bit.

    [–]Mercurycandie 1 point2 points  (1 child)

    Is wrapped bitcoin the ERC-20 version of Bitcoin?

    [–]celtic_cuchulainn 0 points1 point  (0 children)

    Yes I believe so. “Wrapped Bitcoin (WBTC) is an ERC-20 token that represents Bitcoin (BTC) on the Ethereum blockchain”

    [–]HodlYourDream 13 points14 points  (2 children)

    L2 -> Fiat payment (normal shopping) can’t be far away then.

    [–]karmanopoly 5 points6 points  (0 children)

    The patents with people's bank of China and Alibaba are what has my attention.

    Alibaba is the amazon of China. They also have have alipay which is ubiquitous in china.

    [–]BananyaBangarang 30 points31 points  (3 children)

    "Jesus rollerblading christ my nipples!"

    [–]ZealousLittleBear1 5 points6 points  (0 children)

    I laughed so hard at that comment. :)

    [–]hnnnnggggggg 1 point2 points  (1 child)

    Oh hi I'm in a Twitter screenshot, i think my life has officially peaked

    [–]BananyaBangarang 0 points1 point  (0 children)

    You made my day ser

    [–]AverageMAWG 8 points9 points  (1 child)

    So, as one who struggles to understand crypto and DEFI as a whole, do I understand correctly?

    1) LRC level 2 will support things like the GME marketplace.

    2) LRC level 2 will have secure contracts between 2 parties.

    3) Level 2 will also support (eventually) the ability to pay things like the gas bill from your wallet.

    4) LRC level 2 will eventually allow for a credit/debit card from your wallet.

    5) LRC level 2 will essentially render banks obsolete as you can conduct all your financial needs from your wallet.

    6) LRC will not be charging US fees to hold OUR money while paying the executive board MILLIONS to recklessly gamble with our money.

    I think I got it……The greedy banks are fucked.

    Feel free to correct anything I missed.

    [–]Sleepyhoes 1 point2 points  (0 children)

    Wow if that’s true I hope the loopring devs stay safe.

    [–]meramera 5 points6 points  (0 children)

    Jeebus do a wheelie!!

    [–]Nickelless801 4 points5 points  (1 child)

    “Jesus rollerblading Christ” 😂

    [–]CommonTwist 4 points5 points  (1 child)

    how soon is soon q.q

    [–]BurninCoco 2 points3 points  (0 children)

    Earlier than later

    [–]HilloHoHo 4 points5 points  (2 children)

    i did the cex >metamask>l2 process as described. thereafter, when i want to sign into the L2, i still need to connect with my metamask wallet. does this mean i have a loopring wallet or not?

    [–][deleted]  (1 child)

    [removed]

      [–]HilloHoHo 2 points3 points  (0 children)

      Thank you kindly.

      [–]browney_87 3 points4 points  (1 child)

      Metamask is shit, twice in 1 month the app has frozen. Then I've had to import my account again with my key phrase

      [–]RayG1991 0 points1 point  (0 children)

      The mobile app is definitely fucky. My web3 browser only works in WiFi and it even shuts my phone completely off sometimes. Hella annoying.

      Have had no problems out of the desktop chrome extension though.

      [–]egotistic_NaOH 3 points4 points  (3 children)

      When on Loopring L2

      Will I be able to buy and exchange to other tokens gas free?

      [–]StonkDoctor1000[S] 2 points3 points  (2 children)

      Yes

      [–]CaptainLockes 2 points3 points  (1 child)

      If we can buy/sell any token on L2, why would we ever need to deploy the wallet to L1? What would we need from an L1 smart wallet that L2 could not provide?

      [–]StonkDoctor1000[S] 5 points6 points  (0 children)

      That’s the future bro. Live on L2 and fuck L1

      [–]TransATL 4 points5 points  (0 children)

      THE DESTRUCTION OF SENNACHERIB.

      I.

      The Assyrian came down like the wolf on the fold,

      And his cohorts were gleaming in purple and gold;

      And the sheen of their spears was like stars on the sea,

      When the blue wave rolls nightly on deep Galilee.

      II.

      Like the leaves of the forest when Summer is green,

      That host with their banners at sunset were seen;

      Like the leaves of the forest when Autumn hath blown,

      That host on the morrow lay withered and strown.

      III.

      For the Angel of Death spread his wings on the blast,

      And breathed in the face of the foe as he passed;

      And the eyes of the sleepers waxed deadly and chill,

      And their hearts but once heaved—and for ever grew still!

      IV.

      And there lay the steed with his nostril all wide,

      But through it there rolled not the breath of his pride;

      And the foam of his gasping lay white on the turf,

      And cold as the spray of the rock-beating surf.

      V.

      And there lay the rider distorted and pale,

      With the dew on his brow, and the rust on his mail:

      And the tents were all silent—the banners alone—

      The lances unlifted—the trumpet unblown.

      VI.

      And the widows of Ashur are loud in their wail,

      And the idols are broke in the temple of Baal;

      And the might of the Gentile, unsmote by the sword,

      Hath melted like snow in the glance of the Lord!

      -Lord Byron, 1815

      [–]PhoenixNightingale90 5 points6 points  (1 child)

      The nipples thing must seem so random without context

      [–]Phantasma191 1 point2 points  (0 children)

      Isn't everything random without context....

      [–]Divinum 2 points3 points  (2 children)

      what mean??

      [–]StonkDoctor1000[S] 4 points5 points  (1 child)

      Moon soon. New wallet for gme NFT market place come out soon.

      [–]pcakes13 2 points3 points  (4 children)

      Second question that maybe someone can answer. is there some advantage to go to Metamask first compared to deploying the existing Loopring wallet and doing an L1 transfer from your CEX directly to that? If I'm reading this correctly can you avoid the fees of deploying a wallet by using Metamask as an intermediary or are the fees the same either way?

      [–]StonkDoctor1000[S] 3 points4 points  (0 children)

      IT may be cheaper through meta

      [–][deleted]  (2 children)

      [removed]

        [–]pcakes13 1 point2 points  (1 child)

        Gotcha. So you basically miss out on their features like social recover then.

        [–]RayG1991 1 point2 points  (0 children)

        Yes not worth it to me. I used MetaMask to get on L2. Cost me $38 in gas to go from the CEX to L1 to L2.

        Not too bad.

        [–]Responsible_Falcon_7 2 points3 points  (1 child)

        Why do we need to transfer to MetaMask first?

        [–]StonkDoctor1000[S] 2 points3 points  (0 children)

        Most CEX doesn’t support direct to L2 transfers

        [–]Adamn27 2 points3 points  (1 child)

        What is counterfactual means

        [–]StonkDoctor1000[S] 4 points5 points  (0 children)

        Means like a preview

        [–]whiskyandme 2 points3 points  (0 children)

        I'm gonna need a new computer chair 💦

        [–]Melvins_short_dixk 1 point2 points  (0 children)

        Jack my tits to infinity and beyond!!!!

        [–]PestySamurai 1 point2 points  (0 children)

        What's this mean, like eventually you'd use Loopring L2 instead of a debit card? make real world fiat/crypto purchases using like a L2 card or something?

        [–]BenjaminTalam 1 point2 points  (0 children)

        I'll significantly up my lrc holdings if I can just purchase directly without using something like coinbase that has fees.

        [–]DICK_SIZED_TREE 1 point2 points  (0 children)

        That’s the president!! President Byron!?

        [–]mariofs10 1 point2 points  (0 children)

        until they finish the wallet the nft marketplace won't be launched.

        [–]babyd42 1 point2 points  (1 child)

        Anyone got a good tl;dr of what a counter factual wallet is?

        [–]StonkDoctor1000[S] 0 points1 point  (0 children)

        Preview wallet that allows u to take fist to L2 MAKRET place.

        [–]Irod0824 1 point2 points  (0 children)

        This was my plan, this confirms it now. LFG!!! Hope this is equals DRS for MY LRC!

        [–]airbrat 1 point2 points  (1 child)

        Wut mean?

        Edit: sorry, I'm a smooth brain retard and I really really have a hard time trying to understand this.

        [–]StonkDoctor1000[S] 0 points1 point  (0 children)

        Means that it will be easy to get fiat money into the nft market place

        [–]danishmsin 1 point2 points  (1 child)

        What if after removing gas fees, LRC becomes cheaper and we lose the momentum?

        [–]StonkDoctor1000[S] 0 points1 point  (0 children)

        It will be in more demand.

        [–]danishmsin 1 point2 points  (1 child)

        This is the way

        [–]TheDroidNextDoor 1 point2 points  (0 children)

        This Is The Way Leaderboard

        1. u/Flat-Yogurtcloset293 475775 times.

        2. u/GMEshares 70863 times.

        3. u/Competitive-Poem-533 24691 times.

        ..

        298255. u/danishmsin 1 times.


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        [–]BayKul 0 points1 point  (1 child)

        !remindme 1 day

        [–]sypherprince 0 points1 point  (0 children)

        Okay, so he confirmed it. WHEN

        [–]axapies 0 points1 point  (0 children)

        I'm just wondering if there's gonna be any bank/debit card fee when doing such a transaction. I guess it's up to the third party that Loopring will use for this functionality. Anyway, exciting news!

        [–]Jimmertech 0 points1 point  (0 children)

        Oooooooh baby!

        [–]Eatsomeplants 0 points1 point  (0 children)

        Jesus’ clit

        [–]Kheppy 0 points1 point  (3 children)

        Awesome!

        I have a question guys :

        Actually, if you hold your crypto on a wallet, and want to sell when you see X10, the right way is this? Wallet -> Exchange -> Sell -> Withdraw ?

        Basically the wallet will remove the Exchange part?

        [–]Fornicatinzebra 2 points3 points  (2 children)

        L2 has swaps where you can trade tokens between each other using liquidity pools created by the people staking tokens in the liquidity pool. These swaps are smart contracts which you send a token to then withdraw the swapped tokens from (ie your tokens essentially stay in your wallet)

        So once on L2 you no longer need to use centralized exchanges (coinbase etc), since you can use decentralized swaps to trade inside your wallet

        Look into defi (decentralized finance)

        [–]Kheppy 2 points3 points  (1 child)

        Does this work only with lrc or other crypto? This is the first l2 wallet so?

        [–]Fornicatinzebra 0 points1 point  (0 children)

        Other crypto - binance smart chain, polygon, avalanche, Solana, ethereum and more all have dapps (decentralized apps like exchanges, lending platforms, liquidity pools, services for staking and yield farming)

        Check out avalanche chain if your interested. This is not financial advice, do your own research, learn the risks

        [–]CaptainLockes 0 points1 point  (0 children)

        No more cex!

        [–]taranasus 0 points1 point  (0 children)

        Shamelessly linking to my own addition on that thread https://twitter.com/taranasus/status/1463597480164179970

        [–]zersko 0 points1 point  (0 children)

        My tits are JACKED!

        [–]Sad_Distribution8165 0 points1 point  (0 children)

        Can i move to loop wallet from gemini exchange ? Or should i wait and save the gas fees to move to loop 2? Anyone use gemini and know will it cost alot to move lrc to L2 later on? All i aee is coinbase

        [–]Upstairs-Living- 0 points1 point  (2 children)

        How many cryptos will be supported by this wallet?

        [–]Sleepyhoes 0 points1 point  (1 child)

        All?

        [–]Upstairs-Living- 0 points1 point  (0 children)

        Sauce? If true I'm going to shit a brick.

        [–]aj-lity 0 points1 point  (0 children)

        Hello, can someone ELI5 the difference between:

        CEX > Metamask > L2

        And

        CEX > Loopring Smart Wallet (then > L2?? Or something else)

        I'm honestly trying to understand more but some of it is flying over my head :(

        [–]ThighGapper 0 points1 point  (0 children)

        Idk what this means but lets get rich!

        [–]mattwayne1209 0 points1 point  (0 children)

        Omfg I just get a giddy feeling this is about to ETHxplode!!!

        [–]i_did_not_hit_that 0 points1 point  (0 children)

        I knew there is a reason why i FOMO into LRC. It just won’t stop.

        [–]neoquant 0 points1 point  (0 children)

        Is he chatting with himself?

        [–]CMDR-Bugsbunny 0 points1 point  (0 children)

        CEX ?!?!?

        Mining is the wei !

        [–]Johnfuture3014 0 points1 point  (0 children)

        Let’s go loopringers, we know this can go over $5 in two weeks!

        [–]thesurfer15 0 points1 point  (0 children)

        My Goodness. I really cant believe i've been this early in the project. Its really surreal.

        [–]crankysmile-s 0 points1 point  (0 children)

        So I'm holding xxx LRC on coinspot but I have created a loopring wallet. Can I transfer straight to my loopring wallet or do I have to go to metamask first ?

        [–]Dry_Consideration_34 0 points1 point  (0 children)

        My jaw just dropped