Please read through this FAQ before attempting to set up the new Counterfactual (L2-only) Wallet

‼️ IMPORTANT Do NOT attempt to delete the app and re-install to fix a bug or problem with the wallet once you have transferred funds to your new address.

The counterfactual wallet relies on the official Loopring Guardian to recover the wallet if you delete it, which will require deploying the full (L1+L2) wallet in order to accomplish this, which will incur multiple gas-fees to deploy and recover.

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1️⃣ Is there a cost to set up the (L2) Counterfactual Wallet?

No. There is no fee to create, but there is a minimum deposit required

There is a small gas cost for us to deploy and activate the Loopring L2 account, however for the immediate future we are subsidizing this cost and making all new (CF) wallet creations free.

There is however a minimum deposit required in order to activate your L2 account (~50 LRC), but this will not be deducted, and will show up in your wallet when activated

This is to reduce spam attacks as there is a small gas fee that we are paying/subsidizing on the back end to deploy this account

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2️⃣ What is the "Ask a Friend" option to Activate the L2 Counterfactual Wallet?

Ask a Friend allows anyone to send funds to your new L2-only address in order to Activate your new Loopring L2 wallet.

‼️ IMPORTANT These funds need to be sent from a Loopring L2 activated wallet, do not attempt to send funds directly from a CEX or other L1 wallet to this address‼️

This doesn't necessarily have to be a friend. It can also be another wallet address that you own (ie. a MetaMask that already has Loopring L2 activated) that can send funds as a "transfer" on L2 to your new address in order to activate it.

For a VIDEO Guide on how to make an L2 transfer from a MetaMask wallet, see:

👉 https://youtu.be/wITtqTlYERI

🌟 NOTE Currently there is no fee charged to activate your Loopring L2 account (see #1️⃣ above) - there is only a minimum deposit required of 50 LRC - but whatever funds that are sent to your new address will appear in your new L2 wallet once activated (less the minimal L2 transfer fee) - but this may change in the future.

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3️⃣ I have funds on Coinbase (or another CEX), how do I get them to the new CF wallet?

⭐ NOTE Using Ethereum to transfer your funds is the safest and most trust-less way to transfer funds, however, there are trusted bridges set up now that simplify this process + make it cheaper to transfer your funds from CEX > Loopring L2, but they are trusted solutions that carry some temporary custody risk as a trade-off.

➡️ Check #5️⃣ in the Counterfactual Wallet FAQ section for a quick guide.

👇

If you still want to use Ethereum, the process would be:

Coinbase > MetaMask (L1) > MetaMask (L2) > CF wallet (L2) 👇

Follow the instructions in this VIDEO GUIDE below to set up and activate a free MetaMask wallet on Loopring L2 + transfer your funds from Coinbase to your Loopring L2 account:

👉 https://youtu.be/Cs__Wi-FI5A

Once you have the funds on your Loopring L2 account (using MetaMask), you will then need to download the mobile Loopring Smart Wallet app + set up your CF wallet using the "Ask a Friend" activation method (see #2️⃣ above)

You can then use the "Transfer" function on the Loopring L2 app (using your MetaMask wallet) to transfer the funds to your new CF wallet address.

Watch a VIDEO GUIDE on how to use the Transfer function here:

👉 https://youtu.be/wITtqTlYERI

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4️⃣ I downloaded the Loopring wallet app previously + now have an expired verification code but I want to set up the new CF wallet... what do I do?

This is one scenario where you should first delete the app completely and re-install it to clear the cache to get rid of the expired verification code before you try to set up the new Counterfactual Wallet (L2 only).

‼️ IMPORTANT If you have previously sent funds to the wallet, you SHOULD NOT delete the app and reinstall it. If you do this, it will cost expensive gas-fees to recover your wallet.‼️

The only scenario where you should delete the app + reinstall it is if you have never sent funds to the wallet before and just need to clear the cache of an expired verification code, so you can set up a new wallet from scratch.

Once you have cleared the cache, you should be free to now set up a new Counterfactual Wallet using the direct fiat on-ramp.

If you have any problems with the expired verification code, please fill out and submit a ticket to our support desk here (please only submit a ticket if you are having this exact issue and tried the above steps):

👉 https://desk.zoho.com/portal/loopring/en/newticket

If you have created a new wallet but have an issue with a direct L2 fiat purchase using Ramp, please follow the instructions below.

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5️⃣ Can I set up a (Layer 2) CF wallet using funds from my Centralized Exchange (CEX) account (like Coinbase or Binance)?

Yes.

The simplest + cheapest way to do this currently, would be to use LayerSwap to move funds from your Centralized Exchange account (CEX) directly to your new L2 address once you've downloaded the wallet on your phone.

Check out this complete VIDEO GUIDE which will walk you through it step by step:

👉 https://youtu.be/pD3gOCyhUjc

⭐ NOTE As this is a new integration there are currently limits to how much can be transferred within one transaction. These limits will be increased shortly over time as well as the fees will be decreased as more volume flows through the bridge.

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Please read through the below FAQ if you are having issues with the Fiat ramp

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1️⃣ What is a FIAT on-ramp / off-ramp?

Fiat money is government-issued currency, and is the most widely adopted form of currency globally. The exchanging of fiat-to-crypto is the easiest method of gaining access to crypto.

An "on-ramp" is a service that allows a user to exchange fiat currencies (e.g. US dollars $, Great British Pound £, Euro € etc ) to crypto (e.g. ETH, USDC, LRC) directly (from a bank, debit or credit card).

An "off-ramp" is the same but going the opposite way (from crypto back to fiat).

A fiat on-ramp (like our integrated RAMP * BANXA widgets) allows you to go from your bank account, debit card or credit card (jurisdiction dependent) directly to a Loopring L2 wallet, bypassing the need to transact on Ethereum L1 directly, saving the user from a bunch of gas-fees.

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2️⃣ Does Loopring hold my private data for on-ramp KYC?

The simple answer is No.

Loopring works with multiple fiat on-ramp providers to cover as many jurisdictions as possible. Know Your Customer (KYC) and other regulatory requirements will be handled by these third parties providing the on-ramp services and will never be known by Loopring.

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3️⃣ Which countries can currently use the fiat on-ramps?

For the most up to date list of currently supported countries, please visit our on-ramp providers' websites here:

RAMP country support:

👉 https://support.ramp.network/en/articles/433-what-countries-do-you-support

BANXA country support:

👉 https://support.banxa.com/en/support/solutions/articles/44002216505-what-countries-are-supported-by-banxa

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4️⃣ What fees are included in the fiat on-ramps?

There are currently 3 small fees included in your fiat on-ramp deposit:

✅ a fee charged by the provider of the service

✅ a network fee for covering the blockchain transaction cost

✅ a fee paid to liquidity providers on L2 for the fiat to cryptocurrency conversion direct to your L2 wallet

🌟 NOTE All-in-all these fees add up to a small fraction of the cost of the previous onboarding process of going from CEX (centralized exchange) > Ethereum L1 > Loopring L2, which would incur fiat conversion charges + 2 separate gas-fees on Ethereum

You can check out screenshots here to clearly see the purchasing process for both RAMP and BANXA:

👉 https://desk.zoho.com/portal/loopring/en/kb/articles/are-there-any-fees-for-using-the-fiat-on-ramp

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5️⃣ What are the payment options for the fiat on-ramps?

There are many payment options to choose from depending on your durisdiction and fiat provioder (RAMP or BANXA).

Some of the most popular payment methods include:

✅ Easy Bank Transfer

✅ Manual Bank Transfer

✅ Card Payment (debit/credit)

✅ Interac

✅ Apply Pay

✅ many more

You can find more details about payment for RAMP here:

👉 https://support.ramp.network/en/articles/434-what-are-your-payment-options

or

👉 https://support.ramp.network/en/articles/433-what-countries-do-you-support

You can find more details about payment for BANXA here:

👉 https://support.banxa.com/en/support/solutions/articles/44002216515-what-payment-methods-can-i-use-with-banxa

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6️⃣ How long does a fiat on-ramp transaction take? Can I track my purchases?

Depending upon the funding method used, the transaction can take anything from a few minutes, for fast payment options such as those supporting Easy Bank Payments and Card payments, to a working day if it is a manual bank transfer.

More details for RAMP here:

👉 https://support.ramp.network/en/articles/436-how-long-does-it-take-to-settle-the-transaction

More details for BANXA here:

👉 https://support.banxa.com/en/support/solutions/articles/44002225662-how-long-will-it-take-to-get-my-cryptocurrency

To track your transactions + crypto purchases, please visit our support page for a complete step by step guide:

👉 https://desk.zoho.com/portal/loopring/en/kb/articles/how-long-does-the-fiat-on-ramp-transaction-take-and-how-can-i-track-it

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7️⃣ Who do I contact if I have an issue with my fiat on-ramp transaction?

The fiat on-ramps are provided by a third party (RAMP or BANXA). Any queries related to your fiat on-ramp transaction should be directed towards them in the first instance.

You can contact RAMP via the widget using to "Chat with us" button or reach out to them on email:

👉 [email protected]

or more details can be found about RAMPs support here:

👉 https://ramp.network/terms-of-service/#customer-support-and-complaints-handling-policy

You can contact BANXA by reaching out to them directly by submitting a ticket here:

👉 https://support.banxa.com/en/support/tickets/new

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8️⃣ Is there a fiat off-ramp?

An off-ramp is expected to roll out sometime in 2022.

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For step-by-step instructions about how to use Loopring's products, please visit our Knowledge Base.

If you need assistance, please stop by our Discord server.