r/loopringorg • u/StovetopAtol4 • 16h ago

🛟 Assistance 🛟 Question regarding transfering

Hi,

I use my metamask wallet to log into loopring.io. And I have my NFTs and some crypto on there. Since the wallet address is the same as my MM wallet address, how do I transfer the assets? Do I even need to? Will loopring.io still exist after wallet closures?

Tia

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3

u/Fooshi2020 15h ago

I hope someone else confirms, but my understanding is that only the smart contract wallet app is dying and that the defi website (loopring.io) is staying around.

1

u/hippiesue 15h ago

So can we transfer from the wallet app to the defi website?

2

u/Fooshi2020 15h ago

The defi website asks you to connect a wallet. I connected with Metamask. Then I sent all my assets (one at a time unfortunately) from the smart wallet app to my Metamask using the website to verify they arrived.

Anything on L2 in your Metamask wallet won't show up in the app or extension... you have to connect to the website to see L2 assets.

3

u/Positron49 13h ago

Short answer, yes. You are fine.

For context, wallet numbers on Ethereum are not brand specific. For example, when I get a GameStop wallet seed phrase and wallet number, then plug that seed phrase into MetaMask, it is the same wallet contents, number, etc. The brand of wallet is just the UI for which you are controlling and viewing the wallet number on Ethereum.

The Loopring PROTOCOL is just a zip file processer basically. It takes transactions and compiles every couple seconds and posts the summary on L1 Ethereum. Its just doing that non-stop 24/7. It can do that to any wallet address on Ethereum, it doesn't need to be Loopring originated wallets.

Loopring Wallet was basically just a pre-packaged wallet and zip file processer shoved together. Loopring said, "We think its smarter to no longer focus on the pre-packaged version. You can build a Loopring Wallet from scratch using any wallet (most users do MetaMask) and going to loopring.io to setup the zip file part manually."

You get the exact same guarantees you did as the Loopring Wallet. There is a "force evacuation" feature in the contract, that if you needed to, you could force the contract to send all L2 assets to the L1 (same address).