April 25, 2020
W. Paul Alexander
Better Call Paul Blog
[NOTE: This will be simultaneously posted on the Better Call Paul Blog on Publish0x as well on the bettercallpaul.org Official Blog (new)]
This article, while not specifically being written as a contest entry, should be considered as my entry into the Publish0x “My First Trade on Loopring” contest. I wanted to gather as much information I could about the Loopring project and speak to as many people who had used the platform before I jumped in. So, after several online interviews with people who have used the Loopring platform, and after catching cabin fever, I relented.
On April 25, 2020, after being locked down for well over a month, I decided in the wee hours of the morning to try Loopring’s DEX out.
Those of us who are active on Publish0x are already familiar with Loopring as an asset, since the platform just added Loopring to the basket of currencies that we receive tips out of. However, many of us may not be aware that Loopring is actually a very powerful platform that enables decentralized exchanges on top of the Ethereum blockchain. It’s similar in this manner to the Chainlink project, which has exploded and is starting to see widespread adoption in financial sectors.
In fact, many people have mused that they foresee Loopring becoming the “next Chainlink” in terms of ROI and growth.
Anyway, on to registration on the Loopring site, and hopefully on to my first trade very soon! Read along for a literal screen-by-screen journey through setting up your Loopring account and making your first trade.
This is my first DEX trade, not just my first trade on Loopring, for that matter. All of my other exchange activity has been through centralized exchanged, Binance, CoinExchange.io, KuCoin, others.
So, here’s how my experience unfolded.
Landing Page – What you see if you type www.loopring.io into your browser and press “Enter.”
This is the screen that you are met with upon navigating to loopring.io. At first glance, it looks like many other exchange screens, similar in look and feel to Binance – but it’s not Binance by any means! More on how I feel about the layout of the site later in this series.
You are required to have an ERC-20 enabled wallet with integration into the DEX, like MetaMask, in order to link your wallet.
If you do not have a MetaMask wallet, you can add it from the Chrome Web Store at any time.
Once you click on “Connect Wallet” and select MetaMask, you will be presented with the standard MetaMask confirmation request where you must confirm the linking of your MetaMask wallet to the Loopring system.
After you connect, your MetaMask wallet number (this will start with 0x) will appear in the upper right corner, as shown here.
From here, you can also see a message stating that you do not have an active Loopring account yet, and a big blue button that says “register account.”
Click on the “Register Account” button.
When you click to register, the following screen will pop up with instruction on how to complete the account registration.
Here is the pop-up...
Here, you can see that you are being asked to enter a new password, with the bottom half of the popup explaining the rules for choosing a password, which I will not explain in detail, as you can see these PW requirements in the image.
The interesting part here is that there is a registration fee. The text says it is to cover gas fees on the network, so I hope that means I will not have to pay gas fees on their system. After a bit of internal protest with my inner self, I decided that I will pay the fee.
However, the MetaMask account I have linked to this is a brand new account, new wallet – so I do not have the required 0.0036 ETH yet. So, I will have to cut the first part of this process short right here while I wait for ETH to make it to my MetaMask wallet.
I will, however, choose a password and see where that takes us before I sign off…
As I suspected, I am met with a MetaMask transaction asking for the registration fee, and I cannot proceed until I do.
So, I will wait for the ETH to show up in my account and will continue with Part Two of “My First DEX Trade on Loopring.io” as soon as I switch some BAT to ETH and then send the ETH to my MetaMask wallet. I will be doing that when I get home and in front of my home PC. So far, this is the only hiccup in the registration process.
So, stay tuned and subscribe if you want to get notified when I publish Part 2, which I hope will result in the successful first trade that is the focus of this series.
Until Next Time,
W. Paul Alexander
Better Call Paul
If anyone reading has a small bit of ETH already converted and ready to send that would feel compelled to send me the 0.0036 ETH to 0x944644Ea989Ec64c2Ab9eF341D383cEf586A5777, it would be much appreciated. I think it’s something like 2 cents worth of ETH, and it sucks to pay conversion fees for such a small amount. I won’t hold it against you if you don’t, though
Random Crypto Rambling of the Day
Oh yeah, and….how ‘bout that Bitcoin holding steady at just over $7500? Volatility is built in, certainly, but when the initial shock of the lock down tool hold, Bitcoin has been steadily recovering. This has re-solidified my belief in BTC as a safe haven asset, despite the opinions of many changing after the initial market shock of COVID19.
Ways to make free crypto that I will be including with every post from now on. I used to be a little hesitant about referral links, but we're in an economic crisis right now and every little bit helps to survive.
Ideas to Earn a Bit of Free Crypto and Maximize Earnings Potential and Liquidity of your Existing Crypto Bag
While you are stuck at home, try getting involved with as many passive income opportunities as possible. Of particular interest to me are some of the tried and true cryptofaucets that have been around for years and that pay out to the CoinPot microwallet. If you are new to crypto, these faucets are the "moon" faucets and you can choose when to make your claim. You are paid a small amount of crypto each time you make a claim -- it's not gonna make you rich, but it may keep you in beer money! The cool thing is that you get 25% referral bonus on each of your referrals faucet claims as well as daily increasing bonuses for visiting at least once per day.
4. Moon Bitcoin (You get 50% commission here instead of 25%) - http://moonbit.co.in/?ref=4f207d49c5aa
What's cool about these is that they all go into the same single CoinPot.co microwallet account, and they actually accumulate very fast. I've been using all of them for years to stack satoshi in the background. It's definitely worth it when you realize one day that you have enough to pay your electric bill.
CryptoTab is a web browser based 100% on Chromium, just like Chrome and Brave. It runs a "mining" protocol that allows you to earn a good amount of BTC so long as the browser is open. If it actively use the browser, you can enable "cloud boost," which increases your hash rate by like 10 times what it normally is.
I have made $130 worth of BTC since January just by leaving CryptoTab constantly running. I do not have a large referral base or anything, but if you are able to get referrals, your passive earnings grow exponentially.
So, just download it using my link here: https://get.cryptobrowser.site/10163563
Just remember, run it all the time -- just minimize it and let it run. Always enable "cloud boost." It will run out every three hours. To replenish it, you simply need to perform an address bar search from the CryptoTab address bar. Make sure not to enter a web address, just search for something like "ants" and hit enter. Your Cloud Boost will reactivate.
As you can see, during the period of March 26 - April 26, I've made a little over $37 bucks. It's been about a total of $130 since I started in January. Obviously won't make you rich, but it will pay your electric bill a few times per year.
So, if free money with literally zero effort is something you could use, just download it using my link here: https://get.cryptobrowser.site/10163563 and follow the instructions, which again are identical to Google Chrome.
If you find yourself low on fiat but have a decent bag of crypto, consider starting an account with a service like Nexo. They provide loans on collateral crypto so you can get the liquidity you need without selling your bag permanently. Nexo is a great service -- I actually set all of my faucet earnings from CoinPot as well as my CryptoTab earnings to withdraw to my Nexo account, where I currently have around $200 USD in crypto value with a line of credit of $100. I've never used the line of credit, but it's nice to have, and it is backed by a HUGE $100 or 50 million dollar insurance bond, so you know your crypto is safe. You can use volatility to your favor here, too, to make your loan higher, lower, or to actually make profit off of it. It's completely free to join and participate, too. They do have their own token, and it pays 8% staking interest annualized.