Perhaps We Shouldn’t Use the Loopring Wallet (Yet)
Looping Road

Perhaps We Shouldn’t Use the Loopring Wallet (Yet)

By Ruth eMouse | CryptoWithRuth | 19 Feb 2021


The TLDR     

  1. Loopring wanted me to pay $401 to start using their wallet, and I said - HECK NO 

 

Sign up images below

Choose Wallet Name

Loopring Wallet Address$401 Wallet Creation Gas Fee Cost

 

Charge ReasoningQR Code for Payment

 

Alt Means of PaymentEasy to Use

 

Background

    I enjoy exploring, and trying new services - particularly if they’re related to the services that I’m already using (i.e. Loopring). Loopring touted their wallet as something for our good. I naturally agreed, and wanted to try it out. 

This link below -- I had noticed the fees, but it didn’t sink in. 

    https://loopring.io/#/embed/wallet_fees_en

 

I went through the mobile app to sign up … and at the end they asked for a $400 payment! I wasn’t even depositing from L1 to L2, and they wanted $$!? 

--- oh yea …. On the fee table it does describe a cost for creation of a new wallet. Hmmm 

 

 Creation of new wallet ≈ Ethereum TX gas cost

 

Well then *clears throat*, perhaps it's best to just be patient until things get better gas wise. 

I’ve bookmarked these two gas trackers for you 

    https://crypto.com/defi/dashboard/gas-fees

    https://www.gasnow.org/



On the other hand …. 

     paying for a wallet without ever having tried the wallet doesn’t sound like a wise idea. 

 

Recommendation for Loopring

    Do something about the wallet creation fee -- it will make adoption far more pleasant.   

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Ruth eMouse
Ruth eMouse

I'm a human who enjoys being. May we not only exist, but also live.


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