The Loopring Smart Wallet is a self-custody wallet that uses social recovery in the form of Guardians. There is no mnemonic phrase to write down or remember; rather, the private keys are stored securely on a single device and never exposed publicly (even to Loopring). Without access to the app, you no longer have access to the private keys securing your funds. If you are unable to access the Loopring Smart Wallet app installed on your mobile device, whether it was lost/stolen or the app was deleted, a recovery is required.
The action of recovery may be done on the same device or a new one. During a recovery, the private keys are regenerated and the smart contract is updated. This is an Ethereum L1 on-chain transaction, and therefore requires a gas fee to be paid. This may be expensive based on the cost of Ethereum gas fees at the time of recovery.
Performing a recovery requires your Guardian(s) to interact with your Loopring Smart Wallet through the smart contract deployed (on Ethereum L1) while initiating the new wallet. More than half of your Guardians must approve the request for the recovery to be successful. For example, if you have 3 Guardians protecting your wallet, you will need 2 out of the 3 to approve the recovery.
Note: If you don't already have the Ethereum L1 smart contract created, and only have the L2 Counterfactual Wallet, during the recovery phase you will be asked to create the L1 wallet and pay the gas fee for its creation.
If you are moving your Loopring Smart Wallet from one device to another and have both devices in possession, the proper action is to perform a Migration and not a Recovery. There is no fee associated with a Migration.
During the recovery process, you will need to fund the Ethereum L1 wallet using one of the available currencies to pay the required gas fee. All L1 transactions require gas regardless of success or failure. The wallet will inform you of the fee amount; please ensure you send more than enough currency to cover the cost.
Perform the following steps to successfully recover your Loopring Smart Wallet:
Open the app and select "I have a Loopring wallet" on the main page
Enter the Wallet address or Wallet ENS (name.loopring.eth) when requested
The app will provide the estimated maximum fee in ETH. This may be paid in another currency or Loopring Points by selecting “Change”.
Select which Guardians will be asked to recover the Wallet
You will be prompted for verification via the phone number or email address selected when creating the Wallet - this is the Official Guardian. Following verification, a code will be sent to that location; you will need to provide this code to the other Guardians selected in Step 6
Guardians using the Loopring Smart Wallet will receive a prompt within the Loopring Smart Wallet app and will input the code provided to them
Additionally, Guardian wallets will be required to sign a transaction after the code is entered, finalizing the approval and code entry
Once the Guardians complete the approval, the wallet app will recover and begin functioning normally.