Hey all, for those who don’t know, I wanted to clear up some confusion about the upcoming announcement, and for those who already know these things, I wanted to take a moment to appreciate how close we are / how far we have come, in the GME / LRC movement.

I still see that some people have not seen what Loopring officially stated about the upcoming partnership announcement, and also see that some people don’t know that the counterfactual update is a separate update that may come even sooner than the partner's marketplace launch.

P.S. If you missed my post on why Loopring will explode, here is it:

reddit.com/r/loopringorg/comments/qzv9ee/loopring_lrc_why_it_will_explode_parts_1_2/

So let’s get this straight so we can be excited for a legit, short timeframe.

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Counterfactual wallet

Originally estimated to be released weeks ago. Now expected “Very Soon” (Delays due to 3rd party fiat on-ramp providers were acknowledged). May come before the partnership announcement, or at the same time. Either way, before the end of the year.

Partnership marketplace

Expected to LAUNCH before the end of the year.

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https://preview.redd.it/b9fkmzkk1l281.jpg?width=500&format=pjpg&auto=webp&s=0fb55519c600810745e742b519218a6137eab04c

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Loopring partner NFT marketplace launch

Alright first let’s talk about the partnership announcement. The first misconception is that Loopring will simply announce who their partner is before the end of the year. Notice below that they said that their partner’s marketplace would LAUNCH before the end of Q4.

The second misconception is that Q4 might mean the end of January. See further below where their staff specifically said that the news would come in October through December. So when we say Q4 we are talking about the end of this year. Merry Christmas and bless all of us.

The third point of confusion is about whether GameStop is actually the partner. First of all, regardless of who the partner is, Loopring’s partner’s marketplace will launch before EOY. Second, after seeing the writing on the walls about the partnership between Loopring and GameStop… if you still aren’t sure, then I don’t know what to tell you. It’s happening.

So for the majority (seemingly) who believe the partner is GameStop, this means that GameStop will launch their NFT marketplace before the end of the year.

#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.

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

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.

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

Counterfactual NFTs contracts have just been added to the Loopring Protocol GitHub through a pull request! The PR has already been approved by Daniel!

What is counterfactual wallet? This is a critical step for implementing a user friendly NFT marketplace. This feature allows users to "try out for free" with a temporary wallet that functions in many important ways similar to a real smart wallet. Once the user decides they want to a pay a one-time fee to create their wallet, they can do so later. This critical feature is required for GameStop to launch their marketplace and widen the conversion funnel of user adoption as much as possible. This key feature will crush all competition in the NFT marketplace space, allowing GameStop to become the first bastion to capitalize on the mostly untapped NFT market.

It's quite likely for GameStop to supply all their PowerUp users with a counterfactual wallet. That way all PowerUp users can simply go to nft.gamestop.com, browse, purchase and create NFTs entirely for free without any extra setup steps required. To me this seems like an obvious choice for Ryan and company, especially given the PowerUp call outs back from RC's letter to GameStop's board where he specifically mentioned the number of PowerUp rewards members as a point of interest. It matches Ryan's strategy to use past success as a springboard to focus on launching the next step. Almost a literal brick by brick approach!

https://preview.redd.it/1rfrk5sxf9181.png?width=668&format=png&auto=webp&s=4f26a9843ffc52f98b6dee002ebf8d19e5f44c15

This is a fairly big PR with over 1k lines of code, currently with a request for dong77 to review the changes (Daniel, the Loopring creator). Edit: UPDATE - Daniel approved the PR! Updates to the Loopring Protocol are not as common nowadays as opposed to the Loopring SDK. The last update to the Protocol was Sep 7th, about two months ago. This is a rather big new feature! As a reminder to those curious, the Protocol repository on GitHub contains the code for smart wallet and smart contracts, as well as their base protocol implementation of their DEX (decentralized exchange).

https://preview.redd.it/362ybb3g59181.png?width=7

As most Loopring investors know, there are two huge updates / announcements coming in the very near future for Loopring: The partnership, and the counterfactual wallet. In this post I wanted to talk about why both of these updates will be huge for Loopring (Huge as in bringing massive value and bringing mass adoption). I also want to bring to your attention that Loopring plans to market more heavily once their updated wallet is ready. For the counterfactual wallet portion of this post, I will refer directly to a conversation / YouTube video from a Loopring team meeting.

If you want more information on the expected timeframe for the release of each of these announcements, based on statement made directly by Loopring staff, check out this post:

https://www.reddit.com/r/loopringorg/comments/r533ms/the_time_is_upon_us_looprings_partner_nft/

If you want to learn a lot more about Loopring and why it is such a powerful technology with tons of room / expectation for future growth, check out this post:

https://www.reddit.com/r/loopringorg/comments/qzv9ee/loopring_lrc_why_it_will_explode_parts_1_2/

I am not giving financial advice. None of this is advice at all. Please do your own research, and do not place trades based on what I write.

Feel free to cross post. Please don’t copy and paste without giving credit. If you use the material in a YouTube video, please credit this original source as a mention in the video + link in the description, and please also credit the snippet sources if you use them. Sharing is awesome, but please give credit. I work very hard on these.

https://preview.redd.it/rufbwb29le381.png?width=700&format=png&auto=webp&s=971c8618e8c4adc4735726287b100cdc9bebc73c

The impact of the counterfactual wallet

First let’s talk about the counterfactual wallet. The post linked above will teach you more about these things, but I’ll go over what the counterfactual wallet is, very briefly.

Currently people are having to pay $100+ in Ethereum gas fees to create a Loopring wallet (The wallet is currently created on layer 1, and then Layer 2 is activated. The transactions / wallet creation on layer 1 are what generate the ETH gas fees.)

But when the new counterfactual update comes out, people will be able to create a Loopring wallet directly on Layer 2 for free, and can create the layer 1 wallet later, if they want to.

**The point here is that after the update people will be able to use the Loopr

Firstly, credit mostly goes to u/Elbileier who's guide I have copied here.

I would have linked to the guide, but I cannot due to brigading rules.

Mods, I hope this is okay. Given there is a lot of interest in LRC and it is potentially loosely linked to GME, I thought it relevant.

How to set up the Loopring CF wallet using Ramp network and fiat currency

1 - Download the "Loopring Smart Wallet" from your respective app store (iOS or Android).

https://preview.redd.it/5fdcmvo704781.png?width=925&format=png&auto=webp&s=a0c9d2e35d5b77af07eb4ea980de6944d1f6e62d

2 - Set up the wallet using your email or mobile number

https://preview.redd.it/xbs1r65a04781.png?width=946&format=png&auto=webp&s=2f9d72359592771b8be7e01ff64f31f25d5e8d6b

3 - Activate the Loopring / L2 wallet

https://preview.redd.it/xo2i2jge04781.png?width=946&format=png&auto=webp&s=ae7e8eaf5803bfa34dac7ca0123c38ebdfcce5c2

https://preview.redd.it/x1h5zquh04781.png?width=946&format=png&auto=webp&s=11e181af80943c5b0f61e8cf658c20e8b34f765d

NOTE: Loopring only means it is the free CF wallet. If you also want L1 then you activate Ethereum too, but this guide is only for the CF wallet.

4 - The next step should ask you to have a friend send you 50 LRC.
THIS IS NOT A FEE, IT IS A MINIMUM BALANCE, ALL 50LRC WILL END UP IN YOUR WALLET!!!

For this step, head over to ramp.network/buy and in the "you get section" start typing loopring and select either "ETH on Loopring" or "USDC on Loopring". THIS IS IMPORTANT AS IT IS SPECIFIC TO L2, IF YOU SELECT ANYTHING ELSE IT WILL BE LOST!!!

https://preview.redd.it/84fcgcjw14781.png?width=368&format=png&auto=webp&s=2efdd5e4a4dcf77deb7baef7ea0ab584e0213508

https://preview.redd.it/y73qrydy14781.png?width=364&format=png&auto=webp&s=ce0c87c776f36c9f12316122fa5eeafe7c31c54c

5 - Paste the address from the Loopring wallet EXACTLY into the field on the ramp network.

https://preview.redd.it/es3ey95624781.png?width=1066&format=png&auto=webp&s=1df0f9dc3fc51a71e74455a8b56e9997d5c4810d

6 - Choose your payment method and complete
NOTE: You will be required to KYC if it is your first time. Also be mindful that the crypto may take up to 30 minutes to hit your account.

7 - Once this is done, go back to your Loopring wallet and it should be finished setting up.

EXTRAS
Make sure you go into settings and set a

Hey everyone, this isn't FUD. This is anti-FUD. Loopring is blowing up, and as a result, users are looking for wallets. I keep seeing people posting that they're not paying for the loopring wallet now, because the counterfactual wallet is coming soon, and it will be free... While these things are true, we need to do our best to manage people's expectations, or were going to have a flood of FUD posts like: "I've been scammed! I made a free wallet, and transfered my LRC from Coinbase, and they won't let me send it back"...

I've had a few people suggest I should make a post like this, so here are some facts:

1. If your LRC is in a CEX which only uses L1 (currently includes Coinbase, Binance, Kraken, Crypto.com, Kucoin... Basically most exchanges you regularly hear about) you WILL have to pay ERC20 gas fees to send it ANYWHERE. This will only change IF the exchanges start hosing L2 protocols, and there aren't many currently, and won't likely be any soon. The only one I can think of is Binance hosting the Ronin bridge to send AXS and SLP.

2. IF you decide to pay the 20 (or whatever) LRC to send your tokens to the new free counterfactual wallet across L1 ERC20, they will be moved to the Loopring L2, and you WILL NOT be able to send them back to L1 without paying to deploy the FULL Loopring wallet (this can be really expensive, I've heard people paying $80-$800 in gas fees to deploy it). What this means is, once in the wallet, you WILL NOT be able to send your LRC back to the exchange until you pay to deploy the full wallet, or the exchange implements the Loopring Protocol (again, there is no talk of this happening anytime soon)

3. When on the L2, you'll have limited access to the L2 ecosystem. This wallet isn't a free chance to use Loopring. It's basically a demo. It'll have enough functionality for basic use, and might be enough for some people, but it isn't a full access pass. Again, you'll need to deploy the full wallet for the full Loopring experience.

There's talk of being able to buy/sell directly on the L2 network, but that'll only affect future coins. Most of you already have coins on Layer 1. You can send them to the L2 by sending to the counterfactual wallet, but again, YOU WILL NOT BE ABLE TO SEND BACK TO LAYER 1 WITHOUT PAYING TO DEPLOY THE FULL WALLET.

This is really exciting technology, and with that comes lessons to be learned. I don't want to see the sub flooded with "Help me!" threads (Although I know it's inevitable). The reason it's s

I've tried a couple of times to activate the new wallet and have managed to add my credit card (MC issued by RBC). However when I try to purchase it says that the transaction failed likely due to my bank refusing the transaction. Before I spend an hour on hold with RBC for the third time in 10 days, has anyone else managed to make this work?

Hi LoopTroopers, wrinkle brain here (lol not really). Last week I wanted to activate my Loopring L2 CF Wallet but wasn’t going to pay out my ass for it. I was already holding 509 LRC in my Coinbase Pro acct, so I was ready to do the deposit at any time, but gas prices were always something stupid like 70 - 100 GWEI, which came out to like 50 - 80 LRC for the deposit.

Some of you might already do this because you’ve figured it out too, but this is for those who haven’t. Also, I didn’t want to post this in the main crypto sub on Reddit so that everyone would do it, but this is a much smaller community so I feel like it won’t have as much as an impact on the overall effectiveness of the technique.

Basically, the amount required to activate your L2 wallet is based solely on Eth gas prices, right? So you would want to deposit your LRC or ETH or DAO or whatever you’re going to use when gas prices are at their lowest GWEI, right? The way to do this is to download some sort of crypto tracking app from your device’s App Store (I’m IOS and I use CryptoAlerting) and set a notification for when gas prices (in GWEI) get below a certain point that you’re willing to pay to activate.

I set mine at 50 GWEI initially (around 35 LRC for deposit I think) and was getting several notifications daily at different times, so I thought that maybe I could set it lower and still receive one or two a day to catch even lower gas prices. It worked when I set mine to 35 GWEI, though I had to wake up at like 2am PST to the notification to do it, but worth it. I ended up paying 19.14 LRC (~ $45 I think at the time) to activate both my ETH L1 and Loopring L2 wallets.

Also, as B has said before, make sure to send more than that amount with the deposit (I sent 30 LRC even though I only needed to send 19.14 min) to adjust for slippage and make sure that your deposit goes successfully. I still have 10.8 LRC in my ETH L1 Loopring wallet account, so you do get the rest unused LRC back.

I hope that this helps onboard many looptroopers who feel that the activation is too expensive because of gas fees, and this speeds up migration over to L2 for the sake of LRC and everyone involved.

Cheers 💙

TLDR:

• Use the website (not the app) to activate your L2 with ETH (not LRC) using MetaMask.
• Do it really early in the morning.
• Get away from CEX. BitMart just got hacked yesterday. If you don't own your private keys, it's not your crypto!

Note: It's Sunday around 4AM in the US west coast, so gas fees are historically low at this time. I'm also doing this on my desktop computer because my L1 wallet is in my Ledger hardware device, which is proxied by MetaMask. I do plan on connecting the same L2 wallet in my phone's Smart Wallet app, but I have not done that yet or know if it's even possible (app tells me to contact Loopring directly to migrate a wallet), so most of these below applies only for desktop users.

Note2: The Smart Wallet mobile app's L1 wallet is basically equivalent to MetaMask for desktop users, but it costs a (huge) fee to activate (for now). Currently ~$127 but it might have been cheaper a couple hours ago. I've even seen people pay $200+ for it. Paying the fee activates both the smart wallet's L1 and L2 wallets. You still need to do another transaction to move funds to its L1, then another to move them up to its L2 (might be wrong on this one?). Bottom line: if you want L2 features right now, do this on a desktop and avoid a hefty cost. You'll still get the same L2 benefits.

What I did (on my computer):

1. Connected my L1 wallet to Loopring L2 site (no fees).
2. Activated my L2 wallet by depositing 0.000001 ETH and incurring a "contract interaction" event which in turn created the L2 wallet and tied it to my L1. Gas fee fluctuated from $35-50, I approved the transaction when it was at $38, but the final number was just around $18!
3. Now, I have an L2 wallet with almost nothing in it except for the ETH crumbs. I want to deposit my existing LRC from L1 but (as typical with sites that deal with ERC-20 tokens) it needs my permission to do so first, so that's another transaction! Once again, I approved for $38 gas fee. It took almost an hour, but it went through and actually only used up $12 in gas!
4. (This transaction was approved and then queued right after approving the above one) I deposited a test amount of LRC tokens (just about 20). It says $38 gas fee (might just be a coincidence, I usually see $20-100 with a token transfer) but actual was just about $23 in gas.
5. Total gas fees: $18 + $12 + $23 = $53!!

How I (and you) could have saved more:

For step 2 above, I cou

For the first trilogy I'd love to see how the original trilogy would have played out where Darrow sticks with the Sovereign in Golden Son instead of manipulating the war through Nero.

For the second trilogy, instead of Darrow leaving for Venus, have him stay on Luna and get sent to Mars as a punishment from the Senate for the rain on Mercury, with a mission to defeat the Red Hand.

Couldn’t tell because nobody posted about it

Edit: To further clarify, the main concern is corrupt hedgefunds ties to Coinbase and other exchanges. There's nothing wrong with holding on L1, in and of itself.

I'm keeping this as short as possible for the sake of saying this as clearly as possible.

If you bought and hold LRC on an exchange like Coinbase, you are on L1. To get to L2 you have to pay the current gas fees to transfer.

The counterfactual wallet release will not change this

To get your crypto there it is a one time fee, but unless you are buying on L2 to begin with, you still have to pay the gas fees to get from L1-L2.

LRC has a guide on this on their website and state this very specifically. It sucks, but the goal is to only have to do it once, and then from there on out, your buying and trading on L2 and gas fees will be significantly less.

Looprings tweet from a few weeks ago.

About halfway down there is a note regarding the unavoidable fees to get from L1-L2. Apologies I couldn't link directly, on mobile posting this

I think there's a lot of misunderstanding about the Counterfactual Wallet running around. Here's a quote from D. Wang y'all need to hear.

"We have been marketing our smart wallet solution for a while, but a big challenge is that deploying the wallet costs a lot of money. Right now on the Ethereum mainnet, each wallet will cost about 650K gas, which translates to, you know, about $100 sometimes.

This is a huge barrier to our massive adoption. So the idea now for us is that we want to allow people to try more wallets before they pay for the wallet creation. So how can we do that? We delay the wallet creation to a later time.

We call this undeployed wallet a counterfactual wallet. Once people feel like they like the wallet, they want to pay for the creation for the deployment, they can do it manually, or they can predefine some rules. For example, if the total asset in their wallet exceeds a threshold, then we can help them to deploy the wallet and then charge a fee."

He goes on to explain some of the limitations of the Counterfactual and explicitly says if you deposit asset in to it, you will not be able to move them out until you deploy the Smart Wallet.

"if you transferred crypto-assets into the Layer-1 address, then it stuck there. You cannot do anything before you deploy your wallet, and some other nice features for the smart wallet cannot be used. "

Furthermore, even though the the CF is L2, any kind of interaction your wallet has with L1 will incur fees.

I encourage y'all to research and fully understand the CF wallet before rushing in to it on release. Otherwise a lot of people are going to be disappointed and frustrated with developers for misunderstanding the product.

https://loopring.org/#/post/counterfactual-wallet-nfts-on-loopring

Edit: Please feel free to repost this. As many people as possible need to understand this.

Can someone (who understands it) please explain it to me and the rest of the class!

Hey everybody!

Just wanted to take a second to fill everyone in, especially those who are super anxious about the counterfactual wallet, about the wallet itself and the environment it will be operating in.

Before I go any further let’s talk basics of L1, L2 and what the counterfactual wallet is.

L1 is the layer at which most crypto activity takes place. To keep it simple I will compare it to the Ethereum blockchain. All of your standard CEX’s (Centralized Exchanges) reside here. CEX’s like Coinbase, Gemini, Crypto.com, etc.

There are also applications and DEXs built directly on L1. All of these on the ETH blockchain require a fee to be paid (called gas) for every transaction, which are paid in ETH regardless of what you are doing. You could be exchanging BTC for LRC, you fees are still going to be in ETH. ETH gas prices are currently at all time highs and will likely remain that way until ETH 2.0 which may or may not come out next year? Until them the cost to buy, sell, exchange, or send crypto is very high. This also applies to the minting, buying and selling of NFTs. We are talking hundreds of dollars during peak hours for any crypto movement.

Gas is also charged at a flat rate per transaction based in the real time network congestion. That means if you’re moving 1 BTC or 1 LRC - the cost will be the same.

It’s easy to see why this makes things like an NFT shop super cost prohibitive.

Enter Layer 2.

L2 platforms are built direction on top of the blockchain, but think of it as an entirely separate ecosystem. They enjoy the security of the L1 blockchain without the fees. We’re obviously going to use Loopring as the example.

Loopring has created an L2 platform that utilizes LRC as the native token for all processing fees within their ecosystem. Because it’s processed internally, the congestion is much lower (also due to the nature of how the L2 was constructed) leading to negligible fees for transaction. And we are talking by a monster ours margin. Instead of $300 in ETH gas, standard gas fees on the L2 are usually under 10-20 cents. This is what is needed to make an NFT market the scale GameStop will need.

The current drawback is to get assets onto the network, you have to move the asset from L1-L2 which the gas to do so is paid in….you guessed it…large ETH gas fees. This will be mitigated in the near future by the fiat on-ramp that is going to be implemented. (Also a juicy insider tip from the discord…in the future there will be a fi

I’ve been seeing how everyone’s waiting for the Counterfactual Wallet to drop and are planning to transfer all their holdings after.

I hate to be the bearer of bad news, but you can’t transfer your LRC into the CF Wallet if they exist on any CEX or L1 Wallet. You would have to pay the same costs as you would if you were to get the smart wallet right now.

The Counterfactual Wallet is for those who want to try out the Wallet on L2. You will not be able to transfer any LRC into it unless if you pay the costs to create an L1 wallet. You will however be able to use one of their on-ramp fiat services to directly buy LRC on the CF Wallet.

As much as I am bullish on LRC, I have to give everyone a reality check about the Smart Wallet. The total cost to create the wallet could cost you up to $1k depending on how much you hold.

Cost to open L1 wallet: 300k gwei Cost to deploy wallet: 150k gwei Cost to register ENS: 300k gwei Cost to add each guardian: 70k gwei