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r/loopringorg – ✨My favorite way to move my funds from Coinbase to the Loopring Wallet✨

Posted by u/pandaexpressanon

***Update 5/12/2022, Layerswap ran out of liquidity earlier due to unusually high volume of transactions; they have pumped up their liquidity. Recently, Loopring was disabled in Layerswap because Coinbase ran out of loops! Crazy.***

After doing a lot of research and using other methods, I found using Layerswap was cost-saving and time-efficient.

Methods I have tried:

  • Ramp: I tried 8 different cards and none of them worked and the fees were super high.

  • Banxa: Supposedly can’t use it because I’m in the US but I saw fees were super high even with that recent promo.

  • Moving funds from Coinbase to L1 Loopring Wallet: It involved paying gas fees. I waited WEEKS for cheap gas fees and couldn’t get it cheap. For the creation fee, I would be spam-locked because I would keep checking for a lower creation fee.

Here’s how to use Layerswap:

  • Go to the Layer Swap website https://www.layerswap.io

  • Fill in the amount and asset you want to send, the source exchange, destination network and your L2 wallet address.

  • [will be redirected to Bransfer]

  • Can register with Bransfer through email or your Coinbase account

  • [you might have to check for a Coinbase email and verify ID again; I was scared of this but it went through smoothly and quickly]

  • Authorize a limit for at least as much as you are trying to swap. [I just do a limit for way more than I am depositing]

  • Click confirm and check the transactions [has always taken less than a minute for me]

  • That’s it.

Additional notes from what I have experienced:

  • My last 5 transactions took less than 3 minutes each to make.

  • You can’t use Layerswap with Coinbase Pro; gotta move those funds to Coinbase.

  • At first, I was purchasing LRC from Coinbase but now I convert USD to USDC in Coinbase (for free), then I Layerswap to Coinbase, then I convert USDC to LRC (for some reason, it says it was free).

  • I love this method because there’s no gas fees involved and I hated waiting for cheap gas to move L1 to L1 Loopring Wallet.

  • Sample Fees

  • If you choose “Ask a friend” and send from Coinbase to your wallet via LayerSwap the funds will arrive on L2 and activate the L2 wallet for you.

If you are just starting out, use my referral code for 1000 points to start with [the points can be used to pay for your ENS name and guardians!!!]:

Loopring Wallet referral code: 030807