The DeFi space of crypto is growing at a staggering pace. Among them, Ethereum is one of, if not the most developed ecosystem at the moment. As the blockchain grows, some serious problems regarding the scalability and transaction throughput emerge. That is when the application of Loopring comes in.
In this article, I will give you the clear instructions on how to use Loopring Exchange to trade assets by using both the AMM and Orderbook model.
Loopring started as a modular protocol that provides the infrastructure for DEXs to build on in order to maximize the liquidity and throughput. Loopring adopts the usage of zkRollup (Zero-knowledge Rollup) - an Ethereum Layer 2 Scaling Solution.
However, Loopring developed not only a framework for multiple DEXs, but also a DEX of their own. The Loopring Exchange includes a non-custodial AMM as well as an Orderbook exchange.
Preparation for trading on Loopring
What are the prerequisites for trading on Loopring?
First, users need to download and create an account on Metamask.
You can find more detailed information about how to install and use Metamask here.
Create an Ethereum Wallet on Metamask
Before using Loopring, users need to create an Ethereum (ETH) wallet. Users can create a new Ethereum wallet on Metamask, or import an existing Ethereum wallet from other wallets to Metamask.
Make sure your Metamask is running on the Ethereum Mainet.
Preparing ETH as gas fee
Loopring uses ETH for gas fee. Therefore, in order to trade on Loopring, users must have ETH in their wallets. Users can buy ETH on a centralized exchange such as Binance, FTX, Gate,... and send it to the Ethereum wallet address on Metamask.
How to use Loopring with Metamask
Connect Metamask to Loopring
Step 1: Go to the Loopring website here: https://exchange.loopring.io/swap
Step 2: Click “Connect Wallet”.
Step 3: Choose “Metamask”. Enter your Metamask password if needed.
Activate your wallet
Once you have connected your wallet to Loopring, you have to activate your wallet. In order to do this, you have to deposit your assets into Loopring’s Layer 2.
Step 1: Click the blue bar showing your wallet address at the top right corner.
Step 2: Select “Activate Layer-2”.
Step 3: Choose the amount of assets that you want to deposit. Afterwards, select “Deposit to activate Layer-2” and confirm the transaction in your wallet.
Unlock your wallet
Unlocking your wallet is like logging in. Everytime you enter the Loopring Exchange website, you have to unlock your wallet to use your assets in Loopring. Loopring will only require your signature in the Metamask wallet, so you won’t need to pay any fees.
Step 1: Click the bar showing your wallet address at the top right corner again. This time it has an additional “Lock icon”.
Step 2: Choose “Unlock”.
Step 3: Choose “Unlock” one more time.
Step 4: Choose “Sign” to give Loopring your signature and gain access to Loopring.
Step 1: Choose the trading pair. I’ll take the ETH - LRC pair as an example.
Step 2: Enter the amount you would like to swap. Check all the details, then click “Swap”.
You have successfully swapped on Loopring.
Step 1: Click “Pools”. The interface should look like the picture below.
Step 2: Select the token pair you would like to add liquidity. I’ll take ETH - USDT as an example.
Step 3: Click “Deposit”.
Step 4: Enter the amount that you would like to add and then proceed to provide liquidity to Loopring’s pool.
You have successfully provided liquidity to Loopring’s pool.
Step 1: Click “Trade”. The interface should look like the picture below.
Step 2: Choose the trading pair. I’ll take the DAI - USDT pair as an example.
Step 3: Choose “Buy” or “Sell” depending on your demand. Enter the amount to buy/sell, and then click the green bar to perform the trade.
You have successfully traded on Loopring.
How to use Loopring with Metamask on mobile
Unfortunately, there have not been any mobile-compatible versions of Loopring. It has been reported by the Loopring’s team that there have been a lot of bugs here and there while you are using Loopring on mobile, and the problems would not be resolved until the next updates are released.
If you are still willing to use Loopring on mobile, try to access the Loopring’s website: https://exchange.loopring.io/swap and follow the similar instructions as on desktop.
We will constantly be in touch with the Loopring’s team and give you their updates as soon as possible. Once the problems are solved, we will provide you with more specific instructions on how to use Loopring on mobile.
And that is all what you need to know in order to use Loopring. Hopefully, this article can effectively support users in using Loopring with Metamask.
If there are any questions, please feel free to comment below for further discussions!