Loopring - Eth Layer 2 Usage

OpenOcean Ethereum Layer 2 Trading Guideline

OpenOcean has completed Loopring Layer 2 DEX aggregation. While using the Ethereum chain for security and network transactions, you can use Layer 2 to trade with no gas fee, lower cost, and faster speed on OpenOcean.

Here’s the OpenOcean Layer 2 Trading Guideline.

How to activate Layer-2 on OpenOcean:

Visit openocean.finance and select「Go Pro」.

Connect your wallet in the top right

Select Metamask

Select MetaMask.

Select「Connect Wallet]

Please select a wallet to connect to OpenOcean or you can connect your wallet by scanning the QR code after clicking「WalletConnect, then choose ETH network on your wallet.

Select「Activate Layer-2」on the top right corner.

In order to activate layer 2, deposit assets to your account and click “Deposit to activate Layer-2”. You can select the token you prefer. You only need to deposit once to permanently activate your Layer 2 account.

Enter the amount of tokens you wish to deposit. You can see your Ethereum Balance and Layer 2 Balance on the page. We suggest the deposit amount should be based on your planned transaction volume to avoid frequent depositing and paying multiple gas fees.

Note: Depositing from Layer 1 to Layer 2 will cost gas since it’s an Ethereum Layer 1 transaction. Please ensure you have enough Ethereum balance in your wallet for gas fee in order to successfully confirm this transaction. Pay this gas cost once, and then you are on Layer 2 with those assets, living gas-free for as long as you’d like.

After depositing successfully, please click「 sign 」on the wallet page. You do not have to pay any gas fees to sign the transaction.

Also, please click「 sign 」on the wallet page again.

Congratulations! You have successfully activated Layer 2 on OpenOcean!

More Settings

After activation, there are options under the account menu to allow you to check your layer 2 account details and perform other functions.

How to view your Account Information

Select「layer-2 Account」 to view account information.

Select「Balances 」and you will see the details of your assets of Ethereum and Layer 2 accounts.

Select「Deposits」and you will see the deposit history.

How to trade on Loopring Layer 2 on OpenOcean

  1. Select the token pair that is supported for trading on Layer 2.

  2. Select Loopring on Layer 2 .

  3. Select buy or sell based on what you want to do.

  4. Enter the amount of tokens you wish to buy or sell.

(Above is an example of buying LRC with ETH.)

Make sure the trade you entered is accurate, then click「Confirm」.

How to view your Transaction History

Select「Layer2-Orders」

Select「Order History」to view your transaction history.

How to deposit assets to Layer2

Select「Layer-2 Deposit」

Select the token that you want to deposit to Layer 2.

  1. Enter the amount of tokens you want to deposit.

  2. You can see your current balance of tokens in your connected wallet.

  3. Enter the amount based on how much you want to deposit.

  4. Click “Deposit” and “Confirm”.

How to withdraw from Layer2

Select「Layer-2 Withdrawal」

  1. Select token.

  2. Enter your Ethereum Layer 1 withdrawal address. By default, your own address is entered.

  3. Enter the amount and.

  4. Click “Withdraw” then “Sign” on the wallet page.

Note: The default withdrawal address is your current connected wallet address. But you can also withdraw to a different address that your own.

That’s it!