Guide: How to use the GameStop Wallet
Loopring’s zkRollup is designed to hyper-scale DeFi and NFTs while maintaining the same security guarantees as Ethereum L1. To navigate this large and growing Loopring ecosystem, a web-based wallet is needed more than ever. Providing self-sovereignty and financial freedom through a non-custodial wallet will truly help bring power to the players.
Introducing GameStop Wallet, the first EOA wallet built with Loopring L2 directly baked into the experience. This sleek Web3 wallet allows you to make affordable transactions at blazing fast speeds. This guide below will show you exactly how to create and use this powerful wallet.
Please note: this is not an official GameStop guide. For FAQs directly from GameStop or to reach their support desk, visit https://support.blockchain.gamestop.com/hc/en-us
Table of Contents
- How to get the GameStop Wallet browser extension
- How to Create your new Wallet
- How to store your 12-word secret phrase
- How to activate Layer 2
- How to swap gas-free
- How to transfer NFTs for cheap
- How to make a withdrawal to L1
- How to connect to Loopring.io
- How to connect your hardware wallet
It takes less than a minute to set up your new GameStop wallet and from there, you’ll learn how to transact gas-free.
How to get the GameStop Wallet browser extension
Head to GameStop Wallet and click ‘Download’ to install the Google Chrome extension. Once the extension is on your browser you are able to create your new wallet.
How to create your new Wallet
- Click on the extension icon in the top right-hand corner of your browser to open GameStop Wallet.
- Agree to the terms of service and click ‘Create New Wallet’
- Set a strong password and continue to ‘Next’
How to store your 12-word secret phrase
This is a very important step, so please take your time to do this carefully. Your Secret Recovery Phrase is your backup and allows you to recover your wallet if it is ever lost or stolen.
- Click to reveal your Secret Recovery Phrase
- Write down your Secret Recovery Phrase on Paper
It is not a good idea to store your Secret Phrase digitally. Make sure you take the time to write it down, store it in a safe place offline, and do not share with anyone!
3. After you’ve written it down, triple check to make sure everything matches up, and then click on ‘I Saved my Secret Recovery Phrase’.
How to activate Layer 2
The GameStop Wallet supports two networks, Ethereum L1 and Loopring L2. In this guide we will focus on the L2 Wallet.
Activating your L2 Wallet is simple — all you need is a little bit of ETH . At the time of writing, it is 0.000918 ETH.
There are four ways to fund your L2 wallet:
- Send funds using Loopring L2
- Deposit from Ethereum L1
- Fiat onramp into ETH
- Centralized Exchange (CEX) withdrawal using LayerSwap
1. Send funds using Loopring L2
If you already have funds on Loopring L2 either via The Loopring Smart Wallet or with other Ethereum wallets like Metamask, this is the cheapest and easiest option to activate your L2 GameStop Wallet.
Using The Loopring Smart Wallet
In the GameStop Wallet, on the ‘Move to Layer 2’ screen, click on the ‘View Receive Address’ and then ‘Copy to clipboard’.
Once you’re on your Loopring Wallet, tap the scan icon in the top-right corner to scan the QR code, then select the ‘Address Type’ to ‘EOA Wallet’, and complete the details on the L2 send screen and ‘Confirm’.
For detailed instructions you can check here.
Using The Loopring Web App
Head to loopring.io. Once you’ve signed in, click ‘Send’ ETH ‘To Another Loopring L2 Account’, then copy/paste your GameStop Wallet address into the recipient address, choose the amount, select ‘Wallet’ in the Address Origin, click ‘Send’ and sign the request.
Your gas-free transfer is sent once these steps are complete.
2. Deposit from Ethereum L1
Send ETH to your GameStop Wallet on L1 Ethereum. Once the funds are on L1 GameStop Wallet, select “Move Eth” onto the ‘Move To Layer 2 Page’, then add your transfer amount. Note there should be a minimum balance of ETH to pay for gas fees.
After you have clicked ‘Review Deposit’, you can approve the transaction and wait for the Ethereum blockchain to confirm the transaction.
Pro Tip: When depositing onto Layer 2 be mindful of fees. Estimators are a great tool to monitor gas prices on Ethereum which can help time your moves and avoid costly gas spikes.
3. Fiat onramp into ETH
Using a fiat onramp like Wyre and Ramp is another great way to onboard L2 as it skips L1 entirely.
4. CEX Withdrawal using LayerSwap
If you have funds on a CEX such as Coinbase, Binance or FTX, LayerSwap is the cheapest and fastest way to move your funds from an exchange onto your L2 GameStop Wallet. Follow the steps in this video.
Note: There is an assumption of trust when using LayerSwap similar to using a fiat onramp provider.
How to activate Layer 2
Now that your L2 Wallet is funded, you’re all set to activate Loopring L2 and get on the fast lane.
How to swap gas-free
Click on the ‘Swap’ tab at the bottom. Select your pool (each pool has two assets you can swap between) and which way you are swapping. Choose your amount to swap.
The AMM pool will automatically show you the exchange rate.
You will also see the minimum amount you are guaranteed to receive from the swap. You can adjust the slippage tolerance at the bottom.
The fees to swap are 1%. Broken down, 0.70% goes to GameStop and 0.30% goes to Loopring (of which 0.2% goes to Loopring liquidity providers (LPs) and the remaining 0.1% to the relayer and protocol fee). Fees are taken from the token you are buying.
Once you’re ready, click ‘Swap’ and your transaction will be executed instantly. No delay, no gas fee. Your L2 balance will be updated. You can always see your swap history in the ‘Activity’ tab.
How to make an instant L2 transfer
Users can send ETH and ERC20 token transfers to an Ethereum address instantly, cheaply, and securely on L2.
Simply choose the asset, select the amount and send — all for less than 10 cents!
Note: Never send a L2 transfer to a Centralized Exchange (CEX) as many do not support Loopring yet — only transfer to wallets that you know can access Loopring L2.
How to transfer NFTs for cheap
Sending NFTs with GameStop L2 Wallet is easy and affordable. If you’re an NFT creator, you can drop your collection to your fans for a fraction of the cost of Ethereum L1.
How to make a withdrawal to L1
On the ‘Coins’ tab, simply click ‘Move’ to move assets from your Loopring L2 account back to your Ethereum L1 address.
With zkRollups you can withdraw your assets at any time. Your funds can never be stolen, frozen, or seized by Loopring.
Due to the aggregation of a zkRollup, and since it is an L2 to L1 interaction, withdrawals can take ~10–20 minutes until the ‘train wants to leave the station’ from L2 to L1. The more activity on Loopring, the faster the withdrawals are processed.
There is a fee to process a withdrawal, since the Loopring relayer has costs in processing these transactions (compute power for the ZK proofs, and the overhead gas cost to publish a rollup block to Ethereum). This fee fluctuates with L1 gas fees, and is usually less than half the cost of token transfer on L1.
How to connect to Loopring.io
- Head to Loopring L2. Click ‘Connect Wallet’ and link up your GameStop Wallet.
- There should be an ‘Unlock’ button. Go ahead and click that. This asks your wallet for a signature to unlock your L2 account. It is a signature, not a transaction, so no gas fee!
- Once you’re logged in you can mint NFTs, trade on the orderbook, and provide liquidity (LP) in an AMM pool.
Mint an entire NFT collection for less than a $1
NFT creators that have been priced out of Ethereum can find salvation on L2. Creating your very own NFT collection for a dollar is now a reality.
To mint, just drag n’ drop, set your royalty percentage and the amount of NFTs. Bingo bango bongo, you’re all set!
Become an LP and earn fees
Liquidity providers (LPs) currently earn 0.2% on all swap fees in the pools they provide liquidity to and that fee is proportional to their share of that pool. To become an LP, you simply deposit an equal value of both assets in the pool.
Trade on the orderbook like a pro
Loopring is more than just an AMM, it is also an orderbook DEX. Trade like you’re on Binance or Coinbase while never giving up custody of your assets. Traders can place limit or market orders. Makers receive a 0.02% (2bps) rebate on orders that get filled on the book.
How to connect your hardware wallet
Connecting hardware wallets like a Ledger or Trezor adds additional security to your GameStop Wallet. This combo gives you the ease of use of a hot wallet with the safety of storing your keys offline. Currently, only Ledger is supported.
Here’s how to connect your Ledger device:
Welcome to the Future of Ethereum!
Congratulations, you’re on L2 and have entered the rollup-centric future of Ethereum.
Ethereum 2.0 is on its way with EIP-4488 further lowering the cost to use rollups by a factor of 5x. That means even more freedom for you to move your assets. Ain’t that something.
Loopring is an Ethereum Layer 2 zkRollup protocol for scalable, secure exchanges & payments. Loopring builds non-custodial, high-performance products atop our L2, including the Loopring Wallet — a mobile Ethereum smart wallet, and the Loopring L2 web app — an L2 orderbook and AMM DEX. To learn more, you can sign up for our Quarterly Update or see Loopring.org.