Social recovery is nice and all, I liked the wallet… but does anyone else remember when Loopring got ddos’d or something a while back and the Loopring app wouldn’t load or respond to anything?
Really opened my eyes about it, if the app goes down, so does your wallet. Shortly after that, I moved my coins to my ledger to access Loopring L2 after that, and eventually I left the Loopring ecosystem altogether
P.s. yes. I know if Loopring L2 goes down then you can force withdraw to L1. I’m specifically talking about the Loopring mobile wallet app, because you can’t force withdraw to an external address if the app is down for whatever reason or it could even get removed from the Apple App Store
So like Loopring L2 using normal eth wallet? Sure
Loopring L2 with smart wallet app? Eh…
No keys to restore elsewhere = not your coins.
https://www.ledger.com/academy/passphrase-an-advanced-security-feature