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Loop specific terms

Entity: The platform or merchant that owns the Loop account. By default, the entity is a Merchant. Merchants: Child accounts Payment Destinations: Where funds settle - either wallet addresses or bank accounts Payment Types: Tokens and networks an entity/merchant accepts for payment Payment Methods: The wallet/token/network combination an end payer uses Payins: Payments processed by Loop, with these possible statuses:
  • Scheduled - Payment scheduled for future processing
  • Pending - Transaction sent on-chain, awaiting confirmation
  • Completed - Transaction confirmed on-chain
  • Failed - Transaction failed on-chain
  • Canceled - Loop will no longer process this payment
  • Uncollectible - Stripe integration only
  • Draft - Stripe integration only
Customers: End payers whose wallets will be charged

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Crypto terms explained

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What are EVM-compatible chains?

Any blockchain that is compatible with Ethereum. There are over 300 chains, including Base, Optimism, Arbitrum, and Polygon. Loop supports any EVM-compatible blockchain. You can find a list here of all EVM-compatible chains but please reach out if you have any questions.

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Is Solana EVM-compatible?

No, Solana is not EVM-compatible which is why Loop calls out supporting Solana separately.

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What are network (chain) IDs?

Each blockchain has its own ID that is used so we know where to send the transaction. You can find network IDs here.

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What is an ERC-20 token?

Most, if not all tokens - including stablecoins - on EVM compatible chains are ERC-20 tokens. Example tokens are USDC, USDT and Dai. The only tokens that are not ERC-20 are a network’s native token (e.g. ETH, SOL, MATIC) and USDT on Ethereum is not fully ERC-20 compliant. However, there are “wrapped” versions of native tokens that convert them into ERC-20 (e.g. wETH, wSol, wMatic).

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Are there test chains?

Yes. Sepolia is the test chain for EVM and Devnet is the test chain for Solana. To transact on these chains, you will need ETH or SOL for gas and USDC has a payment token. You can get these for free from using faucets.

How to get a crypto wallet for testing

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