Loopring DEX announces permanent closure effective immediately, and will directly refund all assets to users.

Ethereum’s first zkRollup project Loopring announced on June 28 that its decentralized exchange will halt all trading services effective immediately, with its relays also being taken offline. The platform has prioritized user asset security, promising to cover all gas fees and directly transfer assets to users’ Layer 1 (L1) wallet addresses, eliminating the need for users to submit on-chain proofs on their own. Regarding the closure reason, the team acknowledged the project never gained meaningful market adoption: early zkRollup architecture lacked virtual machine support and suffered from insufficient composability. The team also noted it is more adept at technical development than business operations, compounded by LRC being delisted en masse from major exchanges in 2026 and competitive pressure from modern zkEVM solutions, leading to the decision to exit gracefully. For the refund process, the team will shortly publish a final user balance list, providing a two-week verification window before initiating bulk asset distributions. Accounts with total balances under $10 will be excluded from refunds.