Loopring to shut down all DEX services

Loopring (LRC), an Ethereum Layer 2 ZK-rollup protocol, announced via its official X account the immediate shutdown of all its decentralized exchange (DEX) services. In its explanation, the Loopring team stated that the project had failed to attract a significant user base. It cited the protocol's lack of a virtual machine (VM) and the absence of practical use cases like composability and payments as factors that hindered ecosystem growth. The team assured users that their assets are safe and that it will cover all transaction costs for withdrawals. However, to ensure efficiency, only whitelisted accounts with a final balance of $10 or more will be able to process withdrawals. LRC was delisted from South Korean exchanges, including Upbit and Bithumb, in February. According to CoinMarketCap, LRC is currently trading at $0.01228, down 2.41%.