Loopring Shuts Down DEX and AMM, Blames Lack of Adoption
Loopring is closing its decentralized exchange and automated market maker, citing insufficient adoption and missing virtual machine support. The team will return user funds directly to Ethereum wallets.
LRC
Loopring announced the shutdown of its decentralized exchange (DEX) and automated market maker (AMM). Representatives stated that the project "never achieved significant adoption," attributing this to the lack of a virtual machine, which limited compatibility and real-world payment use cases.
The development team has pledged to return user funds directly to their Ethereum wallets. They will calculate final balances, update smart contracts, and distribute assets in batches. Users do not need to take any action.
Source: ForkLog