The zkEVM era is here. Rollups without a VM are indeed tough. Loopring's outcome serves as a wake-up call for early explorers.

Bījìe.com news: Loopring announced that it will immediately shut down its decentralized exchange and automated market maker. The reason is years of low user adoption, limited business development capabilities, and competition from emerging zkEVM Ethereum scaling networks. The team said that Loopring pioneered zero-knowledge Rollup technology, but the protocol architecture lacks a virtual machine, which limits composability and practical payment use cases, thereby restricting ecosystem growth. The protocol’s total value locked was about $760 million at the peak of the 2021 crypto market, but it has now fallen to about $8 million. Loopring also pledged to calculate the final user balances after the shutdown and distribute the funds to users’ Ethereum wallets.