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Loopring Protocol Shuts Down All Services
The reasons for the complete cessation of all trading operations cited are limited platform adoption and an underdeveloped business model, and most importantly, the technological lag of the protocol's architecture behind more advanced competing solutions based on the Zero-Knowledge Virtual Machine (zkEVM), compatible with Ethereum smart contracts.
During the bullish trend in the crypto market in November 2021, the total value locked (TVL) in the Loopring protocol reached approximately $760 million.
Since then, the TVL has dropped to $8 million, according to L2Beat data. The LRC token price has collapsed from its all-time high of $3.75 to $0.01.