Shutdown of Loopring Exchange v1; Transition to v2
As you may know, Loopring has recently released its new protocol version (v3.6), and in conjunction, our new Loopring Exchange (v2) has been released atop.
In accordance with these advancements, we are going to shutdown Loopring Exchange v1 and the corresponding relayer service according to the following schedule:
- Jan 1st, 2021: Deposits, Transfers, and Trading will be disabled. All pending orders will be canceled automatically. Only Withdrawals will still be open via the v1.loopring.io web application.
- Feb 1st, 2021: The v1.loopring.io URL will go offline. The relayer will also shut down and all APIs will no longer be accessible. The exchange will officially enter “Withdrawal Mode”, which means to withdraw your assets from the exchange (move from L2 to L1), you will have to interact with Ethereum directly — submitting your account’s Merkle proofs to claim your assets that are still in the exchange’s smart contract. Loopring will help you generate your account’s Merkle proof for each token. After this point in time, our support for Loopring Exchange v1 will be very limited — as we will focus on our product development — so please expect long delays.
We strongly recommend you to withdraw all balances on Loopring Exchange v1 and deposit them to:
- the new Loopring Exchange: exchange.loopring.io, or
- Loopring Wallet, a smart contract wallet app (currently available for Android only).
We have multiple liquidity incentive programs starting soon, with 1.7 million LRC reward to be claimed by Loopring Exchange and Wallet users.
Note: the withdrawals have already been well under way. Over $20m has been withdrawn from v1, and only about $2.8m remains in the contract.
The protocol upgrade represents a new zkRollup — a new L2 that is not connected to the old, that is why you must withdraw to L1. But, for users who had a Loopring L2 account on the v1 exchange before November 27th, we automatically mapped your Ethereum address onto the new L2. That means you can now access the new Loopring Exchange at exchange.loopring.io with your same address, and you are already aboard. No gas fees or anything. In fact, there is even a 100 LRC thank-you gift waiting for you there.
Even if you onboard to the new web exchange as shown above, we do also recommend you checking out the mobile Loopring Wallet for a great experience as well.
Just to reiterate, even if you don’t follow our recommendation of withdrawing before February 1st, your assets will always remain in your possession. This is the beauty of zkRollup security guarantees — your funds can never go anywhere you don’t want them to. Our shutting down of the v1 exchange does not do anything to your assets, which can remain in the exchange deposit contract on Ethereum — for as long as Ethereum exists.
Thanks, see you on Layer 2, again!
About Loopring
Loopring offers an Ethereum Smart Wallet app and layer-2 scalability solutions. Loopring Wallet is the world’s first non-custodial wallet app with native zkRollup layer-2 integration; Loopring Protocol is the world’s first zkRollup exchange protocol supporting both orderbook trading and automatic market maker swap.
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