Overview
2026 crypto bear market driving consolidation — 60+ projects shuttered amid liquidity rotation toward AI infrastructure. Early DeFi/L2 pioneers without EVM composability among casualties.
Loopring Case Study
loopring DEX closure (June 29, 2026):
- First Ethereum zk-rollup pioneer (2017)
- TVL: 8M (99% decline)
- Surpassed by zkevm L2s (zkSync, Scroll, StarkNet)
- LRC token: 0.01
Broader Pattern
- Wallet services shut July 2025 before DEX closure
- Exchange delistings accelerated decline (Upbit, Bithumb)
- Trustless exit mechanisms disabled for managed fund distribution