This article was first published on Loopring Protocol - Medium
Withdraw from Loopring 3.1 — the First-Ever Experiment of Shutting Down a zkRollup
zkRollup is the most secure and practical solution to scale Ethereum before Eth2 is fully rolled out (and potentially even after). As we have shut down Loopring protocol 3.1, the very first Ethereum zkRollup (on which Loopring Exchange v1 was based), it’s now time for the Ethereum community to verify and witness that all remaining user assets on Loopring L2 are secure as expected, even when we as operators are no longer processing any user requests.
Below you will find how to withdraw your outstanding balance from Loopring 3.1.
As mentioned in mid-December, with the launch of Loopring protocol 3.6, Loopring 3.1 has become deprecated, and as of February 1st, the v1 DEX UI is down, and no withdrawals (or any other operations) are being processed by the operator (aka relayer). As a zkRollup, though, users do not need to rely on Loopring to get their assets back. All that needs to exist is Ethereum.
About Withdrawal Mode
You’ll have to wait for about two weeks (Feb 20th) so the zkRollup can enter Withdrawal Mode which disables all operators from being able to process any requests or modifying the zkRollup’s state root.
Withdrawal mode basically means the exchange is dead. The exchange can no longer operate, and all that is possible is users reclaiming their funds. The reason there is a two week delay is because, if in other circumstances the exchange did not mean to stop operating (i.e., maybe a natural disaster wiped out its servers, and it was temporarily unable to process txs & generate the ZK proofs), it would be good if they ...
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Loopring Protocol - Medium