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!