Leap Wallet, a noncustodial crypto wallet originally designed for the Terra Luna ecosystem, is shutting down its software suite by May 28, the team announced on Friday. The closure affects the browser extension, iOS and Android mobile apps, the Leap WebApp, Swapfast exchange platform, and the Leap Cosmos Hub validator.
The Leap team urged users with ATOM delegated to their Cosmos Hub validator to redelegate to another validator promptly to continue earning staking rewards, accounting for network unbonding periods. Despite the shutdown, users can still access their assets through a recovery phrase or private key using another wallet, without needing to move funds to a new address.
Leap Wallet’s Origins and Evolution
Leap was launched in late 2021 with a $50,000 grant from Terraform Labs, the R&D firm behind TerraUSD, and later raised a $3.2 million seed round co-led by CoinFund and Pantera Capital in early 2022. Initially positioned as a go-to wallet for Terra similar to MetaMask for Ethereum or Phantom for Solana Leap offered staking, trading via Terraswap, and integration with Terraform Labs’ Anchor and Mirror decentralized applications.
After Terra’s collapse in 2022, Leap pivoted to support the broader Cosmos ecosystem, leveraging Cosmos’ SDK to expand across multiple chains. The team emphasized their commitment to users and the interchain ecosystem, calling the decision to shut down a difficult but necessary step.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.