From the forums, it seems like LW is still held afloat by FR cross-site trading like it has been since launch. MS to FR gem ratio is pretty low now outside of people that are deep into the custom apparel hole.
Flea Market, if you look at the names of sellers, is mostly being utilized as a place to sell by a small subset of the community rather than the majority --with the exception of wolves, of course, though compared to the number of users is kinda grim-- which I would guess is because there has still been no QoL updates for relisting.
The lack of competition hasn't really made prices too insane if you're buying for pebbles, because the demand for most things is also just really dang low. Most stuff's incredibly easy to get for yourself, and the things that could be a good target for selling like the achievement clothes that take the $$ ashes component are soulbound, so little incentive to burn those pebbles buying the ashes at all unless you really need more than 1 set of something.
Pebbles are still worthless and easy to accumulate, no news on guilds or anything else that were intended to be perpetual sinks, but there are a few power users that are holding up folks' ability to convert them to ms if you find the ratios acceptable. :P