1. PixelPlaygroundHome
  2. Blockchain Briefs

Article Title: zkSync’s Phezzan Protocol DEX Fails to Raise Funds for Sustainability

• Blockchain Briefs • 94 views

According to reports, zkSync\’s decentralized and sustainable contract DEX Phezzan Protocol tweeted that due to the failure to raise enough funds, it will no longer continue to oper

Article Title: zkSyncs Phezzan Protocol DEX Fails to Raise Funds for Sustainability

According to reports, zkSync’s decentralized and sustainable contract DEX Phezzan Protocol tweeted that due to the failure to raise enough funds, it will no longer continue to operate as a sustainable contract DEX. The funds raised have been 100% refunded, and the main network has not yet been launched. In the future, Phezzan will transition to a non hyped community, not hosting AMAs, not treating its members as exiting liquidity, and focusing on discovering scams and some interesting new projects.

Phezzan Protocol: The funds raised have been returned and will transition to community operations

Outline

1. Introduction to zkSync’s Phezzan Protocol and its failure to raise enough funds
2. Background information on the Phezzan Protocol DEX
3. Reasons behind the failure to raise funds for sustainability
4. Refund of funds raised and discontinuation of the sustainable contract DEX for the time being
5. Plans for the future of Phezzan Protocol
6. Conclusion

Article

The zkSync’s Phezzan Protocol decentralized exchange (DEX) has recently made an announcement that the platform will no longer continue as a sustainable contract DEX. According to reports, the DEX failed to raise enough funds for its sustainability, leading to a decision to discontinue this initiative for the time being.

Background Information on the Phezzan Protocol DEX

Phezzan Protocol is a decentralized finance (DeFi) platform that operates on the Ethereum blockchain using the zkSync layer-2 scalability solution. It aims to provide a trustless and transparent DeFi ecosystem for users, featuring no intermediaries, quick transaction speeds, and low transaction costs.

Reasons Behind the Failure to Raise Funds for Sustainability

Despite its innovation and promises, Phezzan Protocol could not raise enough funds to sustain its operation. The primary reason behind this failure is likely the current DeFi market conditions. Most investors have become cautious of investing in DeFi projects after the market’s recent downturn. Also, competition in the DeFi market has recently been greater than before, leading to a market saturation effect.

Refund of Funds and Discontinuation of Sustainable Contract DEX

As a result of the insufficient funds raised, the zkSync’s Phezzan Protocol tweeted that they will refund 100% of the funds raised for the sustainable contract DEX. The main network has not yet been launched, so the decision to discontinue the contract will not affect the platform’s users until later.

Plans for the Future of Phezzan Protocol

As part of the Phezzan Protocol’s future plans, the decentralized exchange will be transitioning to a non-hyped community. It will stop hosting AMA sessions and will no longer treat its members as exiting liquidity. Instead, it will focus on discovering potential scams and finding interesting new projects to feature on the platform. This new direction awaits Phezzan Protocol in building meaningful partnerships and growing its user base.

Conclusion

The failure to raise enough funds for a sustainable contract DEX is not unique to Phezzan Protocol, and it is not an indicator of its abilities or potential. Even though the project has not been successful as a sustainable contract DEX, the ongoing challenge of finding funding will not prevent the team from innovating and producing outstanding products. The future of Phezzan Protocol remains bright: it is still capable of shaping the future of the DeFi space.

FAQs

1. What is Phezzan Protocol?
Phezzan Protocol is a DeFi platform that operates on the Ethereum blockchain using the zkSync layer-2 scalability solution.
2. Why did Phezzan Protocol discontinue its sustainable contract DEX?
Phezzan Protocol failed to raise enough funds for its sustainability, leading to a decision to discontinue this initiative for the time being.
3. Is Phezzan Protocol out of the DeFi market?
No, Phezzan Protocol will still be active in the DeFi market as it plans to focus on finding interesting new projects to feature on the platform.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/13387/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 04/06/2023 02:18
Next 04/06/2023 02:36

Recommended articles