ZkSync’s previous project included the 921ETH token sales financing card in the contract, and zkSync is helping to resolve the issue
On April 7th, according to Eden Au, the research director of TheBlock, a project on zkSync raised 921 ETH ($1.7 million) through token sales, but the funds will be permanently stuc
On April 7th, according to Eden Au, the research director of TheBlock, a project on zkSync raised 921 ETH ($1.7 million) through token sales, but the funds will be permanently stuck in smart contracts. The transfer() function is applicable to Ethereum and other EVM chains, but not to zkSync. In response, zkSync stated that it will not get stuck in the smart contract and is working with the team to help them solve the problem. A detailed update will be released later.
ZkSync’s previous project included the 921ETH token sales financing card in the contract, and zkSync is helping to resolve the issue
– Introduction to the incident on April 7th
– Brief explanation of zkSync
– The token sale and the funds stuck in smart contracts
– The issue with using the transfer() function
– zkSync’s response
– Plans to solve the problem
– Conclusion
– FAQs
# Blockchain Project, zkSync Raises 921 Eth ($1.7 Million) But Token Sale Funds Get Stuck In Smart Contracts
On April 7th, 2021, a research director at TheBlock, Eden Au, reported that zkSync had raised 921 ETH, equivalent to $1.7 Million in a token sales event. However, the funds remained stuck in the smart contract, thus, invalidating all potential trades and returns.
What is zkSync?
zkSync is a Layer 2 scaling solution for Ethereum. It provides Ethereum with fast transfer speeds that rival centralized payment processors like Visa and Mastercard. It is designed to minimize fees and avoid network congestion. Unlike its competitors, it is entirely decentralized – users have absolute control over their funds, even when transferring massive amounts.
The Token Sale and the Funds Stuck in Smart Contracts
The raised funds were stuck in smart contracts because the “transfer” function used in Ethereum does not work in this scenario. zkSync published an update that confirmed the tokens were still available to those who had contributed to the platform in an article titled, “Statement Regarding Token Sale.” They indicated that tokens had been instantiated and were visible on the zkSync Layer 2 chain. However, due to the design of the token sale smart contract, the tokens’ visibility doesn’t appear on Ethereum’s main chain.
The Issue with using the transfer() Function
The “transfer” function is Ethereum’s standard-token mechanism for transferring amounts between addresses, similar to traditional banks. Unfortunately, this mechanism doesn’t work in Layer 2 scaling solutions like zkSync. It is the primary reason for the token sale’s failure since all the funds were stuck in smart contracts and not in an address or a wallet.
zkSync’s Response
zkSync responded by indicating that they were investigating the issue and working closely with the team to develop a solution. The spokesman further mentioned that the Layer 2 scaling solution would not incur any losses due to the issue, and any invested funds were safe and recoverable from smart contracts.
Plans to Solve the Problem
Currently, there is no definite solution to the problem of stuck token sales funds. However, zkSync indicated that it was working towards a solution and would release a detailed update regarding the issue.
Conclusion
zkSync raised a significant amount of funds through their token sales event, but unfortunately, the transfer function is not applicable in Layer 2 scaling solutions. This is the primary reason why the funds from the token sales event are stuck in smart contracts. zkSync assures investors of the funds’ security and indicates that they are working to solve the problem.
FAQs
Q: What is zkSync?
A: zkSync is a Layer 2 scaling solution for Ethereum.
Q: What happened during the token sales event?
A: The funds raised were stuck in smart contracts, invalidating all trades and returns.
Q: Is there a solution to the issue?
A: zkSync is working closely with its team to develop a solution to the issue.
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