zkSync Era Admits Totally Incompatibility With EVM Leaves 921 ETH Stuck
Key Points:
- Matter Labs, the company behind zkSync, an Ethereum Layer 2 scalability solution, has disputed that 921 ETH would be “stuck forever” in one of its new smart contracts.
- The problem seems to be caused by zkSync Era, their new zero-knowledge Ethereum Virtual Machine (EVM) solution, which is not completely EVM compliant.
- Matter Labs said that the problem might have been avoided if the contract had been tested first on a testnet.
Matter Labs, the company behind Ethereum layer 2 scaling solution zkSync, has revealed that 921 ETH is now stuck in GemstoneIDO, one of its latest smart contracts.
The announcement comes as the zkSync project is presently experiencing difficulties transferring monies raised during its token sale.
Matter Labs acknowledged in a follow-up tweet that they are trying to resolve the problem and will provide a detailed update shortly.
Nonetheless, the company maintains that the monies are safe and that it has discovered an elegant mechanism for salvaging the cash earned during the Gemholic token sale.
Matter Labs determined that the problem was caused by the .transfer() function in the GemstoneIDO smart contract, which is part of the GemholicECO ecosystem. They further argue that this situation might have been averted if they had placed the contract on the testnet beforehand.
“Unfortunately, the contracts were deployed on Era mainnet without having been tried on the testnet or local node, which would have immediately caught the problem.”
The failure of this .transfer() function is due to the zkSync Era, which is a new zero-knowledge Ethereum Virtual Machine (EVM) solution but is not bytecode compatible with EVM. This implies that under the new context, certain functions will operate differently. This is an intentional design decision with apparent merits and downsides, allowing the network to process transactions 10 -> 1,000 times faster than previous EVM rollups.
Matter Labs, on the other hand, does not dispute responsibility for this neglect and assures users of the zkSync ecosystem that similar difficulties will be addressed in the future.
Matter Labs first said that the cash would not be “stuck forever,” but in its most recent statement, it stated that it had identified an elegant solution to unfreeze the GemstoneIDO contract and send the monies out.
Last week, Matter Labs released zkSync Era on the mainnet, promising that decentralized exchanges Uniswap and SushiSwap would be operational in a matter of days. The launch is a significant step forward for Ethereum scaling since it is the first public release of an EVM-compatible rollup protected by zero-knowledge proofs. Nonetheless, the preceding scenario demonstrates that mistakes continue to occur due to total incompatibility.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
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zkSync Era Admits Totally Incompatibility With EVM Leaves 921 ETH Stuck
Key Points:
- Matter Labs, the company behind zkSync, an Ethereum Layer 2 scalability solution, has disputed that 921 ETH would be “stuck forever” in one of its new smart contracts.
- The problem seems to be caused by zkSync Era, their new zero-knowledge Ethereum Virtual Machine (EVM) solution, which is not completely EVM compliant.
- Matter Labs said that the problem might have been avoided if the contract had been tested first on a testnet.
Matter Labs, the company behind Ethereum layer 2 scaling solution zkSync, has revealed that 921 ETH is now stuck in GemstoneIDO, one of its latest smart contracts.
The announcement comes as the zkSync project is presently experiencing difficulties transferring monies raised during its token sale.
Matter Labs acknowledged in a follow-up tweet that they are trying to resolve the problem and will provide a detailed update shortly.
Nonetheless, the company maintains that the monies are safe and that it has discovered an elegant mechanism for salvaging the cash earned during the Gemholic token sale.
Matter Labs determined that the problem was caused by the .transfer() function in the GemstoneIDO smart contract, which is part of the GemholicECO ecosystem. They further argue that this situation might have been averted if they had placed the contract on the testnet beforehand.
“Unfortunately, the contracts were deployed on Era mainnet without having been tried on the testnet or local node, which would have immediately caught the problem.”
The failure of this .transfer() function is due to the zkSync Era, which is a new zero-knowledge Ethereum Virtual Machine (EVM) solution but is not bytecode compatible with EVM. This implies that under the new context, certain functions will operate differently. This is an intentional design decision with apparent merits and downsides, allowing the network to process transactions 10 -> 1,000 times faster than previous EVM rollups.
Matter Labs, on the other hand, does not dispute responsibility for this neglect and assures users of the zkSync ecosystem that similar difficulties will be addressed in the future.
Matter Labs first said that the cash would not be “stuck forever,” but in its most recent statement, it stated that it had identified an elegant solution to unfreeze the GemstoneIDO contract and send the monies out.
Last week, Matter Labs released zkSync Era on the mainnet, promising that decentralized exchanges Uniswap and SushiSwap would be operational in a matter of days. The launch is a significant step forward for Ethereum scaling since it is the first public release of an EVM-compatible rollup protected by zero-knowledge proofs. Nonetheless, the preceding scenario demonstrates that mistakes continue to occur due to total incompatibility.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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