Phezzan Protocol Was Taken Over By A New Team To Deal With Capital Issues
- Phezzan Protocol announced that a new team has taken over the project, will assume the management role of the project, and will conduct IDO as soon as possible to solve the problem of operating funds.
- Previously, the protocol stated that due to failure to raise funds, it would no longer continue as a perpetual contract DEX and has returned 100% of the funds raised, and the project will transition to community operations.
The zkSync ecosystem’s decentralized perpetual contract aggregator, Phezzan Protocol, has declared that a new team has taken over the project, will handle project management, and will perform IDO as quickly as feasible to the issue of operating funds.
Jack and Roland, the protocol’s two founders, have retail-borne the monthly burn of $50,000+ for the last 16 months in the hopes of bringing liquidity in an orderbook DEX to Ethereum’s most promising L2.
Unfortunately, when the sector suffered from the post-Terra/FTX crypto winter of 2022, Phezzan was not spared. The self-funded crew was running low on dry powder, and the builders had not been paid in three months. Phezzan’s life is in jeopardy.
Despite their previous efforts and beliefs, Roland and Jack drained the project’s finances and were forced to hand over Phezzan to the new crew, with whom they had been very close from Day 1. Roland and Jack are meant to have quit the project willingly due to family obligations.
Earlier, on April 6, Phezzan Protocol claimed that because of a lack of finances, it would no longer be a perpetual contract DEX, that it has refunded 100% of the cash obtained, and that the project would convert to community operations.
Phezzan Protocol is a groundbreaking DEX Orderbook with Permissionless LP on the zkSync 2.0 platform.
Phezzan Protocol uses the retail liquidity model in the Orderbook, which optimizes capital efficiency and improves the user’s trading experience. At the same time, Phezzan optimizes liquidity by using a multi-asset collateral mechanism, allowing LP tokens to be used as collateral while still being rewarded with Traders’ platform fees and PnL.
Another notable feature of Phezzan Protocol is its fast transaction speed and low transaction costs, thanks to the fact that it is built on the zkSync platform. This benefits users with a convenient and cost-effective trading experience.
In rebuilding Phezzan, the new group promises to actively engage and work with the zkSync team and peer projects in the zkSync ecosystem.
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