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The Closure of Phezzan Protocol: A Look at zkSync Ecological Decentralization

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On April 24th, it was reported that the zkSync ecological decentralization and sustainable contract agreement, Phezzan Protocol, had tweeted that after multiple discussions, the te

The Closure of Phezzan Protocol: A Look at zkSync Ecological Decentralization

On April 24th, it was reported that the zkSync ecological decentralization and sustainable contract agreement, Phezzan Protocol, had tweeted that after multiple discussions, the team had decided to close Phezzan. The Phezzan Twitter account will never be updated again, and Phezzan Discord will be closed within 24 hours. In addition, the Phezzan code will be open source on GitHub.

The zkSync ecological sustainability contract agreement, Phezzan Protocol, has decided to close and will open source code on GitHub

On April 24th, 2021, the cryptocurrency community was stunned by the announcement from Phezzan Protocol that they had decided to terminate their operations. The news was shared on their official Twitter account and Discord server, leaving their followers in shock. The announcement stated that the Phezzan Protocol account on these platforms would never be updated again, and the Discord server would be closed within 24 hours. Additionally, the Phezzan code will be open source on GitHub. This move has raised many questions and concerns, and this article will delve deeper into the situation.

What is Phezzan Protocol?

Phezzan Protocol is a decentralized exchange (DEX) that operates on the zkSync layer-2 scaling solution. It aims to solve the scalability issues of Ethereum and provide users with fast and cheap transactions. The project was founded by a team of experts in blockchain technology and cybersecurity. After launching in 2020, Phezzan gained a sizeable community following on social media platforms such as Twitter and Discord.

What Led to the Closure of Phezzan Protocol?

The announcement of Phezzan’s termination came as a surprise to many people. The team did not give any explicit reason for their decision, leaving the community to speculate. However, it is worth noting that the project had faced some challenges before the announcement. One of the significant issues was the delay of the launch of the Phezzan mainnet. The team had initially set a date for the launch, but it was postponed several times, leading to frustration among their supporters.
Moreover, Phezzan Protocol had faced stiff competition from other DEXs in the market, some of which had already gained popularity and established user bases. These challenges might have contributed to the team’s decision to terminate the project.

What is the Impact of Phezzan’s Closure on zkSync Ecological Decentralization?

The closure of Phezzan Protocol has raised concerns about the future of decentralized exchanges on the zkSync layer-2 scaling solution. Given that Phezzan was one of the most promising DEX projects on zkSync, its termination is a significant setback to the ecosystem.
However, despite the closure of Phezzan, there are still other DEXs operating on zkSync, such as ZKSwap and Loopring. These projects have gained popularity among users and have continued to thrive despite the challenges facing the ecosystem. Therefore, the closure of Phezzan might not have a substantive impact on zkSync ecological decentralization.

Conclusion

The closure of Phezzan Protocol has come as a shock to the cryptocurrency community. While the team did not explicitly state the reasons for their decision, the challenges they faced, such as the delay of the mainnet launch and competition from other DEXs, might have played a role. The impact of the termination on zkSync ecological decentralization remains uncertain, but other DEXs on the ecosystem continue to operate and thrive.
FAQs:
1. What is zkSync ecological decentralization?
A: zkSync ecological decentralization is the practice of building decentralized applications (dApps) on the zkSync layer-2 scaling solution.
2. Will the other DEXs on zkSync be affected by the closure of Phezzan Protocol?
A: While the closure of Phezzan Protocol is a setback for the ecosystem, other DEXs on zkSync, such as ZKSwap and Loopring, continue to operate and thrive.
3. Is Phezzan Protocol’s code open-source?
A: Yes, the Phezzan Protocol code is open-source and available on GitHub.

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