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

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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

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

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

| Heading | Subheading |
| ——- | ———- |
| Introduction | Overview of zkSync’s Phezzan Protocol |
| Background Information | Details on zkSync’s Phezzan Protocol |
| Failure to Raise Enough Funds | Issues leading to a lack of funds for Phezzan Protocol|
| Refunding of Funds | Return of funds to investors |
| Moving Forward | Future plans for Phezzan Protocol |
| Conclusion | Summary of Phezzan’s journey and future outlook |
# Table 2: Article
# Failure to Raise Funds Leads to Shutdown of zkSync’s DEX Phezzan Protocol
**Introduction**
In recent news, zkSync’s Phezzan Protocol has announced that it will no longer continue as a sustainable contract DEX due to its inability to raise enough funds. The platform has refunded all the funds raised so far, and the main network launch has been put on hold. This article aims to provide further details on the issue and its impact on Phezzan’s future.
**Background Information**
zkSync’s Phezzan Protocol is a decentralized and sustainable contract DEX that aims to execute limit order trading in layer 2 liquidations. The platform uses zkRollups technology to allow trades to be executed off-chain, providing a faster and cheaper trading experience for users. The Phezzan Protocol also seeks to provide developer-friendly features that are not readily available on current DEX platforms.
**Failure to Raise Enough Funds**
Despite having a promising vision, Phezzan Protocol was unable to raise enough funds to keep the project running. The lack of funds is not an isolated incident, as many blockchain projects have faced similar issues in securing ongoing funding. Phezzan’s fundraising was initially led by a pre-sale in Q2 2021, where the platform raised $350,000. Unfortunately, this was not enough to keep the operation running.
**Refunding of Funds**
The Phezzan Protocol has refunded all the funds raised so far to investors. According to the team, the returns were 100% and did not incur any loss for investors. By doing this, Phezzan Protocol upholds its transparency and commitment to its early supporters.
**Moving Forward**
Moving forward, the team behind Phezzan Protocol has indicated that the platform will transition to a non-hyped community. This means they will no longer be hosting AMA sessions or treating their members as exiting liquidity. Instead, Phezzan will focus on discovering scams and interesting new projects that can push the blockchain industry forward.
**Conclusion**
The failure of Phezzan Protocol to raise enough funds and subsequent shutdown is not uncommon in the blockchain industry. Despite this setback, it is commendable that Phezzan refunded all funds raised. The team’s focus on new projects and scam prevention will likely lead to a more sustainable and successful project in the future.
**FAQs**
1. What was the reason for Phezzan Protocol’s shutdown?
– The platform failed to raise enough funds to continue its operations.
2. Were investors refunded their money?
– Yes, all funds raised were 100% refunded to investors.
3. What are the plans for Phezzan Protocol in the future?
– The team will focus on discovering scams and new projects to push the blockchain industry forward.

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