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ZkSync’s Phezzan Protocol: New Team Takes Over Project and Conducts IDO to Solve Funding Problem

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On April 23rd, zkSync\’s decentralized and sustainable contract agreement, Phezzan Protocol, announced on Twitter that a new team has taken over the Phezzan Protocol project and wil

ZkSync’s Phezzan Protocol: New Team Takes Over Project and Conducts IDO to Solve Funding Problem

On April 23rd, zkSync’s decentralized and sustainable contract agreement, Phezzan Protocol, announced on Twitter that a new team has taken over the Phezzan Protocol project and will assume the management role of the project, and will conduct IDO as soon as possible to solve the problem of operating funds. In early 2023, Phezzan Protocol founders Roland and Jack received investments from VC firms including Delphi and Cogitent, with a total financing amount of over $1 million. Afterwards, Roland and Jack believed that this method violated their community oriented ideals and refunded 100% of the payment.

ZkSync Ecological Sustainability Contract Agreement Phezzan Protocol has been taken over by a new team

Cryptocurrency enthusiasts recently used Twitter to express their excitement when zkSync’s Phezzan Protocol announced on April 23rd that a new team had taken over the project. The announcement indicated the team would assume management of the project and conduct Initial DEX Offering (IDO) to solve the operating fund’s problem soon.

The Backstory

Rolland and Jack founded Phezzan Protocol. In early 2023, they received investments exceeding $1 million from several Venture Capital (VC) firms, including Delphi and Cogitent. However, the founders believed the financing method violated their ideals of community orientation, eventually deciding to refund 100% of the payment.

The New Team Takes Over

The Phezzan Protocol faced management difficulties, leading to the takeover by the new team in charge. The team aims to steer the project toward sustainability and decentralization, as characterized by the blockchain industry’s values. “Our team is excited to take over the Phezzan Protocol project and work towards creating decentralized Apps using zkSync,” a member of the new team stated.

Solving the Funding Problem

Lack of operating funds characterizes many decentralized projects, including the Phezzan Protocol, and poses a challenge to their sustainability. The new team will conduct IDO, allowing contributors to fund the project while earning tokens representing their contribution. IDO raises funds for decentralized projects and allows contributors to earn tokens upfront. Phezzan Protocol will be able to use these funds towards development, marketing, and other activities.

Frequently Asked Questions (FAQs)

1. What is the Phezzan Protocol?
The Phezzan Protocol is a decentralized blockchain project that aims to create decentralized apps using zkSync.
2. Why does the new team aim to steer Phezzan Protocol towards sustainability and decentralization?
Sustainability and decentralization are fundamental values of the blockchain industry, and the new team aims to incorporate them into the project.
3. How will IDO solve Phezzan Protocol’s funding problem?
IDO raises funds for decentralized projects and allows contributors to earn tokens, which they can utilize or trade. The funds raised will assist with Phezzan Protocol’s development, marketing, and general activities.

Conclusion

Decentralized projects need significant operating funds for sustainability. Phezzan Protocol seeks to solve this problem through an IDO to raise operating funds. The new team manages Phezzan Protocol, aiming to steer it towards sustainability and decentralization in line with the blockchain industry’s values.
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