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 decentralized and sustainable contract DEX Phezzan Protocol | |
| Failed Fundraising Attempt | |
| Refund of Funds Raised | |
| Future Plans of Phezzan Protocol | |
| Focus on Discovering Scams | |
| Conclusion | |
| FAQs | |
#Table 2: Article
##Introduction
zkSync’s Phezzan Protocol, a decentralized and sustainable contract DEX, recently announced on its Twitter handle that it won’t continue operating due to a failed fundraising attempt. In addition to refunding all funds raised, Phezzan will now focus on discovering scams and interesting new projects.
##Overview of zkSync’s decentralized and sustainable contract DEX Phezzan Protocol
Phezzan Protocol is a zkSync-powered decentralized and sustainable contract DEX that aims to eliminate scalability issues in the DeFi ecosystem. The platform uses zk-rollups to improve transaction speed and reduce gas fees.
As of now, Phezzan has not yet been launched on the main network as it was still in the fundraising phase.
##Failed Fundraising Attempt
Unfortunately, Phezzan Protocol was unable to raise sufficient funds to continue operation. This led to the announcement of the closure of the platform.
##Refund of Funds Raised
As a responsible platform, Phezzan Protocol has refunded all the funds raised to its investors. This move is commendable and shows the integrity of the team behind the platform.
##Future Plans of Phezzan Protocol
In the future, Phezzan Protocol will transition to a non-hyped community. The platform will not host any AMA sessions and will not treat its members as exiting liquidity. Instead, it will focus on discovering scams and some interesting new projects.
##Focus on Discovering Scams
Although Phezzan Protocol was not able to sustain its platform, the team will now focus on discovering scams and fraudulent DeFi projects. As fraudulent activities continue to rise in the DeFi sector, Phezzan’s initiative is timely and will help protect investors from falling prey to such schemes.

Conclusion

The failure of Phezzan Protocol is a sad story for the DeFi ecosystem. However, the integrity shown by the team in refunding all funds raised is commendable. Additionally, the team’s focus on discovering scams is a timely initiative that will help protect investors in the future.

FAQs

Q1. What led to the closure of Phezzan Protocol?
Ans. Phezzan Protocol was unable to raise sufficient funds to continue its operations, leading to the closure of the platform.
Q2. Has Phezzan Protocol refunded all the funds raised?
Ans. Yes, Phezzan Protocol has refunded all funds raised to its investors.
Q3. What will Phezzan Protocol focus on in the future?
Ans. Phezzan Protocol will now focus on discovering scams and fraudulent DeFi projects to protect investors from falling prey to such schemes.
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