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Phezzan Protocol: A New Team Takes Over and Preps for IDO on zkSync

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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

Phezzan Protocol: A New Team Takes Over and Preps for IDO on zkSync

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

Introduction

Phezzan Protocol, the decentralized and sustainable contract agreement, has recently undergone a management overhaul. On April 23rd, a new team announced their takeover of the Phezzan Protocol project, and they plan to conduct an IDO (Initial DEX Offering) in the near future to address the issue of operating funds. This article will delve into the history of Phezzan Protocol, the reasons behind the substitution of management, and what the future holds for this innovative project.

History of Phezzan Protocol

In early 2023, Phezzan Protocol founders Roland and Jack received significant investments from VC firms such as Delphi and Cogitent, amounting to over $1 million in financing. The protocol was in its early stages and aimed to develop a decentralized and sustainable contract agreement on the zkSync network. However, the founders’ vision for Phezzan Protocol and that of their investors differed. Roland and Jack sought to remain community-oriented and resist external control while still developing an innovative contract agreement useful to all. As a result, they returned the financial backing they had received, and the development of Phezzan Protocol was put on hold.

A New Team Takes Over Phezzan Protocol

The management takeover of Phezzan Protocol came to pass as a result of its founders’ drive to sustain their community-first ideals. The new team is committed to carrying out the project’s original goals while providing a solution to the issue of operating funds. The change in administration comes with excitement, as the new team puts their experience and connections towards the launch of the Phezzan Protocol IDO. The project aims to create a substantial ecosystem of contracts for a diverse array of industries, and the new team looks to achieve that goal with their fresh perspective.

The Importance of an IDO on zkSync

The new team’s primary goal is to conduct an IDO that effectively raises funds for the project. Initially built on Ethereum, the founders chose to create Phezzan Protocol on zkSync to address the issue of transaction speed and cost. An IDO, whether on Ethereum or zkSync, is important because it allows a project to create its own user-to-user trading platform by providing liquidity. Phezzan Protocol is hopeful that this change to zkSync will enable it to streamline its development and realise its goal of creating a strong ecosystem of contracts.

Looking Ahead

The future of Phezzan Protocol seems promising, as the new team plans to fulfil the project’s goals while maintaining its founders’ ideal of a community-first protocol. The change in management and the implementation of the IDO on zkSync offers solutions that complement each other’s needs. Phezzan Protocol is taking a significant step towards developing a high-growth contract agreement protocol with the new team, and it is worthwhile for interested parties to keep an eye on the project’s future developments.

Conclusion

Phezzan Protocol’s restructuring of administration is a noteworthy development that comes with the potential to drive the protocol further. The founders’ drive towards preserving their original vision and the new team’s enthusiasm to carry forward their innovation goals are instrumental in making this protocol a success. An IDO on the zkSync network is an excellent opportunity for Phezzan Protocol to boost its development, addressing the issue of operating funds while providing liquidity to early investors. We look forward to seeing Phezzan Protocol take its next steps to become one of the leading contract protocols globally.

FAQs

What is Phezzan Protocol?

Phezzan Protocol is a decentralized and sustainable contract agreement built on the zkSync network. It aims to streamline the development of a diverse collection of industry contracts in a community-driven manner.

What is an IDO?

An IDO, or Initial DEX Offering, is a type of cryptocurrency startup fundraiser that takes place on a decentralized exchange. In contrast to an ICO (Initial Coin Offering), an IDO allows for the exchange of tokens based on user-to-user liquidity without any external control.

Why was Phezzan Protocol created on zkSync?

Phezzan Protocol was initially built on Ethereum but then migrated to zkSync due to speed and cost concerns. The blockchain zkSync aims to offer faster transaction speeds than Ethereum at a lower cost.

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