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921 Eth ($1.7M) Stuck in zkSync’s New Smart Contracts

source-logo  thenewscrypto.com 07 April 2023 02:50, UTC
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  • Matter Labs stated that the funds are safe.
  • The issue may have been avoided if the contract had been issued on a testnet first.

The developers of zkSync, an Ethereum layer 2 scaling solution, Matter Labs, have verified that 921 Ether, worth $1.7 million, are still locked up in one of their newest smart contracts, GemstoneIDO.

@GemholicECO, who ran into a problem with their smart contract on zkSync Era, has reached out to us for support, which we provided.

We'd like to give the community an update and further context on their issue in full transparency, as we always have and always will.

🧵👇

— zkSync ∎ (@zksync) April 7, 2023

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Matter Labs stated that the funds are safe.In its most recent tweet, Matter Labs said it had found an “elegant solution” to “unfreeze” the GemstoneIDO contract, allowing the monies to be transferred out. The company also emphasized that the funds wouldn’t be “stuck forever.”

zkSync Era is a new kind of zero-knowledge proof rollup for the Ethereum Virtual Machine (EVM). That executes smart contracts significantly faster than on the base layer,

Matter Labs debuted zkSync Era on the mainnet two weeks before. And stated that decentralized exchanges Uniswap and SushiSwap will be operational in a matter of days. However, this has not yet occurred, as projects such as Argent, Celer Network, and MetaMask are currently operational on the network. According to Matter Labs, the issue may have been avoided if the contract had been issued on a testnet first.

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