• The zkSync protocol experienced a challenge when the Gemholic ecosystem ran into a problem, leaving 921 ETH stuck in a smart contract.
• zkSync attempted to solve the issue by providing support and making an update public for community transparency.
• Despite this incident, zkSync’s Total Value Locked (TVL) continued to increase.
zkSync Experiences Challenge
The layer two scaling solution for Ethereum [ETH], zkSync was faced with another challenge after the Gemholic ecosystem ran into a problem. Gemholic operates under the zkSync protocol, and had 921 ETH, a proceed of its recent presale, stuck in a smart contract due to user error. Hence, zkSync considered it necessary to make the update public regarding their attempt at helping retrieve ETH stuck in its ecosystem.
zkEVM vs Era
Following the incident, Zero-Knowledge (ZK)-based project assured investors that the funds were safe but took time to explain the cause of the freeze. It pointed out that equating the zkSync Era to the Ethereum Virtual Machine (EVM) would end up in such situation Gemholic found itself in as zkEVM still had complex nature while Era section did not. Moreover, zkSync mentioned that Gemholic’s action led to an increase in gas fees which was not supposed to be case and hence it developed a solution that reduced initial gas billed and recovered funds in full.
Second Issue In Less Than A Week
This is second issue project has experienced less than week before as there was challenge with full block production however like previous period TVL maintained hike as well.
Total Value Locked Increase
The Total Value Locked (TVL) shows amount of crypto assets locked within DeFi applications on blockchain networks and it continued increasing despite this incident with project too which further assures investors about safety of their funds and trust on project too.
In conclusion, despite facing challenges here and there, zkSycn’s TVL shows no signs of slowing down indicating investor trust remains intact with project even though issues occur from time to time.