3 - 5 minute read
The new Ethereum layer 2 scaling solution zkSync Era, launched by Matter Labs, has denied the claims that 921 Ether worth $1.7 million would be “stuck forever” in one of its projects. The statement comes as one zkSync Era project is currently experiencing issues in transferring the funds that it accumulated during its token sale. The issue appears to have been caused by its new zero-knowledge Ethereum Virtual Machine solution, “zkSync Era,” not being fully Ethereum Virtual Machine (EVM)-compatible.
In a response tweet, Matter Labs confirmed that they were working to solve the problem and would soon publish a “detailed update.” The team is working with the project to solve the issue and ensure that the funds are not stuck forever. This is a positive development for the asset in question as it shows that Matter Labs is taking the necessary steps to address the issue and ensure that the funds are accessible to the project.
The issue of EVM compatibility
The issue appears to be centered on the zero-knowledge rollup solution not being fully EVM-compatible. While the zero-knowledge rollup solution is “EVM-equivalent,” the two systems compile smart contract code slightly differently from one another. This difference in compilation process can result in errors, which are likely to have caused the issue at hand. The frustration of the members of the cryptocurrency subreddit is understandable as the security of funds is a critical issue for any blockchain-based project.
@GemholicECO, who ran into a problem with their smart contract on zkSync Era, has reached out to us for support, which we provided.— zkSync ∎ (@zksync) April 7, 2023
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.
The project is believed to be GemstoneIDO (GEMS), but Matter Labs has not confirmed this. On the zkSync explorer page, the last four transaction requests have “failed,” while exactly 921 Ether is stored in its smart contract. It is expected that Matter Labs will confirm the project’s identity in their next update.
Launches with Uniswap and Sushi
Matter Labs launched zkSync Era on mainnet last week, promising that decentralized exchanges Uniswap and SushiSwap would be live in a matter of days. However, the launch hasn’t taken place yet. Nonetheless, several other projects, including Argent, Celer Network, and MetaMask, are live on the network at the moment. This is a positive development, as it shows that the layer 2 scaling solution is gaining traction in the market.
The zkSync Era issue is a reminder of the importance of ensuring that blockchain-based projects are fully compatible with the underlying architecture. While it is an arduous task, it is crucial to ensure the security of funds on these projects. The response of Matter Labs shows that they are dedicated to addressing the issue and ensuring that the funds are not stuck forever. This is a positive development for the asset in question, indicating that Matter Labs is taking the necessary steps to rectify the problem.