zkSync Aids in Releasing 900 ETH Tangled in Smart Contract Apr 7, 2023 Apr 7, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsApril 7, 2023 by Kelly Cromley

zkSync Aids in Releasing 900 ETH Tangled in Smart Contract

As a result of incompatibilities, a smart contract on the layer-2 network zkSync has trapped more than 900 ETH. The project, which successfully raised 921 ETH via an IDO conducted on the layer-2 protocol zkSync, is currently facing difficulties in accessing its funds.

It appears that Ethereum valued at $1.7 million has become immobilized within a smart contract. The monetary resources are the property of the ecological endeavor known as Gemholic, which solicited aid from zkSync. Gemholic encountered a hindrance in withdrawing its Ethereum due to an incompatibility issue with the transfer function. On the 7th of April, zkSync provided a response offering their aid in the retrieval of the project’s protected assets.

The team confirmed that the finances were safe. The statement indicated that a sophisticated method was discovered to thaw the agreement. Furthermore, the protocol is not compatible with EVM (Ethereum Virtual Machine), hence causing incompatibility. Gemholic has recently implemented their token contract and initiated their pre-sale on zkSync Era, as per the records. It was explained that following the deployment, an issue arose with their contract as a result of utilizing the .transfer() function. Furthermore, the smart contracts were deployed on zkSync without undergoing prior evaluation. Last year, developers from ConsenSys cautioned against utilizing a particular transfer function in Solidity.

The operation utilizes a predetermined amount of gas that is programmed into the system, resulting in malfunctions due to the increased gas requirements for transfers. zkSync has also issued a cautionary notice regarding the ramifications of this restriction on intelligent contracts. Furthermore, the team analyzed the source code of numerous renowned cryptographic projects and ascertained that they all conformed to the novel dynamic system.

In this particular case, we have discovered a sophisticated resolution that can be utilized for a wider range of gas-related problems. The necessary alterations to the gas metering of the protocol will be minimal, yet they will enable the complete retrieval of the funds. There has been a significant surge in activity on zkSync Era since it was launched in the latter part of March. It claims to have experienced “the most significant degree of expansion within a brief timeframe.”

As per the report by L2beat, zkSync Era has attained the fourth-highest Total Value Locked (TVL) and third-highest utilization rate among all layer twos in the two weeks since its launch. Arbitrum One maintains its leading position in the industry with a market share of 66% and a total value locked (TVL) of $6 billion. zkSync’s Total Value Locked (TVL) is 149 million lower than that of zkSync.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.