zkSync Era Project Stuck with 921 ETH Due to Smart Contract Bug
The layer-2 zkSync project has reported that 921 ETH (approximately $1.7 million) from the token sale of GemholicECO is currently stuck due to a smart contract error, but a solution is in progress to recover the funds.
zkSync Era Project Stuck with 921 ETH from Token Sale Due to Smart Contract Issue
On April 7, the zkSync layer-2 project announced a recent issue where a project named GemholicECO encountered a problem with 921 ETH trapped in a smart contract after conducting a pre-sale on zkSync Era.
The root of the issue was that GemholicECO's smart contract used the transfer() function, which is not supported by zkSync Era. The transfer() or send() function is available on Ethereum and all EVM-compatible chains. However, zkSync Era does not have the same programming environment as Ethereum and cannot handle these functions. zkSync noted that if GemholicECO had tested their smart contract on the testnet before the token sale, the problem might have been identified and prevented.
TLDR:
— ZKsync (∎, ∆) (@zksync) April 7, 2023
1) Funds are safe. We found an elegant solution how to unfreeze the contract.
2) Era is not EVM equivalent. This is a deliberate design choice with specific upsides and trade-offs.
3) Following best practices would've prevented the issue:https://t.co/93M5ruljUP
Although zkSync Era is EVM-compatible, it does not fully replicate Ethereum’s features, such as gas cost settings, opting instead to address limitations of the world’s second-largest crypto network.
Additionally, zkSync has identified a way to "rescue" the 921 ETH stuck in the contract and transfer it out without requiring a blockchain transaction reversal.
To prevent such rare issues from occurring in the future, zkSync advises projects to conduct thorough preparations, such as deploying smart contracts on testnets before integrating them into the mainnet. The team behind this layer-2 blockchain emphasizes that they have previously warned about the transfer() function as far back as three years ago.
@zksync Era is not EVM equivalent. This is a deliberate design choice. Era has a diverging, dynamic gas metering, which allows some transaction types to be 10x to 1000x cheaper than on any other EVM rollup! For example, oracle updates:https://t.co/KJrUF8l9Dq
— ZKsync (∎, ∆) (@zksync) April 7, 2023
Despite this, zkSync is committed to addressing the issue responsibly and seriously.
In response, some community members have expressed concerns about the "EVM-equivalent" technology, with one user commenting:
“I fully support the increasing adoption and relevance of Zero-Knowledge technology in the crypto space. However, these chains must also consider the risks associated with users' funds.”
zkSync Era launched two weeks ago with notable features like Account Abstraction support and varying levels of data availability. The project claims it can process transactions at costs 10 to 1,000 times cheaper than other EVM chains.
