Matter Lab investigated all ongoing problems with the GemstoneIDO smart contract and took responsibility for 921 ETH worth $1.7 million trapped during the Gemholic token sale.
The 921 ETH was thought to be permanently locked in a new smart contract. Nevertheless, Matter Labs, the organization that supports the zkSyne layer 2 scaling solution for Ethereum, makes sure that the money is secure and they have developed an elegant method to swiftly retrieve stranded money and unfreeze the contract.
The firm refuted this in response to the prevailing market perception that 921 ETH was stuck forever and provided relief that the funds “will not be stuck forever” in a tweet reply.
Following the launch of zkSyne Era on the mainnet last week by Matter Labs, the problem arose because the firm deployed GemstoneIDO’s smart contracts on the zkSyne Era mainnet without testing them on the testnet or local nodes.
However, Matter Labs determined that the problem was caused by the .transfer() method in the GemstoneIDO smart contract, which is managed by the GemholicECO ecosystem.
“Unfortunately, the contracts were deployed on Era mainnet without having been tried on the testnet or local node, which would have immediately caught the problem,” tweeted zkSync.
During the Gemholic token sale, the zkSync explorer page displays (921 ETH) 921 ETH stuck in the smart contract because of the transaction failures of the GemstoneIDO contract.
Also Read: zkSync’s DeFi Ecosystem Experiences Explosive Growth, with Deposits Exceeding $110M
