ZkSync Ecosystem Project Snark Announces Return of Excess ETH from Launchpad Period

04/13/2023 03:36 • AI Insights • 76 views

On April 13th, the zkSync ecosystem project Snark announced on its social media platform that it will return ETHs raised during the Launchpad period. The project party stated in the announcement that due to contract setting errors, a total of 499 ETH was raised during the Launchpad period of the project, exceeding the original planned hard top (220 ETH). Therefore, it was decided to return the 279 ETHs raised in excess.

Snark, the zkSync ecological project, stated that it will return the raised ETH

On April 13th, the zkSync ecosystem project Snark made an announcement on its social media platforms that it will return the excess ETH raised during the Launchpad period. The project party stated that due to contract setting errors, a total of 499 ETH was raised during the Launchpad period of the project, exceeding the original planned hard top (220 ETH). Therefore, it was decided to return the 279 ETHs raised in excess.

What is zkSync?

ZkSync is a Layer 2 scaling solution that enables fast and cheap transactions on Ethereum. The project is built on zkRollup technology, which combines the security of Ethereum with the scalability of Layer 2 solutions. It allows users to perform transactions without having to pay the high gas fees associated with Ethereum transactions.

What is Snark?

Snark is a project powered by zkSync that aims to create a decentralized exchange (DEX) that is fast, cheap, and secure. It aims to solve the fundamental problems of existing DEXs, such as high fees, slow transaction speeds, and poor user experience. The Snark team believes that the zkRollup technology used by zkSync can help solve these problems by enabling fast and cheap transactions on Ethereum.

The Launchpad Period

The Launchpad period is a fundraising period where investors can purchase tokens in a new project in exchange for cryptocurrency or other assets. This is a common way for new projects to raise funds for their development. In exchange for their investment, investors usually receive a certain amount of tokens that they can use on the project’s platform or sell on the open market.
During the Launchpad period of Snark, a total of 499 ETH was raised, which was more than the original planned hard top of 220 ETH. Due to contract setting errors, the project raised more funds than it anticipated, resulting in the decision to return the excess ETH to investors.

The Decision to Return Excess ETH

The Snark team made the decision to return the excess ETH raised during the Launchpad period to investors. They acknowledged the contract setting errors that led to the excess ETH being raised and took responsibility for the mistake. The team is committed to providing a fair and transparent fundraising process for investors and believes that returning the excess funds is the right thing to do.

Conclusion

In conclusion, the Snark team’s decision to return the excess ETH raised during the Launchpad period shows their commitment to transparency and fairness in the fundraising process. By acknowledging the contract setting errors and taking responsibility for the mistake, the team has demonstrated their dedication to creating a secure and transparent platform for investors. The Snark project, powered by zkSync, aims to revolutionize the way we think about decentralized exchanges and is one to watch in the coming months.

FAQs

1. What is the difference between zkSync and Snark?
zkSync is a Layer 2 scaling solution that enables fast and cheap transactions on Ethereum, while Snark is a project powered by zkSync that aims to create a decentralized exchange that is fast, cheap, and secure.
2. Why did the Snark team decide to return the excess ETH raised during the Launchpad period?
The Snark team acknowledges the contract setting errors that led to the excess ETH being raised and took responsibility for the mistake. The team is committed to providing a fair and transparent fundraising process for investors.
3. Will the Snark project be affected by the return of excess funds?
No, the Snark project will not be affected by the return of excess funds. The project is still on track to create a decentralized exchange that is fast, cheap, and secure, powered by zkRollup technology.

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