Layer-2 zkSync to release smart contract stuck 921 ETH IDO funds

SNEAK PEEK

• zkSync has found a solution to release the stuck 921 ETH. 
• Before deployment, smart contracts were not tested.
• zkSync Era TVL has spiked in the fortnight ever since its launch.

Incompatibilities have led to 900 ETH plus being stuck in a smart contract on the zkSync layer-2 network, as reported by Investor Bites. 

921 ETH IDO funds were stuck in the @zksync smart contract due to incompatibility with the transfer function. 😉@ethereum #Ethereum #ETH #zkSync

— Investor Bites (@InvestorBites) April 7, 2023

A project that made 921 ETH in an IDO on zkSync is undergoing issues accessing its funds. The money belongs to Gemholic, an ecological project that approached zkSync for help. 

Gemholic was prevented from withdrawing its Ethereum by an incompatibility with the transfer feature. On April 7, zkSync acknowledged the request with an offer of help to retrieve the project’s locked assets. 

The team confirmed the safety of the funds and said that they found a solution to unfreeze the contract. 

@GemholicECO, who ran into a problem with their smart contract on zkSync Era, has reached out to us for support, which we provided.

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.

🧵👇

— zkSync ∎ (@zksync) April 7, 2023

The team noted that Gemholic used their token contract recently and executed a pre-sale launch on zkSync Era. Adding on, the team shared that after the deployment, they faced a problem with their contract because of the usage of the .transfer() function. 

Also, without being tested initially, the smart contracts were deployed on zkSync. In 2019,  ConsenSys developers warned against the usage of such a Solidity transfer function.

The function involves the usage of a hardcoded fixed gas amount of 2300, though more than this amount can be consumed by fallback() function. This limitation and its effect on smart contracts were warned by zkSync as well. 

Before everyone gets their pitchforks out for @zksync and the 921 ETH locked in that contract from today, their compiler does actually give a warning if you use the transfer function.

It doesn’t completely error out in case you’re using the non-native transfer function. pic.twitter.com/F9wTHubFmc

— cygaar (@0xCygaar) April 6, 2023

The team examined the source code of dozens of reputed crypto projects and found them to be compliant with the new dynamic system. 

A solution was figured out to fix a broader class of gas-based issues. The solution is based on minimal charges in the gas metering of the protocol but will enable retrieving the money completely.  

zkSync Era has experienced a huge hike in activity even since its launch in late March. According to its claims, it is the maximum a scaling fix has even undergone in such a short duration. 

As per L2beat, within a half-month of its launch, zkSync Era has become the fourth-highest TVL as well as the third-highest usage of all layer two protocols.

Meanwhile, Arbitrum One is ruling with a market share of 66% and a TVL of $6 billion. As for zkSync, it has reached only $149 million TVL.

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• Source: https://investorbites.com/layer-2-zksync-to-release-smart-contract-stuck-921-eth-ido-funds/