According to ChainCatcher, in response to the question of "why ZKX announced its suspension after raising $7.6 million in funding and TGE just started a few weeks ago", Eduard, the founder of derivatives DEX ZKX, said that the $7.6 million in funding was raised from 2021 to 2024 to support a 30-person team to develop a dedicated blockchain to expand perpetual contracts. Eduard said that the funds covered multiple code audits with Nethermind, TGE listing fees, AWS cloud service expenses (L3 costs are high), and developer promotion activities for Cairo programming.
He stressed that all user funds have been fully returned, more than 80% of users have withdrawn from the agreement, and the main wallet is self-custodial. The core founders did not sell any tokens, but four years of hard work and life results have gone to waste. In addition, Eduard mentioned that the DeFi team faces tremendous community pressure, vulnerabilities, scams and hacker attacks. He said that the team tried their best to protect customer funds, and Binance also knew the identities of some attackers. Finally, he reflected that strategic decisions such as choosing a full-chain smart contract protocol instead of L3 may be more financially wise, and said that the team has learned lessons from this painful experience.
Earlier, ChainCatcher reported that Starknet ecosystem DEX ZKX will cease operations and users are advised to withdraw funds before September.
