Phezzan Protocol, a zkSync-based perpetual DEX, shuts down

Phezzan Protocol, a decentralized exchange (DEX) for perpetual contracts built on zkSync 2.0, announced on April 24 that it has decided to close down. The team said that after multiple discussions, they came to the conclusion that Phezzan was not viable in the current market environment.

Phezzan Protocol was launched in March 2021 as an orderbook-style DEX with permissionless liquidity provision on zkSync 2.0, a layer-2 scaling solution for Ethereum. The project aimed to offer low-cost, high-speed and secure trading of perpetual contracts, which are derivatives that track the price of an underlying asset without expiration.

However, Phezzan Protocol faced several challenges in developing and deploying its product. According to its Medium blog, the project encountered technical difficulties in integrating with zkSync 2.0, which was still in testnet phase and undergoing frequent updates.

In its farewell tweet, Phezzan Protocol thanked its supporters and community members for their interest and feedback. The team also said that they will open-source their code on GitHub for anyone who wants to learn from their experience or fork their project.