Phezzan Protocol, a zkSync-based decentralized perpetual contracts protocol, tweeted that a new team has taken over Phezzan Protocol and will assume management of the project, with an IDO planned soon to address operational funding needs.
It was previously reported that Phezzan Protocol founders Roland and Jack had received over $1 million in venture capital funding earlier this year from firms including Delphi and Cogitent. However, the two later decided this approach conflicted with their community-driven ideals and returned 100% of the funds.
Earlier, Phezzan Protocol announced it would cease development as a perpetual contracts DEX due to failure in fundraising, having already refunded 100% of raised funds. The mainnet had not yet launched, and the team stated: "Phezzan will transition into a community without hype—no AMAs, no treating members as liquidity exits—and will focus on identifying scams and exploring some interesting new projects."
In addition, the Phezzan website (except for Phezzan Academy), Phezzan Telegram group, Phezzan Medium, and email channels will no longer be maintained. The Twitter account and Phezzan Discord server will serve the future Phezzan community.
