Due to a technicality involving the use of the transfer function, the assets from GemholicECO’s recent token sale of 921 ETH are currently stuck in zkSync's smart contract.
In Brief
When deploying their token contract on the zkSync Era, GemholicECO opted to utilize the transfer function.
While the transfer function operates seamlessly on Ethereum and other EVM-compatible chains, it unfortunately does not function on zkSync.
In response to the issue, zkSync has communicated to the community to provide clarity.
GemholicECO, a versatile platform with multiple offerings, raised approximately 921 ETH, equating to $1.7 million, during their token sale. However, the funds are currently locked up in a smart contract due to complications with the .transfer() function, which is operable on Ethereum and other EVM networks, but not on zkSync.
Known for its scalability, zkSync Era leverages Zero Knowledge technology for Ethereum. Its Alpha version debuted on the mainnet on March 24.
To address the situation, zkSync reached out to its community via Twitter, providing essential information. They revealed that GemholicECO launched its contract on the mainnet without prior testing on either the testnet or a local node, a step that could have detected the issue.
"Any smart contract that relies on transfer() or send() function is tightly bound to gas costs due to these functions forwarding a fixed amount of 2300 gas,\" zkSync elucidated. While this function fixes the gas amount, fluctuations in gas costs can lead to the failure of the smart contract.
Despite prior warnings given about the risks associated with the transfer function, GemholicECO seemed to overlook these cautions. To preemptively inform developers, zkSync had integrated a warning about the function directly into the compiler. three years ago Recognizing the potential for issues, we proactively included a caution about .transfer() in the compiler:
Additionally, zkSync had previously scrutinized the source codes of numerous well-known cryptocurrency projects and found none deviating from the established three-year-old guideline against using .transfer(), leading them to believe that the developer ecosystem had effectively addressed this concern.
To stop a repeat of this problem, zkSync has identified a solution that can resolve a wider range of gas-related issues, reactivate the smart contract, and fully recover the funds of GemholicECO. More information will be shared shortly.
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Disclaimer
In line with the Trust Project guidelines Cindy works as a journalist for Metaverse Post, where she dives into the worlds of web3, NFTs, the metaverse, and AI. She emphasizes conducting in-depth interviews with key figures in the Web3 sector. With a portfolio that includes conversations with over 30 executives, Cindy brings readers unique insights. Originally hailing from Singapore, she now resides in Tbilisi, Georgia, and holds a Bachelor's degree in Communications & Media Studies from the University of South Australia. Cindy boasts ten years of experience in journalism.
