Phezzan Protocol, the zkSync ecological decentralized perpetual contract agreement, tweeted that a new team has taken over the Phezzan Protocol project and will assume the management role of the project, and will conduct IDO as soon as possible to solve the problem of operating funds. Earlier in 2023, Phezzan Protocol founders Roland and Jack received investment from VCs including Delphi and Cogient, with a total financing of more than $1 million. Roland and Jack later decided that this approach went against their community-oriented ideals and refunded 100% of the money. Foresight News previously reported that in early April, Phezzan Protocol tweeted that due to failure to raise funds, it will no longer continue to be a perpetual contract DEX, and has returned 100% of the funds raised. In the future, Phezzan will transition to a hype-free Community.