Phezzan Protocol

Summary

Phezzan Protocol^[1] is an orderbook perpetual DEX with Permissionless LP on zkSync 2.0. Phezzan testnet has been live on zkSync 2.0 testnet since August 2022.

History

UST as Collateral (Jan 2022 - April 2022)

UST (now USTC) was the first supported collateral on Phezzan. The vision of the Phezzan team is--DeFi should be built on truly decentralized stablecoins, instead of centralized stablecoins, and the market cap of UST was the largest in decentralized stablecoin^[2]. After the depegging of UST events^[3], the Phezzan team decided to adapt its collaterals to other yield-bearing assets and stablecoins, such as USDC and ETH/wETH^[4].

Testnet on Rinkeby (April 2022 - July 2022)

Phezzan Protocol integrated with Uniswap V3, Chainlink, and The Graph, all those three were not written in Solidity 0.8^[5]. and zkSync 2.0 only supports Solidity 0.8 by the time, Phezzan launched its testnet on Rinkeby first. During Phezzan's peak hours, Phezzan Protocol drove up gas fees for the entire Rinkeby network^[6].

First Perpetual DEX on zkSync 2.0 (August 2022 - now)

Phezzan lauched its testnet on zkSync 2.0 on August 2^[7]. Afterward, they are working on limit and stop orders before its mainnet launch.

Sources

[1] ttps://learn.phezzan.xyz/litepapers-and-whitepapers/phezzan-protocol-testnet-litepaper

[2] ttps://medium.com/@phezzan/hi-this-is-phezzan-protocol-b205a28f41fb

[3] ttps://jumpcrypto.com/the-depegging-of-ust/

[4] ttps://medium.com/@phezzan/phezzan-protocol-multi-collateral-guide-e497c696153b

[5] ttps://medium.com/cryptostars/phezzan-is-going-to-launch-testnet-on-rinkeby-eths-testnet-4aa516e25ef6

[6] ttps://twitter.com/junhaotan_/status/1519594884319035393?s=20&t=05nSr4iWdYSoxjY1_I2w0Q

[7] ttps://medium.com/@phezzan/phezzan-protocol-testnet-on-zksync-2-0-walk-through-56963e490be4

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