ZETA, the native cryptocurrency of Layer-1 interoperability blockchain platform ZetaChain, has surged by a staggering 150% in just a few hours on its debut. As of press time, the ZETA price is up 158% trading at $1.80 with trading volumes shooting by 700% to $276 million.
What Is ZetaChain?
ZetaChain, a groundbreaking Layer 1 (L1) blockchain, introduces a new era of blockchain interoperability with its built-in chain-agnostic capabilities. Offering compatibility with various chains such as EVM, Cosmos/IBC, Bitcoin, Dogecoin, Tron, and more, ZetaChain empowers developers by facilitating seamless data and native value transfers across different blockchains.
Developers harness ZetaChain’s robust messaging capabilities to transmit data and native value directly between chains, eliminating the need for asset wrapping. Furthermore, this interoperability positions ZetaChain as a dynamic platform for omnichain decentralized applications (odApps), allowing them to access data and liquidity from diverse networks within the blockchain ecosystem.
Beyond its interoperability features, ZetaChain will also support native smart contracts. This functionality enables developers to construct omnichain dApps that efficiently manage funds across multiple chains through a single contract, enhancing flexibility and efficiency.
At the core of ZetaChain lies its native utility token, the ZETA coin. Serving as the driving force behind the platform’s seamless operation, ZETA facilitates the movement of value between chains, ensures blockchain security, covers gas fees, handles transactions, and manages data storage. Users leveraging ZETA gain also the advantage of moving assets across chains without the typical complexities associated with diverse blockchains.
ZetaChain’s innovative approach to interoperability and the introduction of the ZETA coin marks a significant stride in streamlining cross-chain functionality and enhancing the overall user experience in the blockchain space. As the platform continues to unfold, industry stakeholders are keenly observing the impact of ZetaChain’s advancements on the broader blockchain ecosystem.
ZetaChain Secured Major Funding
In August 2023, ZetaChain successfully secured $27 million in investment during its funding round. Notable participants in the round included Blockchain.com, Human Capital, VY Capital, Sky9 Capital, Jane Street Capital, VistaLabs, CMT Digital, Foundation Capital, Lingfeng Capital, GSR, Kudasai, and Krust. However, the project’s valuation remains undisclosed.
On its mainnet launch, Zeta Chain will be supporting BNB Chain, as well as Bitcoin and Ethereum networks. This implies that users on the BNB Chain can engage with contracts on ZetaChain, conduct cross-chain trading linked to ZetaChain, and facilitate the transfer of liquidity to the BNB Chain.
By directly activating siloed liquidity within the BTC ecosystem using BNB and BNB Chain through Omnichain dApps, various opportunities are unleashed. These include the creation of native BTC/BNB-backed stablecoins, participation in lending platforms, utilization of decentralized exchanges (DEXs), exploration of marketplaces, engagement in gaming activities, and more.
