Since its launch, ZETA, the native cryptocurrency of the Layer-1 interoperability blockchain platform ZetaChain, has increased by an incredible 150% in a matter of hours. At the time of publication, ZETA was trading at $1.80, up 158%, while trading volumes had increased by 700% to $276 million.
What Is ZetaChain?
With its inherent chain-agnostic capabilities, ZetaChain, a revolutionary Layer 1 (L1) blockchain, ushers in a new age of blockchain interoperability. ZetaChain is compatible with several chains, including EVM, Cosmos/IBC, Bitcoin, Dogecoin, Tron, and more. This allows for native value transfers and smooth data transfers between other blockchains, which is a powerful tool for developers.
By using ZetaChain’s powerful messaging features, developers may send native value and data between chains without the requirement for asset packaging. Additionally, ZetaChain is positioned as a dynamic platform for omnichain decentralised apps (odApps) because to its interoperability, which enables them to access liquidity and data from many networks within the blockchain ecosystem.
In addition to interoperability capabilities, native smart contracts will be supported by ZetaChain. With the help of this feature, developers may create omnichain decentralised applications (dApps) that effectively handle money across many chains using a single contract, increasing efficiency and flexibility.
The ZETA currency, ZetaChain’s native utility token, is its central component. ZETA powers the platform’s smooth functioning by facilitating value transfer between chains, maintaining blockchain security, paying for gas, processing transactions, and overseeing data storage. By using ZETA, users may move assets between chains without encountering the usual complications that come with using different blockchains.
With the launch of the ZETA token and ZetaChain’s creative approach to interoperability, the blockchain industry has made great progress in optimising cross-chain functionality and improving user experience. Industry players are closely monitoring how ZetaChain’s innovations affect the larger blockchain ecosystem as the platform develops.
ZetaChain Secured Major Funding
ZetaChain successfully raised $27 million during their financing round in August 2023. Blockchain.com, Human Capital, VY Capital, Sky9 Capital, Jane Street Capital, VistaLabs, CMT Digital, Foundation Capital, Lingfeng Capital, GSR, Kudasai, and Krust were among the notable participants in the round. The project’s worth is yet unknown, though.
Zeta Chain will support the Bitcoin and Ethereum networks together with BNB Chain when it launches on the mainnet. This suggests that users on the BNB Chain have the ability to interact with ZetaChain contracts, trade cross-chain with ZetaChain, and assist in the liquidity transfer to the BNB Chain.
Numerous options are unlocked by directly engaging siloed liquidity inside the BTC ecosystem utilising BNB and BNB Chain through Omnichain dApps. These include of the development of native stablecoins backed by BTC or BNB, involvement in lending networks, use of decentralised exchanges (DEXs), market research, gaming, and more.
