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Layer 1 interoperability blockchain network ZetaChain‘s native asset ZETA made a significant surge on February 1st, following the mainnet’s beta version launch. ZETA’s price saw an astonishing increase of over 150% within a few hours today. At the time of writing this article, the altcoin’s price has seen some retracement, trading at $1.66, marking a 110% increase in the last 24 hours, with its trading volume jumping over 500% to $272 million.
What is ZetaChain?
ZetaChain, a groundbreaking Layer 1 (L1) Blockchain network, has initiated a new era in blockchain interoperability with its 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 between different blockchains.
Developers can leverage ZetaChain’s powerful messaging capabilities to transmit data and native value directly across chains, eliminating the need for asset wrapping. Moreover, this interoperability positions ZetaChain as a dynamic platform for omnichain decentralized applications (odApps), allowing access to data and liquidity from various networks within the blockchain ecosystem.
Beyond interoperability features, ZetaChain also supports native smart contracts. This functionality allows developers to create omnichain dApps that efficiently manage funds across multiple networks through a single contract, enhancing flexibility and efficiency.
At the core of ZetaChain lies its native asset, the ZETA coin. Serving as the driving force behind the platform’s smooth operation, the ZETA coin facilitates value movement across chains while ensuring the security of the blockchain network, covering transaction fees, executing transactions, and managing data storage. Users benefiting from ZETA also enjoy the advantage of moving assets across chains without the typical complexities associated with different blockchains.
ZetaChain’s innovative approach to interoperability and the launch of the ZETA coin represent a significant step in facilitating cross-chain functionality and enhancing the overall user experience in the blockchain space. As the platform continues to evolve, industry stakeholders are closely monitoring ZetaChain’s progress and its impact on the broader blockchain ecosystem.
Secured $27 Million Investment
ZetaChain had secured an investment of $27 million during an investment round in August 2023. Notable participants in the funding 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 was not disclosed.
At the mainnet launch, ZetaChain will support the BNB Chain, as well as the Bitcoin (BTC) and Ethereum (ETH) networks.
