The Emergence of Mezo: A Bitcoin Scaling Network with $21 Million in Funding 🚀
Mezo, a Bitcoin scaling network developed by Matt Luongo’s Thesis, has recently come out of stealth mode after securing $21 million in funding. Pantera Capital took the lead in this funding round, with Multicoin Capital, Hack VC, ParaFi Capital, Nascent, Draper Associates, Primitive Ventures, Asymmetric Ventures, and other investors also joining in, Thesis announced on Tuesday.
Introduction to Mezo 🌐
Described as a Bitcoin “economic layer” by Thesis, Mezo aims to establish an ecosystem of applications tailored to users’ economic requirements, ranging from everyday purchases to educational expenses.
- Goal: The main objective of Mezo is to expand the Bitcoin network to include 25% of the global economy on-chain, which is approximately equivalent to the current size of the US economy, according to Luongo.
- Consensus Mechanism: Mezo utilizes a “proof of HODL” consensus mechanism where users contribute to network security by locking their BTC and MEZO tokens. This approach aligns Mezo economically with BTC holders, who stake tokens and earn rewards for operating the network.
Key Features of Mezo 🚀
Mezo already accepts bitcoin deposits and has surpassed $26 million in total value locked. The platform introduces the concept of a HODL score, where users’ points increase based on the duration of their bitcoin deposits.
- Invitations: Upon joining Mezo, users receive five one-time invitations to share with friends. Mezo then distributes rewards based on the duration and amount of bitcoin deposits made by the invited friends.
- Coin Selection: In addition to BTC, users can also deposit TBTC (Thesis-built wrapped bitcoin) and WBTC (another wrapped bitcoin) on the Mezo platform.
Financial Status and Future Plans 📈
The $21 million funding round for Mezo brings Thesis projects’ total funding to over $90 million. Currently, Thesis has a team of 48 individuals working on various projects, with plans to almost double the headcount by the end of the year.
Hot Take: Expanding Opportunities with Mezo 💰
Mezo presents an exciting opportunity for the crypto community, offering a unique approach to incorporating various economic activities within the Bitcoin network. With a strong financial backing and innovative features, Mezo has the potential to reshape the landscape of decentralized finance and enhance the overall user experience in the cryptocurrency space.
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