ZETA Coin Surges 150% on Debut
The native cryptocurrency of ZetaChain, ZETA, has experienced an impressive surge of 150% within just a few hours of its debut. Currently trading at $1.80, the ZETA price has increased by 158%, with trading volumes also soaring by 700% to $276 million.
What Is ZetaChain?
ZetaChain is a revolutionary Layer 1 (L1) blockchain platform that introduces a new era of blockchain interoperability. It offers compatibility with various chains, including EVM, Cosmos/IBC, Bitcoin, Dogecoin, Tron, and more. This allows developers to seamlessly transfer data and native value across different blockchains without the need for asset wrapping.
Developers can leverage ZetaChain’s robust messaging capabilities to transmit data and value directly between chains, making it an ideal platform for omnichain decentralized applications (odApps). These odApps can access data and liquidity from diverse networks within the blockchain ecosystem.
In addition to its interoperability features, ZetaChain supports native smart contracts. This enables developers to create omnichain dApps that efficiently manage funds across multiple chains through a single contract, enhancing flexibility and efficiency.
The ZETA coin serves as the native utility token of ZetaChain. It facilitates the movement of value between chains, ensures blockchain security, covers gas fees, handles transactions, and manages data storage. Users who utilize ZETA can easily move assets across chains without the usual complexities associated with different blockchains.
ZetaChain Secures Major Funding
In August 2023, ZetaChain successfully raised $27 million in investment during its funding round. Prominent 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.
Upon its mainnet launch, ZetaChain will support BNB Chain, as well as the Bitcoin and Ethereum networks. This means that users on the BNB Chain can interact with contracts on ZetaChain, engage in cross-chain trading linked to ZetaChain, and transfer liquidity to the BNB Chain.
By unlocking siloed liquidity within the BTC ecosystem using BNB and BNB Chain through Omnichain dApps, various opportunities arise. 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.
Hot Take: ZETA Coin Surges on Debut
The debut of ZETA coin on ZetaChain has been met with tremendous success as its price skyrocketed by 150% within hours. This surge in value highlights the growing interest and potential of ZetaChain’s innovative approach to blockchain interoperability. With its chain-agnostic capabilities and support for various chains like Bitcoin and Ethereum, ZetaChain enables seamless data and value transfers across different blockchains. Furthermore, the introduction of native smart contracts enhances flexibility and efficiency for developers. As ZetaChain continues to make strides in streamlining cross-chain functionality, it is poised to have a significant impact on the broader blockchain ecosystem.
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