Zeus Network protocol, aiming to connect Solana with other blockchains like BTC, led the $8 million funding round with Mechanism Capital.
Mechanism Capital has led the funding for the $8 million Zeus Network protocol, which aims to connect Solana to other blockchains like Bitcoin and Litecoin.
Animoca Ventures, OKX Ventures, Big Brain Holdings, Lemniscap, and The Spartan Group were among the other prominent Web3 VCs who participated in the seed round.
According to the announcement, Zeus Network CEO Justin Wang closed the round using a SAFE at a valuation of $100 million.
Just one day before the April 4th launch of the $ZEUS token through Jupiter’s LFG Launchpad in Solana, the fundraising event is taking place.
Jupiter voters, zuPoint holders, and Dappie Gang holders will each receive 3% of the token through an airdrop, according to the business. There will be a total of 1 billion, with 167.5 million allocated initially. The community will receive 40% of the initial supply to aid with ecosystem growth, while the Zeus Foundation will hold the remaining 20%.
However, funders will receive 10%, and the founding team and others will receive 15%. Each adviser, liquidity provider, and Jupiter LFG Launchpad will receive 5%. An article on tokenomics on the Zeus Network website states that the limits and vesting periods for each allocation are different.
They stated that its primary objective is to launch Apollo, a decentralized program with the goal of increasing Bitcoin liquidity on Solana. More than forty thousand users across the world have downloaded the software since its testnet launch four days ago, according to the developer.
We constructed the Zeus Layer, an interoperable cross-chain infrastructure, using the Solana Virtual Machine. The network of nodes is both pluggable and programmable.
