ZetaChain (ZETA) Price Increase 150% in Its Debut, What’s Behind the Rally?
ZETA, the native cryptocurrency of Layer 1 interoperability blockchain platform ZetaChain, surged by a staggering 150% just a few hours after its launch. As of the moment the article was published, ZETA price increased by 158% to $ 1.80, while transaction volumes increased by 700% to $ 276 million.
What is ZetaChain?
ZetaChain, a groundbreaking Layer 1 (L1) blockchain, introduces a new era of blockchain interoperability with built-in chain-agnostic capabilities. Offering compatibility with a variety of chains such as EVM, Cosmos/IBC, Bitcoin, dogecoin, Tron and more, ZetaChain empowers developers by facilitating seamless transfer of data and local value between different blockchains.
Developers leverage ZetaChain’s powerful messaging capabilities to transmit data and local value directly between chains, eliminating the need for asset packaging. Additionally, this interoperability positions ZetaChain as a dynamic platform for multi-chain decentralized applications (odApps), allowing them to access data and liquidity from various networks within the blockchain ecosystem.
Beyond interoperability features, ZetaChain also wants to support native smart contracts. This functionality allows developers to create omni-channel dApps that efficiently manage funds across multiple chains through a single contract, increasing flexibility and efficiency.
At the heart of ZetaChain lies its native utility token, the ZETA coin. Serving as the driving force behind the uninterrupted operation of the platform, ZETA facilitates the movement of value across chains, ensures blockchain security, covers gas fees, manages transactions, and manages data storage. Users leveraging ZETA also have the advantage of moving assets between chains without the typical complexities associated with various blockchains.
ZetaChain’s innovative approach to interoperability and the launch of the ZETA coin marks a significant step in streamlining cross-chain functionality and improving the overall user experience in the blockchain space. As the platform continues to evolve, industry stakeholders are carefully observing the impact of ZetaChain’s advancements on the broader blockchain ecosystem.
ZetaChain Secures Major Funding
In August 2023, ZetaChain successfully raised $27 million during its funding round. Notable 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 valuation of the project was not disclosed.
Zeta Chain at mainnet launch supportive BNB Chain as well as Bitcoin and Ethereum networks. This means that users on the BNB Chain can engage in contracts on ZetaChain, conduct cross-chain trading connected to ZetaChain, and facilitate the transfer of liquidity to the BNB Chain.
Various opportunities arise by directly enabling siled liquidity in the BTC ecosystem using BNB and BNB Chain via Omnichain dApps. These include the creation of native BTC/BNB-backed stablecoins, participation in lending platforms, use of decentralized exchanges (DEXs), exploration of marketplaces, participation in gaming activities, and more.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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