Solana's Zeus Network has secured $8 million in a funding round led by Mechanism Capital. Other investors include OKX Ventures, Animoca Ventures, Big Brain Holdings, Lemniscap, and The Spartan Group. Angel investors Anatoly Yakovenko, co-founder of Solana, Muneeb Ali, co-creator of Stacks, and Andrew Kang, founder of Mechanism Capital, also participated in the round.
This seed funding round, conducted as a simple agreement for future tokens (SAFT), began in September and concluded last month. Zeus Network founder and CEO Justin Wang stated that the round was structured with tranches at valuations ranging from $30 million to $100 million, with the majority of funding occurring at $70 million and $100 million.
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What is Zeus Network?
Source: zeusnetwork.xyz
Zeus Network serves as a Solana interoperability layer, operating on the Solana Virtual Machine. Its primary objective is to establish connections between Solana and other blockchains, including Bitcoin (BTC), Litecoin (LTC), and Dogecoin (DOGE). Initially, Zeus Network concentrates on Bitcoin through its decentralized application, Apollo.
Source: zeusnetwork.xyz
Apollo endeavours to enhance bitcoin liquidity on Solana and offer bitcoin holders access to decentralized applications (dApps) on the Solana blockchain. Notably, within just four days of its testnet release, Apollo has garnered over 40,000 users globally, according to Zeus Network.
The project aims to construct a cross-chain infrastructure by leveraging Solana, notably through the development of Zeus Layer, a network of nodes on the Solana Virtual Machine that is both pluggable and programmable.
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