Author: Jiang Haibo, PANew
Layer 1 and Layer 2 blockchains have once again become a hot topic of attention recently, and among the Layer 1 blockchains that are about to launch on the mainnet, Zetachain may be one of the more promising. ZetaChain has been in beta for a long time, attracting a large number of users and developers, and has partnered with hundreds of projects and has been deployed on the testnet. Once the mainnet is launched, it may bring a huge ecosystem to Zetachain.
ZetaChain is a Layer 1 blockchain and smart contract platform designed for interoperability between blockchains. Its innovation lies in its ability to connect different blockchains, including blockchains such as Bitcoin and Dogecoin that do not support smart contracts. This enables applications and smart contracts created on the ZetaChain platform to run across multiple chains, enabling a seamless flow of assets and data.
This interoperability solves the problem of "cross-chain" and "multi-chain". Traditionally, the operating environment between different blockchains has been siloed, and assets on non-smart contract chains such as Bitcoin are more difficult to utilize effectively. ZetaChain enables the flow of assets and information between different blockchains through its full-chain smart contracts and cross-chain messaging mechanism. Full-chain smart contracts also solve the multi-chain problem, and Zetachain hosts an Ethereum Virtual Machine (EVM)-compatible execution layer, or ZEVM for short. Developers only need to deploy a single full-chain contract to zetachain to maintain the state of assets and data on all connected chains, thus becoming a "one-stop-shop" platform that allows developers to build and deploy applications that use all chains in one place. Similarly, users can access all assets and data within Zetachain.
In terms of security and network architecture, ZetaChain is first and foremost a proof-of-stake (POS) blockchain built on the Cosmos SDK and TenderMint consensus mechanism, and all cross-chain transactions are fully transparent and verifiable, which is different from the trust model of some cross-chain schemes. In Zetachain's network, no single node has access control over any private key, which reduces the risk of private key leakage and ensures the security of assets during storage. In the process of sending assets, ZetaChain uses Zeta tokens as intermediaries, which helps minimize the attack surface and reduce the security risks faced by users.
Overall, ZetaChain uses a simpler and more robust trust model, where only its network is trusted to deliver data value, rather than relying on third parties. Through these mechanisms, it provides a secure cross-chain interaction platform for developers and users.
Zetachain's full-chain interoperability not only solves key problems in the existing blockchain ecosystem, but also opens up new possibilities for decentralized applications, heralding a more interconnected and efficient blockchain future.
ZetaChain is committed to developing its omni-chain capabilities, and in addition to solving the challenges of cross-chain and multi-chain development, it also wants to decentralize the global financial and crypto ecosystem. In this process, sufficient funds and resources are also needed to develop the ecosystem, and ZetaChain has also reached cooperation with a number of well-known projects.
Since the completion of its seed round in March 2022, ZetaChain has made significant progress in terms of funding and ecosystem development. Its fundraising campaign attracted the support of several well-known crypto companies and industry leaders, including early employees and executives from Coinbase, Binance, Polygon, and others, as well as a $27 million Series A funding round that closed in June 2023 with participants covering blockchaincom, Jane Street Capital, and many other areas.
In addition, ZetaChain launched a $5 million grant program in April 2023 to support full-chain dapp developers. As of December 2023, its ecosystem has grown to 197 projects, covering multiple fields such as DeFi, gaming, infrastructure, NFTs, etc., among which the collaboration with Sushi is particularly prominent. This series of actions reflects Zetachain's deep involvement and expanding influence in the blockchain industry.
Sushi is a well-known multi-chain DEX that already supports more than 30 networks. As mentioned above, liquidity in these networks is fragmented, and the use of assets such as BTC also relies on cross-chain bridges, and the collapse of cross-chain bridges such as Multichain has dealt a heavy blow to SUSHI users. ZetaChain solves these problems by integrating Sushi V2 AMM, V3 AMM, and SushiXSWAP, allowing users to trade native Bitcoin directly across more than 30 networks. This eliminates the risk of encapsulating assets and cross-chain bridges, while also developing a lot of new liquidity. Sushi first plans to introduce liquidity and asset trading features on the ZetaChain testnet. After the launch of ZetaChain mainnet, Sushi will deploy the full functionality of native Bitcoin cross-chain transactions on mainnet.
In addition, ZetaChain has also reached cooperation with many organizations in the industry, such as chainalysis and Halborn, to strengthen security measures; Cooperate with Byte City and Ultiverse to enter the development of a truly open metaverse and full-chain GameFi.
Zetachain's alliance with numerous partners not only proves the reliability and attractiveness of its technology, but also contributes to the diversity and innovation of its ecosystem, which is critical to its long-term success.
The ZetaChain team is also actively hosting and participating in various events. From November 13 to 19, 2023, the ZetaChain team participated in the DevConnect event in Istanbul; From November 17th to 19th, he participated in the EthGlobal Istanbul event; In December, he participated in India Blockchain Week.
ZetaChain launched its first testnet as early as August 6, 2022, and its official website shows that it is currently using the Athens-3 testnet. So far, 2.66 million unique addresses have participated in the test, and developers have built 46,522 smart contracts on them and initiated 14.08 million cross-chain transactions. In order to incentivize the use of the testnet, ZetaChain has also developed a point system, and both OKX Wallet and BitGet Wallet have jointly held beta events with Zetachain.
On October 16, 2023, OKX's official website announced that it has partnered with ZetaChain and its ecosystem projects (including EDDY Finance, ZKME, DESIG, Project Twelve, and Lenx) to launch Cryptopedia Season 8, and users who participate in these new projects have the opportunity to share 100,000 Zeta token rewards. Users need to **OKX app, create or import a wallet, select Cryptopedia: learn to earn, choose ZetaChain and interact with the DApp, verify after completing tasks. Currently, the OKX Web3 wallet page shows that the activity is still ongoing, and there are 31250,000 people participated.
On November 20, Bitget Wallet also announced that it would jointly hold a TaskGet beta event with Zetachain, allowing users to earn rare NFTs by completing Zetachain-related tasks. The event focused on fostering interaction with the ZetaChain testnet ecosystem and involved multiple decentralized applications such as XDAO, Lenx, Izumi Finance, EDDY Finance, Bounce Finance, and ZKME. Participating users have a chance to share 700,000 zeta tokens.
As the mainnet approaches, the points system has now been shut down, and users can no longer earn new points, but they can still view information such as leaderboards. Through its partnership with OKX and BitGet Wallet, Zetachain's testing activities not only demonstrated the functionality and efficacy of its platform, but also demonstrated its wide acceptance and engagement in the cryptocurrency community.
The closure of the points system may be due to the imminent launch of Zetachain's mainnet, which is expected to go live by the end of January 2024. The team said that it will hold an AMA for the countdown to the ZetaChain mainnet at 11 a.m. Beijing time on January 30, and a full-chain summit at Ethdenver from February 29 to March 3, 2024.
At present, Zetachain's airdrop is already available for inquiry and pre-claim, and Zetachain has set aside 10% (2.) in the token distribution for airdrops, wallet activities, and other community-focused reward programs100 million zeta), the genesis airdrop will distribute 31.5 million zeta to more than 800,000 zetalabs users and contributors.
With the expected launch of the ZetaChain mainnet in the first quarter of 2024, participants in the Zetachain ecosystem are paying attention to this major event. The launch of the mainnet is not only an important milestone in Zetachain's own development, but also heralds a major shift that the entire blockchain ecosystem may undertake. The successful deployment of the mainnet will validate the technical promise demonstrated by ZetaChain during the testnet phase and translate these concepts into real-world applications and services.
First of all, the launch of Zetachain's mainnet will further enhance Zetachain's capabilities as a full-chain interoperability platform. By connecting different blockchains, including non-smart contract chains, ZetaChain will be able to enable the seamless flow of assets and data across a wider network, breaking down existing silos and helping to solve the problem of decentralized liquidity and providing a more unified and efficient blockchain experience for users and developers.
Secondly, after the mainnet is launched, ZetaChain will be able to better support developers. By simplifying the development process of cross-chain applications, ZetaChain is expected to attract more developers to build innovative dapps. Not only will this help increase the attractiveness of the ZetaChain platform, but it may also lead to a range of new applications and services that will further enrich the entire blockchain ecosystem.
In addition, the launch of the ZetaChain mainnet is expected to attract more investment and user participation. With the launch of new applications and the migration of existing projects, Zetachain's user base and transaction volume are expected to grow significantly. This will bring greater visibility and recognition to Zetachain, potentially attracting more partners and investors.
As a platform dedicated to full-chain interoperability, Zetachain's success is likely to catalyse industry-wide innovation in interoperability and cross-chain solutions, which will not only be critical to the project itself, but will also bring new opportunities to the industry, while also facing the challenge of delivering on its vision and technical promises. With the mainnet launch approaching, ZetaChain and its community are at an exciting turning point, heralding new possibilities and future growth.