Zetachain, a blockchain venture focusing on interoperability, has secured $27 million in a Series A funding round with participation from firms like Blockchain.com, Human Capital, Vy Capital, Sky9 Capital, Jane Street Capital, VistaLabs, CMT Digital, Foundation Capital, Lingfeng Capital, GSR, and more. The funds will be deployed to initiate the mainnet of the chain and expand its decentralized app ecosystem.
The project aims to address the isolation issue prevalent in blockchains, where resources are confined and inaccessible across different chains or applications. Zetachain’s mission revolves around creating a unified standard for blockchain interoperability, enabling users to manage all their assets and information through one wallet on a single platform.
Zetachain’s structure even includes non-smart-contracts-enabled blockchains, like Bitcoin and Dogecoin, allowing users to utilize these assets without the need for bridge structures or wrapped tokens and the security risks involved with them.
With a growing testnet ecosystem, Zetachain already supports over 27,000 decentralized application contracts across various domains like decentralized finance (defi), non-fungible tokens (NFTs), universal Web3 social protocols, identity, and gaming.
The platform boasts 1.7 million users on its testnet, having processed over 13 million transactions. Zetachain anticipates that its design will lower fees, slippage, and complexity for regular users, making it easier to reach global audiences and introduce them to the world of crypto. Addressing the fragmentation issue is seen by the company as a pivotal step towards enabling Web3 apps and services to cater to a larger audience that could number in the hundreds of millions.
While the next phase for Zetachain involves launching its product on the mainnet, the exact release date remains uncertain. The task of ensuring interoperability is multifaceted, and several rivals are pursuing distinct solutions to this challenge. For instance, Layerzero Labs recently procured $135 million in a Series A+ funding round to create cross-chain decentralized applications.
Zetachain’s ambitious objective of administering multiple blockchains using a single chain as a central hub has certainly drawn attention. What are your thoughts on Zetachain and its vision for managing various blockchains in this way? Share your opinions in the comments section below.
Frequently Asked Questions (FAQs) about Interoperability
What is Zetachain’s main objective?
Zetachain aims to build a single chain that can interoperate with all other blockchains, addressing the isolation problem and enabling seamless asset management.
Who participated in Zetachain’s Series A funding round?
Participating in Zetachain’s Series A funding round were notable names including Blockchain.com, Human Capital, Vy Capital, Sky9 Capital, Jane Street Capital, VistaLabs, CMT Digital, Foundation Capital, Lingfeng Capital, GSR, and others.
How will Zetachain utilize the raised funds?
The raised $27 million will be used to launch the mainnet of the interoperable chain and to foster the growth of its decentralized app ecosystem.
What sets Zetachain’s architecture apart?
Zetachain’s architecture allows users to leverage assets from non-smart-contracts-enabled blockchains like Bitcoin and Dogecoin without the need for bridge structures or wrapped tokens, reducing security risks.
What achievements has Zetachain’s testnet ecosystem seen?
Zetachain’s testnet ecosystem already supports over 27,000 decentralized application contracts, catering to decentralized finance, NFTs, Web3 social protocols, identity, and gaming. It boasts 1.7 million users and over 13 million transactions completed.
What does Zetachain hope to achieve with its design approach?
Zetachain anticipates that its design will reduce fees, slippage, and complexity, making crypto more accessible to a broader audience and aiding Web3 apps and services in reaching millions of users.
What’s next for Zetachain after the funding round?
Zetachain’s next step involves launching its product on the mainnet, although a definitive launch date has not been provided. The project is in the complex realm of solving blockchain interoperability, where various competitors are also developing solutions.
How does Zetachain’s goal compare to Layerzero Labs’ efforts?
While Zetachain is striving for a unified chain to connect different blockchains, Layerzero Labs, in a similar vein, raised $135 million for creating cross-chain decentralized applications, showcasing the competitiveness of the space.
More about Interoperability
- Zetachain Official Website
- Human Capital
- Vy Capital
- Sky9 Capital
- Jane Street Capital
- CMT Digital
- Foundation Capital
- Lingfeng Capital
- Layerzero Labs