Business News Report
April 04, 2024

Solana Interoperability Layer Zeus Network Raises $8M In Funding, Gears Up For ZEUS Token Airdrop

In Brief

Zeus Network raised $8 million in a seed funding round bringing the company’s latest valuation to $100 million.

Solana Interoperability Layer Zeus Network Raises $8M In Funding, Gears Up For ZEUS Token Airdrop

Solana Virtual Machine (SVM) interoperability layer Zeus Network (ZEUS) raised $8 million in a seed funding round led by Mechanism Capital, OKX Ventures, Animoca Ventures, Lemniscap, The Spartan Group, and Big Brain Holdings with participation from angel investors from Solana, Stacks, and Mechanism Capital. With this latest investment, the company’s valuation reached $100 million. The funds raised will be allocated towards the development and preparation for the project’s mainnet launch.

Operating as an interoperability layer on the Solana Virtual Machine, Zeus Network facilitates connections between Solana and other blockchains like Bitcoin, Litecoin, and Dogecoin. It primarily focuses on integrating Bitcoin through its decentralized application (dApp), Apollo. It aims to introduce Bitcoin liquidity to Solana and provide Bitcoin holders access to dApps on the Solana network.

The Zeus Network’s roadmap for 2024 outlines key priorities, including the introduction of Zeus Node, ZEUS, and BTC staking by the end of the year. In the second quarter, the project aims to prioritize the development of Zeus Node to ensure the network’s functionality and make progress with Apollo for the integration of BTC. Zeus Network anticipates launching the mainnet in early summer.

Zeus Network Announces Token Airdrop via Jupiter’s LFG Launchpad

Recently, Zeus Network unveiled its intentions to conduct a token airdrop via Jupiter’s LFG Launchpad, commencing on April 4th. A total of 3% of the token supply will be distributed among JUP Voters, zuPoint holders, and Dappie Gang non-fungible token (NFT) holder addresses.

With a maximum supply of 1 billion tokens, ZEUS tokenomics designates allocations to various categories, such as ecosystem and community growth (40%), foundation reserve (20%), team (15%), early backers (10%), advisors (5%), liquidity (5%), and Jupiter Launchpad (5%). Each allocation is subject to a specific cliff and vesting period, fostering a balanced distribution strategy.

The ZEUS token serves as a governance token within the project’s ecosystem, facilitating security enhancement, covering transaction fee payments, and providing incentives to users who contribute to the network’s growth.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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