Preview: Zetachain (ZETA), a fully interoperable blockchain, is set to launch its mainnet on January 30th. This launch may create opportunities for ecosystem integration across multiple chains.
In-depth exploration of ZetaChain: Innovative interoperability model and achieving seamless asset circulation across chains
Background: A comprehensive analysis of ZetaChain: Breaking the fragmentation of blockchain and achieving interoperability of dApps across chains
Table of Contents:
1. Innovative L1 brings full chain interoperability
2. Collaboration with nearly 200 projects including Sushi and Curve
3. Over 2.66 million addresses participated in testing, jointly organized testing events with OKX Web3 Wallet and Bitget Wallet
4. Future plans: Mainnet to launch in the first quarter of 2024
Layer 1 and Layer 2 blockchains have once again become hot topics, and among the upcoming Layer 1 mainnets, ZetaChain is one of the more promising ones. ZetaChain has undergone extensive testing, attracting a large number of users and developers, and has collaborated with hundreds of projects, already 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 providing omnichain interoperability, connecting different blockchains including Bitcoin and Dogecoin, which do not support smart contracts. This allows applications and smart contracts built on the ZetaChain platform to execute across multiple chains, achieving seamless flow of assets and data.
This interoperability solves the problems of “cross-chain” and “multi-chain.” Traditionally, the operating environments between different blockchains have been isolated, making it difficult to effectively utilize assets on non-smart contract chains like Bitcoin. ZetaChain makes it possible for assets and information to flow between different blockchains through its omnichain smart contracts and cross-chain message passing mechanism. The omnichain smart contracts also solve the multi-chain problem, as ZetaChain hosts a compatible Ethereum Virtual Machine (EVM) execution layer called zEVM. Developers only need to deploy a single omnichain contract on ZetaChain to maintain the state of assets and data on all connected chains, making it a “one-stop” platform for developers to build and deploy applications using all chains. Similarly, users can access all assets and data within ZetaChain.
In terms of security and network architecture, ZetaChain is built on the Cosmos SDK and Tendermint consensus mechanism, using Proof-of-Stake (PoS). All cross-chain transactions in the ZetaChain network are transparent and verifiable, unlike some trust models used in other cross-chain solutions. In ZetaChain’s network, no single node has control over any private key, reducing the risk of key leakage and ensuring asset security during storage. During asset transfers, ZetaChain uses the ZETA token as an intermediary, minimizing the attack surface and reducing security risks for users.
Overall, ZetaChain uses a simpler and more robust trust model, where the network is trusted to transmit data/value, rather than relying on third parties. Through these mechanisms, ZetaChain provides a secure cross-chain interaction platform for developers and users.
ZetaChain’s full chain interoperability not only solves key issues in the existing blockchain ecosystem but also provides new possibilities for decentralized applications, indicating a more interconnected and efficient future for blockchain.
ZetaChain is committed to developing its full chain capabilities. In addition to addressing the challenges of cross-chain and multi-chain development, it aims to achieve decentralization of the global financial and crypto ecosystem. This process also requires sufficient funding and resources for ecosystem development, and ZetaChain has already partnered with multiple well-known projects.
Since completing its seed funding in March 2022, ZetaChain has made significant progress in terms of funding and ecosystem development. Its funding activities have attracted support from well-known crypto companies and industry leaders, including early employees and executives from Coinbase, Binance, and Polygon, as well as a $27 million Series A funding completed in June 2023, with participants from Blockchain.com, Jane Street Capital, and other fields.
Furthermore, ZetaChain launched a $5 million grant program in April 2023 to support full chain dApp developers. By December 2023, its ecosystem had developed to include 197 projects covering various fields such as DeFi, gaming, infrastructure, and NFTs, with the collaboration with Sushi being particularly highlighted. These actions demonstrate ZetaChain’s deep involvement in the blockchain industry and its expanding influence.
Sushi is a well-known multi-chain DEX that supports over 30 networks. As mentioned above, liquidity in these networks is fragmented, and the use of assets like BTC relies on cross-chain bridges such as Multichain. The collapse of these bridges has a significant impact on Sushi users. ZetaChain can solve these problems by integrating Sushi v2 AMM, v3 AMM, and SushiXSwap. Users will be able to directly trade native Bitcoin in over 30 networks, eliminating the risk of wrapped assets and cross-chain bridges while developing a significant amount of new liquidity. Sushi plans to introduce liquidity provision and asset trading functionality on the ZetaChain testnet first. Once the ZetaChain mainnet is launched, Sushi will deploy the full functionality of native Bitcoin cross-chain transactions on the mainnet.
In addition, ZetaChain has partnered with many institutions in the industry, such as Chainalysis and Halborn for enhanced security measures, and BYTE City and Ultiverse for entry into the truly open metaverse and the development of a full-chain GameFi.
The collaboration between ZetaChain and numerous partners not only demonstrates the reliability and attractiveness of its technology but also contributes to the diversity and innovation of its ecosystem. This is crucial for its long-term success.
The ZetaChain team is actively organizing and participating in various events. From November 13th to 19th, 2023, the ZetaChain team attended the DevConnect event in Istanbul. From November 17th to 19th, they participated in ETHGlobal Istanbul. In December, they attended the India Blockchain Week.
ZetaChain launched its first testnet as early as August 6th, 2022, and the official website currently indicates the use of the Athens-3 testnet. As of now, there have been 2.66 million unique addresses participating in testing, with developers building 46,522 smart contracts and initiating 14.08 million cross-chain transactions. To incentivize the use of the testnet, ZetaChain also developed a scoring system and jointly organized testing activities with OKX Wallet and Bitget Wallet.
On October 16th, 2023, OKX announced its collaboration with ZetaChain and its ecosystem projects (including Eddy Finance, zkMe, Desig, Project Twelve, and LENX) to launch Cryptopedia Season 8, giving users the opportunity to share a reward of 100,000 ZETA tokens. Users needed to download the OKX app, create or import a wallet, select Cryptopedia: Learn & Earn, choose ZetaChain, and interact with the DApp to complete tasks and undergo verification. Currently, the OKX Web3 Wallet page shows that the activity is still ongoing, with 312,500 participants.
On November 20th, Bitget Wallet also announced a collaboration with ZetaChain to launch the TaskGet testing event, allowing users to have the chance to obtain rare NFTs by completing ZetaChain-related tasks. The event focuses on promoting interaction with the ZetaChain testnet ecosystem and involves various decentralized applications such as XDAO, LENX, iZUMi Finance, Eddy Finance, Bounce Finance, and zkMe. Participants have the opportunity to share a reward of 700,000 ZETA tokens.
With the mainnet approaching, the scoring system has been closed, and users can no longer earn new scores, but they can still view the leaderboard and other information. Through collaborations with OKX and Bitget Wallet, ZetaChain’s testing activities not only showcase the platform’s functionality and performance but also indicate its wide acceptance and participation in the crypto community.
The closure of the scoring system may be due to the imminent launch of ZetaChain’s mainnet, which is expected to go live at the end of January 2024. The team announced that an AMA for the ZetaChain mainnet countdown will be held at 11:00 AM Beijing time on January 30th, and a full-chain summit will be held at ETHDenver from February 29th to March 3rd, 2024.
Currently, ZetaChain’s airdrop can be queried and pre-claimed. In token distribution, ZetaChain has reserved 10% (210 million ZETA) of the tokens for airdrops, wallet activities, and other community-centric reward programs. The Genesis airdrop will distribute 31.5 million ZETA tokens to over 800,000 ZetaLabs users and contributors.
With the expected launch of ZetaChain’s mainnet in the first quarter of 2024, participants in the ZetaChain ecosystem are eagerly anticipating this significant event. The mainnet launch is not only an important milestone for ZetaChain’s own development but also signifies a potential major transformation for the entire blockchain ecosystem. The successful deployment of the mainnet will validate the technical promises demonstrated during the testnet phase and transform these concepts into practical applications and services.
Firstly, the launch of ZetaChain’s mainnet will further enhance its capability as a platform for full chain interoperability. By connecting different blockchains, including non-smart contract chains, ZetaChain will be able to achieve seamless flow of assets and data in a wider network, breaking the existing isolation and addressing the issue of fragmented liquidity, providing users and developers with a more unified and efficient blockchain experience.
Secondly, after the mainnet launch, ZetaChain will be better positioned to support developers. By simplifying the development process for cross-chain applications, ZetaChain aims to attract more developers to build innovative dApps. This will not only contribute to increasing the attractiveness of the ZetaChain platform but may also give rise to a range of new applications and services, further enriching the entire blockchain ecosystem.
Additionally, the launch of ZetaChain’s mainnet is expected to attract more investment and user participation. With the introduction of new applications and the migration of existing projects, ZetaChain’s user base and transaction volume are expected to significantly increase. This will bring greater visibility and recognition to ZetaChain, potentially attracting more partners and investors.
As a platform dedicated to full chain interoperability, the success of ZetaChain may drive innovation in the industry in terms of interoperability and cross-chain solutions. This is not only crucial for the project itself but also presents new opportunities for the industry, while also facing challenges in realizing its vision and technical promises. With the mainnet launch approaching, ZetaChain and its community are at an exciting turning point, indicating new possibilities and future growth.
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