When the BTC L2 concept is hot, the route of connecting the Bitcoin and EVM ecology has become mainstream. However, if it continues to expand and connect Bitcoin and all public chains in parallel, a full-chain network can be woven. The airdrop has just been released and will soon be launched on many ZetaChain, the leading exchange, falls into this category.
There are many protocols that claim to be full-chain, but ZetaChain can support smart contracts when the chain is connected, allowing developers to develop dApps directly based on the main network. In essence, ZetaChain not only has full-chain interoperability, but also is The Layer1 EVM compatible chain that supports smart contracts can meet the complex requirements of one-stop development, deployment, and distribution.
To simply understand, ZetaChain is a cross-chain bridge, Layer 1, and smart contract layer. The trinity constitutes the core function of the protocol.
Bear Star, Bull Fire
On February 1, 2024, the ZetaChain token $ZETA will be simultaneously listed on Coinbase, OKX, Bybit, Bitget, MEXC, Gate.io, Kucoin, Bitkup and Bitfinex, basically covering all major mainstream exchanges.
Nowadays, it is difficult to imagine that ZetaChain received mainstream investment during the bear market, completed testnet development and token economics design, and worked hard for a long time to get where it is today.
In August 2023, ZetaChain received an investment of US$27 million, covering the top investment institutions of Web3 and Web2, becoming a capital consensus intersection zone.
Web3 Funds: CMT Digital, Foundation Capital, GSR, Blockchain.com, DFG and Jsquare;
Web2 Fund: Jane Street Capital (a well-known Wall Street trading firm), VY Capital (an investor in multiple Musk companies), Sky9 Capital (Cloud Nine Capital, founded by the former founder of Lightspeed China) and Lingfeng (an investor in JD.com).
The reason why it can get the full support of the above-mentioned big guys is due to the strong background of the ZetaChain team. The main members come from top companies in the industry, such as Coinbase, Brave, Metamask parent company ConsenSys and THORChain, and Cosmos.
After completing the fundraising, the ZetaChain team selected Cosmos as the main development component, using the Ethermint Cosmos SDK module with full EVM compatibility.
ZetaChain has been aiming at Omni full-chain interoperability from the beginning. Unlike building cross-chain bridges between EVM chains, it is extremely difficult to transfer messages and assets between heterogeneous chains. ZetaChain deconstructs it, starting from asset on-chain and transfer. and the three-step process of full-chain circulation to build a path for free circulation of assets.
Assets on the chain: Multi-party Secure Computing (MPC) and Threshold Signature System (TSS) to create a secure account system that does not require smart contract support. Bitcoin, etc. can also support it. At the same time, ZetaChain has built-in message cross-chain and token transfer functions, which will be discussed later. Gradually expand to any network;
Cross-chain transfer: ZetaChain has a built-in ZRC-20 format. When a transaction is triggered, the assets on the chain will be encapsulated into ZRC-20 format tokens. However, after the transaction is completed, the assets withdrawn by the user to the target main network will be unblocked and become native to the target chain. assets, thereby realizing the full-chain circulation of non-encapsulated assets.
Full-chain circulation: ZetaChain’s main network will gradually connect to EVM, Bitcoin or other heterogeneous chains. At the same time, ZetaChain has built-in ZetaEVM. Developers can accept messages and assets from any chain, and can also transfer messages and assets at will, indirectly realizing full-chain intelligence. Contract capabilities, such as supporting users to transfer Bitcoin and Ordinals assets.
For ZetaChain, there are many more technical capabilities to demonstrate, such as the dream of a full-chain AMM DEX, the ability to empower heterogeneous chain EVM, and the safe circulation of assets are all under consideration, especially the full-chain AMM DEX, which can be called on-chain The holy grail of DEX.
In November 2023, SushiSwap and ZetaChain reached a cooperation. The two parties will jointly build a DEX that supports the entire chain including BTC, release the transaction media capabilities of Bitcoin, and truly create top-level liquidity on the chain.
Empower users: coin listing, airdrop, and mining are carried out simultaneously
In order to reward users who contributed during the test network process, ZetaChain provided a large number of airdrops. After the airdrop news was announced on January 24, a total of more than 800,000 users were eligible to receive airdrops, amounting to 31.5 million $ZETA.
And in the face of witches and gangsters, ZetaChain did not "kill them all" like other projects. After identifying 300,000 suspected witch addresses, it also admitted that there were outstanding contributions among them, and admitted that they helped test the stress test of the network. labor.
According to previous reports by PANews, ZetaChain will set 10% of the total supply (approximately 210 million coins) as airdrop shares, bypassing exchanges and project parties, and directly distribute tokens point-to-point on the user chain to maximize the promotion of the main network. Activity and decentralization.
After the currency listing information was announced, ZetaChain also stated that it would continue to conduct airdrops. After the testnet airdrop, the mainnet also provides huge benefits for users to receive. Currently, a total of 8.5% of the airdrops will continue to be distributed, of which mainnet users account for 6% of the airdrop share. If you continue to participate in ZetaChain’s Quest activities, you will have the opportunity to continue Share 2.5% of the airdrop share, and core contributors in the community can receive 1.5% of the airdrop reward. Empowering users is one of them.
In addition to being listed on many exchanges, ZetaChain also cooperates with Bybit Launchpad for staking mining. It is expected that more exchanges will support various financial management activities in the future, such as it will cooperate with OKX, Bitget Wallet and TP Wallet to conduct trading competitions, with a total of 480 Ten thousand $ZETA forms a prize pool to empower users, this is the second one.
Finally, the mainnet is launched. It can be said that ZetaChain has made every effort to create a true full-chain era after the mainnet is launched. Taking token economics as an example, the token function of $ZETA runs through all links of full-chain transactions. ,include:
l Ensure the robust operation of ZetaChain’s DPoS consensus mechanism through voting and punishment (Slash) mechanisms;
l Anti-spam mechanism to ensure that users use blockchain resources such as computing and storage fairly and efficiently;
l Universal Gas Fee for cross-chain transactions;
l $ZETA represents the value of cross-chain transfer of assets;
In terms of specific allocation, up to 22% will be used for ecological and user growth. In addition to the user airdrop detailed above, ecological growth will account for 12%, which will be used for the large-scale adoption of ZetaChain.
Currently, the countdown to the launch of the ZetaChain mainnet has entered. After the mainnet is launched, a large number of users can invest $ZETA into the DPOS network and share 10% of the verification node incentives. There is also a 5% liquidity reward for transactions on the chain. In addition, 24 % of the token share will enter the treasury and be used for the long-term growth of ZetaChain, which is equivalent to the effect of active lock-up and a similar deflation mechanism to achieve long-term appreciation of assets.
In the end, the proportion actually allocated to investors and teams was about 38.5%, achieving nearly 2/3 of the tokens circulating among users and communities, ensuring the fairness and decentralization of ZetaChain to the greatest extent.
Conclusion: The future of the whole chain
Token listing is just the beginning of ZetaChain’s development ambitions. ZetaChain’s goal is to create a full-chain experience that is different from the past. In addition to truly realizing cross-chain circulation of assets and messages and full-chain AMM DEX, it can also support multi-chain NFT transfer and universal Payment, universal DID identity protocol, multi-chain multi-signature treasury management, and full-chain AA (account abstraction) smart contract wallet have finally realized the coexistence of full-chain DeFi and DAO, opening up the next era of on-chain experience.
In short, ZetaChain grows upward with the concept of Bitcoin's full chain, and will eventually open any door to the freedom of assets on the chain. The three consecutive strikes of continuous empowerment will grow with users after the mainnet goes online.
Author: PANews; from "DeDehao", the open content platform of ChainDD. This article only represents the author's opinion and does not represent the official position of ChainDD. For "DeHao" articles, the originality and authenticity of the content are guaranteed by the contributor. If the manuscript is plagiarized, falsified, etc., and the legal consequences are caused, the contributor shall be responsible for the publication of the article on the Dehao platform. If there is any infringement, violation of regulations, or other inappropriate speech content, readers are requested to supervise it. Once confirmed, the platform will be taken offline immediately. If you encounter any problems with the article content, please contact WeChat: chaindd123
