Zeus Community, a Solana SOL
+5.20%
interoperability layer, has raised $8 million in a funding spherical led by Mechanism Capital.
Different traders within the spherical included OKX Ventures, Animoca Ventures, Massive Mind Holdings, Lemniscap and The Spartan Group, Zeus Community stated Wednesday. Angel traders, together with Solana co-founder Anatoly Yakovenko, Stacks STX
-7.20%
co-creator Muneeb Ali and Mechanism Capital founder Andrew Kang, additionally joined the spherical.
This was a seed funding spherical structured as a easy settlement for future tokens (SAFT), Zeus Community founder and CEO Justin Wang advised The Block. The fundraising effort started final September and concluded final month, Wang stated, including that the spherical occurred in tranches at varied valuations between $30 million and $100 million, with essentially the most funding coming in at $70 million and $100 million.
What’s Zeus Community?
Zeus Community is a Solana interoperability layer constructed on the Solana Digital Machine, Wang stated. It goals to attach Solana with different blockchains, together with Bitcoin BTC
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, Litecoin LTC
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and Dogecoin DOGE
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. It initially focuses on Bitcoin with its decentralized app, Apollo, which goals to carry bitcoin liquidity to Solana and allow bitcoin holders to discover decentralized purposes on Solana. Apollo has attracted over 40,000 customers globally in simply 4 days since its testnet launch, Zeus stated.
“Zeus Community seeks to construct a cross-chain infrastructure by using […] Solana,” the mission stated. “That is achieved by creating Zeus Layer, a pluggable and programmable community of nodes on the Solana Digital Machine.”
The Zeus community is at the moment in testnet and expects to launch mainnet in June or July, Wang stated.
Zeus Community token launch
Zeus can also be set to launch and airdrop its token on Apr. 4 through Jupiter JUP
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LFG Launchpad, a platform that helps Solana tasks launch their tokens. “The allocation for the ZEUS token airdrop is about at 3% of the entire provide for Jupiter voters, zuPoint holders and Dappie Gang holders,” the mission stated.
The overall provide of ZEUS is 1 billion, with an preliminary circulation of 167.5 million allotted throughout varied segments, together with early backers (10%), Jupiter LFG Launchpad (5%), ecosystem and group progress (40%), basis (20%), crew (15%), liquidity (5%) and advisors (5%). Every allocation has particular vesting periods.
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