ZetaChain, a Layer-1 network, has secured $27 million in funding to bolster its platform for seamless interoperability across various blockchain networks. This achievement was announced on August 16th. Distinguished participants in this funding round encompass Blockchain.com, Human Capital, Vy Capital, Sky9 Capital, Jane Street Capital, VistaLabs, CMT Digital, Foundation Capital, Lingfeng Capital, GSR, Kudasai, Krust, and other notable investors.
In 2021, ZetaChain introduced a revolutionary protocol to establish standardised connectivity between networks. This innovation allows non-smart contract chains to interact within the expansive realm of decentralised finance (DeFi). Developers can deploy smart contracts on networks that do not natively support this technology, including prominent blockchains like Bitcoin and Dogecoin.
Traditionally, smart contracts are self-executing digital agreements stored on a blockchain, triggered once predetermined conditions are met. Yet, seamless interaction between smart contracts across diverse blockchains has been a longstanding challenge in the crypto ecosystem. ZetaChain emerges as a solution to this predicament, allowing developers to construct omnichannel DApps. These applications provide access to assets and data from a unified platform, regardless of the blockchain of origin, eliminating the need for token bridging or wrapping.
With over 27,000 DApp contracts deployed on the platform, encompassing diverse third-party applications such as cross-chain DeFi, nonfungible tokens, Web3 identity, and gaming protocols, ZetaChain has exhibited its prowess. The platform’s testnet has facilitated over 13 million transactions by more than 1.7 million users, underscoring its viability and popularity.
The ZetaChain ecosystem boasts prominent figures in the cryptocurrency sphere among its core contributors. This includes Ankur Nandwani (formerly associated with Coinbase, Brave, and 0x), Panruo Wu (an early contributor to THORchain), and Brandon Truong (formerly of BuzzFeed, Udacity, and Yada). Former employees of projects like Cosmos, Ignite, ConsenSys, and other influential blockchain initiatives also enrich the core team.
According to Ankur Nandwani, their Ethereum Virtual Machine EVM-compatible cross-chain smart contracts alleviate these issues by allowing decentralised app developers to build faster, more secure, and easy-to-use services. This statement underscores the transformative potential of ZetaChain’s advancements in the cross-chain ecosystem.
