Quick take:
- The round also attracted participation from OKX Ventures, Animoca Ventures, Big Brain Holdings, Lemniscap and The Spartan Group.
- The fundraising comes ahead of the $ZEUS token launch on April 4.
- Zeus Network is currently in testnet with a mainnet launch scheduled to take place in June or July.
Zeus Network, a blockchain interoperability protocol looking to establish a link between Solana and other blockchains including Bitcoin and Litecoin has completed an $8 million funding round led by Mechanism Capital.
The seed round also attracted participation from other leading Web3 VCs including OKX Ventures, Animoca Ventures, Big Brain Holdings, Lemniscap and The Spartan Group.
According to the announcement, the round was completed via a simple agreement for future equity (SAFE) at a valuation of $100 million, Zeus Network CEO Justin Wang told The Block.
The fundraising comes barely a day before the launch of the $ZEUS token on April 4 via the Solana-based Jupiter’s LFG Launchpad.
The token will also be airdropped to various community members with 3% going to Jupiter voters, zuPoint holders and Dappie Gang holders, the company said. The total supply is set at 1 billion with an initial allocation of 167.5 million. 40% of the initial supply will go to the community to support ecosystem growth, while 20 will be held by the Zeus Foundation.
On the other hand, the founding team and contributors receive 15% of the allocation, whereas 10% will go to backers. The Jupiter LFG Launchpad, liquidity providers and advisors will each be allocated 5%. All allocations have different vesting periods and restrictions, a tokenomics document on the Zeus Network platform indicates.
Zeus said its initial plans are to deploy Apollo, a decentralised app focused on bringing Bitcoin liquidity to Solana. The app was released on testnet just four days ago, and has since attracted more than 40,000 users globally, the company said.
The cross-chain interoperability infrastructure used a pluggable and programmable network of nodes on the Solana Virtual Machine to build the Zeus Layer.
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