Solana interoperability layer Zeus Network raises token round at $100 million valuation

Zeus network, one Solana SOL

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interoperability layer, has raised $8 million in a funding round led by Mechanism Capital.

Other investors in the round included OKX Ventures, Animoca Ventures, Big Brain Holdings, Lemniscap and The Spartan Group, Zeus Network said on Wednesday. Angel investors, including Solana co-founder Anatoly Yakovenko, Stacks STX

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co-creator Muneeb Ali and Mechanism Capital founder Andrew Kang also joined the round.

This was a seed funding round structured as a simple agreement for future tokens (SAFT), Zeus Network founder and CEO Justin Wang told The Block. The fundraising started last September and ended last month, Wang said, adding that the round took place in tranches at different valuations between $30 million and $100 million, with the most funding coming in at $70 million and $100 million.

What is Zeus Network?

Zeus network is a Solana interoperability layer built on the Solana Virtual Machine, Wang said. It aims to connect Solana to other blockchains including Bitcoin BTC

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, Litecoin LTC

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And Dogecoin DOGE

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. It is initially focusing on Bitcoin with its decentralized app Apollo, which aims to bring bitcoin liquidity to Solana and allow bitcoin holders to explore decentralized applications on Solana. Apollo has attracted more than 40,000 users worldwide in just four days since the testnet was released, Zeus said.

“Zeus Network aims to build a cross-chain infrastructure using […] Solana,” the project said. “This is achieved through the development of Zeus Layer, a plug-in and programmable network of nodes on the Solana Virtual Machine.”

The Zeus Network is currently in a testnet and expects to launch the mainnet in June or July, Wang said.

Launch of Zeus Network token

Zeus will also launch and airdrop its token on April 4 via Jupiter YUP

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LFG Launchpad, a platform that helps Solana projects launch their tokens. “The allocation for the ZEUS token airdrop is set at 3% of the total supply for Jupiter voters, zuPoint holders and Dappie Gang holders,” the project said.

ZEUS’s total offering is 1 billion, with an initial circulation of 167.5 million across several segments including early backers (10%), Jupiter LFG Launchpad (5%), ecosystem and community growth (40%), foundation (20%), team (15%), liquidity (5%) and advisors (5%). Each assignment has specific ones fortress periods.