Zeus Network launched its new coin release platform on Jupiter yesterday (4), initiating the sale of 50 million $ZEUS tokens, which sold out within 20 minutes, totaling $27.5 million. Subsequently, $ZEUS was listed on the OKX exchange, with the price surging to $0.988 at one point, a 138% increase within 24 hours, and a market value exceeding $100 million.
Background: Jupiter stands out in the Solana DeFi ecosystem by aggregating more than 50% of DEX trading volume.
Supplementary information: Can Zeus bring BTC to SOL? An overview of the Zeus cross-chain bridge architecture and token economics.
Jupiter, a one-stop DeFi service platform in the Solana ecosystem, launched the sale of $ZEUS tokens for the cross-chain protocol Zeus Network through its new coin release platform, LFG Launchpad, at 9:00 PM yesterday (4). The sale set the initial price of $ZEUS at 0.3 USDC, with a price cap of 0.85 USDC, and a total of 50 million tokens (5% of the total supply) were offered.
In addition, 3% of the total supply of $ZEUS will be distributed through airdrops to Dappie Gang holders, Zealy supporters, and Jupiter voters, with each group receiving 1%.
The sale of 50 million $ZEUS tokens received enthusiastic market demand, and they were sold out within just 20 minutes, totaling $27.5 million, an astonishing success.
$ZEUS listed on OKX and approached $1
Meanwhile, the OKX exchange announced the listing of $ZEUS, and the price surged to $0.988 at the opening, more than tripling the initial price. As of the time of writing, it is trading at $0.711, with a 138% increase within the past 24 hours, and a market value exceeding $100 million.
Source: OKX
What is Zeus Network?
Zeus Network is a cross-chain protocol between Bitcoin and Solana, developed by a Taiwanese team. Its mission is to bring BTC into the Solana world, combining Solana’s speed with the security of Bitcoin. Founder Qiu Jun wrote on FB that the project has received support from well-known angel investors, including Anatoly Yakovenko, co-founder of Solana, Andrew Kang, founder of Mechanism Capital, and Muneeb Ali, co-founder of Stacks (currently the largest L2 for Bitcoin). Such a lineup of investors undoubtedly adds confidence and expectation to its mission.
On top of the Zeus Network protocol, the project’s first product is Apollo, which is mainly responsible for bringing BTC into Solana. By allowing users to directly pledge BTC on the Bitcoin chain and issuing 1:1 anchored zBTC on Solana, Apollo brings BTC liquidity to Solana. Subsequently, zBTC can participate in DeFi protocols on Solana, such as Solend, marginfi, Kamino Finance, and other lending platforms, making BTC an income-generating asset. Apollo is expected to go live in Q2 this year.
Yesterday, the project received another good news, securing $8 million in funding at a valuation of $100 million. Mechanism Capital led the investment, with participation from OKX Venture, Anagram, Portal Venture, and others.
Further reading: Can Zeus bring BTC to SOL? An overview of the Zeus cross-chain bridge architecture and token economics.
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