Zeus Network, a Bitcoin-Solana communication protocol provider, has launched the Apollo Bitcoin exchange on Solana.
This exchange facilitates connection between the Bitcoin and Solana networks.
Apollo’s launch introduces $zBTC to the Solana blockchain. $zBTC is a Bitcoin-pegged asset operating permissionlessly.
This marks the first time Solana has a permissionless $BTC-pegged token.
The introduction of $zBTC aims to improve Bitcoin liquidity within Solana’s DeFi ecosystem and compete with existing options like $wBTC and $cbBTC.
Zeus Bitcoin Activated on Solana
On March 27, Zeus Network launched $zBTC alongside the Apollo Bitcoin exchange.
This release intends to increase Bitcoin transferability and usability on Solana. $zBTC is Solana’s initial permissionless Bitcoin-linked token.
The Apollo exchange enables users to deposit native $BTC on the Bitcoin blockchain and mint $zBTC on Solana without requiring permission.
Like $wBTC and Coinbase’s $cbBTC, $zBTC aims to enhance capital efficiency for DeFi users and simplify $BTC integrations within Solana.
Each $zBTC token is backed 1:1 by native Bitcoin. Reserves are verifiable on ZeusScan.
Zeus Network utilizes a decentralized network of ZeusNodes with Multi Party Computation (MPC) technology for BTC custody, distributing custody and reducing single points of failure, in addition to proof-of-reserves.
Currently, the Zeus Foundation is the largest minter of $zBTC, holding 31.52 $BTC. This is 58.25% of the total $zBTC supply.
Animoca Ventures and Mechanism Capital, investors in Zeus Network, are also $zBTC contributors.
$zBTC Aims to Compete with $wBTC and $cbBTC
$zBTC enters a market with established Bitcoin-pegged assets. $wBTC and $cbBTC currently have a combined market capitalization of $588.4M.
They are integrated into Solana DeFi platforms such as Kamino Finance.
Initially, $zBTC lacks these integrations. This may limit immediate use.
Zeus Network indicates future plans for a range of applications and features for $zBTC holders.
This planned expansion may offer $zBTC more functionality compared to its competitors.
Also Read: BlackRock $1.7 Billion Digital Fund Extends to Solana
