Solana to Bitcoin Bridge Zeus Network Targets Q3 2024 Debut
Highlights
- Zeus Network's ZPL will launch in Q3 2024, linking Solana and Bitcoin.
- ZPL's initial activity generated over $135 million in fees.
- Apollo Protocol facilitates Bitcoin-to-Solana asset transfers.
Zeus Network announced its anticipated launch of the Zeus Program Library (ZPL) by the third quarter of 2024. This new development aims to connect the Solana (SOL) and Bitcoin (BTC) ecosystems seamlessly. The ZPL will enable developers to integrate Solana support into decentralized applications, promoting activities across both blockchain networks.
The Zeus Network’s initiative will introduce ZPL-Assets, which are designed to be either fungible or non-fungible. These assets aim to facilitate a range of digital interactions. This includes decentralized finance (DeFi), gaming finance (GameFi), and social finance (SocialFi) on Solana. Previously, these were challenging to implement on the Bitcoin blockchain due to its structural limitations.
With an estimated market cap of $1.2 trillion, the integration presents significant potential. In its initial week, over 11,000 Runes generated more than $135 million in fees. This highlights the substantial activity and financial engagement within the Bitcoin ecosystem that ZPL aims to tap into.
Apollo Protocol to Enable Bitcoin-Solana Transfers
The bridging protocol, Apollo, plays a crucial role in the ZPL framework. It allows users to deposit Bitcoin and receive ZPL-wrapped zBTC tokens in exchange. These tokens can then be utilized across various platforms within the Solana ecosystem. The platforms include decentralized exchanges and NFT marketplaces, as well as lending, borrowing, and gaming sectors.
Future expansions are in the pipeline for ZPL-supported assets on Solana involving Bitcoin Runes and Ordinals. These are set to be termed zRuneX and zOrdX, respectively. Moreover, Zeus Network plans to enable Bitcoin staking on its Apollo mainnet within the same timeframe. These developments are expected to enhance the flexibility and utility of digital assets across both blockchain networks.
Notable industry figures support Zeus Network’s technological advancements. Solana co-founder Anatoly Yakovenko and Stacks co-founder Muneeb Ali both back the project. Their support underscores the credibility and potential impact of the Zeus Network within the blockchain community.
Zeus Network Set to Transform Blockchain Use
The launch of Zeus Network’s ZPL represents a significant step forward in bridging two of the largest blockchain ecosystems. By enabling the seamless transfer and use of assets between Solana and Bitcoin, ZPL could catalyze further innovation and integration within the decentralized application space.
Recent developments in the Bitcoin ecosystem, such as the Bitcoin Runes and Ordinals protocols, have revitalized its capabilities. These protocols have expanded the functionality of the Bitcoin blockchain, enabling it to support a broader range of digital assets. For instance, last month, Orders Exchange integrated with the Bitcoin Runes protocol. This integration allowed the issuance of fungible tokens on the native Bitcoin network.
Read Also: Bitcoin (BTC) Now Worth Fewer Than 25 Ounces: Peter Schiff
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
