Solana-to-Bitcoin cross-chain bridge Zeus Network will launch its Zeus Program Library (ZPL) that connects the two ecosystems by Q3 2024. 

“These ZPL-Assets unlock a world of opportunities on Solana,” Zues Network wrote on May 1. “Facilitating activities like DeFi, GameFi, SocialFi, DePIN, and more, which were previously challenging on the Bitcoin blockchain.”

ZPL is a set of Solana Virtual Machine (SVM) programs that enables developers to integrate native Solana support into decentralized applications and power transactions across multiple blockchains. “ZPL-Assets can be either fungible (cryptocurrencies) or non-fungible (NFTs), representing a wide range of digital assets,” commented Zeus Network, continuing: 

“With a market cap of approximately 1.2 trillion dollars, and over 11,000 Runes generating over $135 million in fees within the first week on the Bitcoin blockchain, the potential for value transfer is immense.”

Through ZPL and bridging protocol Apollo, users deposit their Bitcoin (BTC) and, in return, receive ZPL-wrapped zBTC tokens, which can then be used to engage with decentralized exchanges, NFT marketplaces, borrowing, lending, gaming and SocialFi within the Solana ecosystem. 

Developers plan to further expand ZPL-supported assets on Solana to Bitcoin Runes and Ordinals, dubbed “zRuneX” and “zOrdX,” respectively. Other tasks in its Q3 roadmap include enabling Bitcoin staking on its Apollo mainnet. 

Zeus Network is backed by Solana co-founder Anatoly Yakovenko and Stacks co-founder Muneeb Ali. On April 8, the protocol secured a $8 million funding round at a valuation of $100 million. 

Released in April, Bitcoin Runes is a new token standard that expands the functionality of the Bitcoin blockchain by enabling users to tokenize various real-world assets such as real estate, stocks, commodities or even other cryptocurrencies such as stablecoins.

Meanwhile, Bitcoin Ordinals is a numbering system that assigns a unique number to each satoshi, or 1/100 millionth of a Bitcoin, enabling tracking transfer, and minting of unique assets on the namesake blockchain. 

The Bitcoin decentralized application ecosystem has been experiencing a revival with the invention of such novel protocols. Last month, Orders Exchange completed integration with the Bitcoin Runes protocol to allow the issuance of fungible tokens on the native network and constructed a Bitcoin asset bridge with MicroVisionChain that enables BRC-20 token swaps

Related: BONK, POPCAT and Solana memecoins stay green even as Bitcoin price drops





Source link