Zeus Network, a Solana 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 Wednesday. Angel investors, including Solana co-founder Anatoly Yakovenko, Stacks 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 , Zeus Network founder and CEO Justin Wang told The Block. The fundraising effort began last September and concluded last month, Wang said, adding that the round occurred in tranches at various valuations between $30 million and $100 million, with the most funding coming in at $70 million and $100 million.Zeus Network is a Solana interoperability layer built on the Solana Virtual Machine, Wang said.
"Zeus Network seeks to build a cross-chain infrastructure by utilizing Solana," the project said. "This is achieved by developing Zeus Layer, a pluggable and programmable network of nodes on the Solana Virtual Machine."Zeus Network token launch Zeus is also set to launch and airdrop its token on Apr. 4 via Jupiter 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.
The total supply of ZEUS is 1 billion, with an initial circulation of 167.5 million allocated across various segments, including early backers , Jupiter LFG Launchpad , ecosystem and community growth , foundation , team , liquidity and advisors . Each allocation has specific vesting periods.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block.
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