The interoperability-focused blockchain platform ZetaChain is set to launch its mainnet within the “next few days,” according to The Block.
The ZetaChain mainnet will integrate with various chains, from Bitcoin and Ethereum to blockchains within the Cosmos ecosystem. According to the latest statement, the initially supported networks will also include BNB Chain.
ZetaChain is excited to natively support @BNBCHAIN at mainnet launch, along with Ethereum and the Bitcoin network.
This means BNB Chain users can interact with contracts on ZetaChain, trade across chains that ZetaChain connects to, and also allow liquidity to be transferred to… pic.twitter.com/ogVKx974fk
— ZetaChain (@zetablockchain) January 31, 2024
The platform offers the capability to create applications that utilize cryptocurrencies across these blockchains, effectively uniting them.
Such cross-chain projects traditionally raise security concerns among experts, journalists noted. In 2021, the protocol THORChain, which employs similar technology, suffered a series of hacks, forcing a network shutdown. The interoperability platform pNetwork lost approximately $12.7 million due to a breach.
“If you are creating a cross-chain, multi-chain application, it is more complex than just developing a system on a single network because different chains have different transaction finality procedures and security models. I think you need to consider many more factors,” stated ZetaChain’s lead developer Ankur Nandwani.
According to him, in response to security concerns, the team plans a gradual expansion of the project. The platform will introduce a limit on the total value locked (TVL) in smart contracts, gradually easing the restriction over time.
“We will launch the blockchain in the real world and see what happens, how everything works, and then slowly, gradually increase the TVL,” Nandwani explained.
He believes that ZetaChain will open new use cases for Bitcoin, allowing the asset to transcend its status as a store of value. For instance, these could include stablecoins based on digital gold or DeFi protocols with collateralization in the first cryptocurrency, the developer suggested.
In August 2023, ZetaChain raised $27 million in funding.
Earlier, the team announced an airdrop of ZETA tokens for the project’s testnet users.