Solana is gearing up to enhance its ecosystem liquidity by establishing a connection with the Bitcoin network. The project, which is expected to take place in the third quarter of 2024, will be facilitated by the Zeus Network.
Solana, known for its cutting-edge technology, is preparing to launch a state-of-the-art cross-chain bridge that will link its ecosystem to Bitcoin. This ambitious endeavor will be made possible through the Zeus Program Library (ZPL), a suite of Solana Virtual Machine (SVM) programs designed to bridge the gap between the two blockchain networks.
In a detailed statement on Medium, the Zeus Network provided insights into the new bridge powered by ZPL. The network highlighted the multitude of opportunities it will bring to Solana blockchain developers and users. With the new bridge, developers will gain access to a wide range of decentralized activities, including GameFi, DeFi, SocialFi, and decentralized physical infrastructure networks (DePIN). These were previously difficult to achieve on the Bitcoin blockchain due to its design limitations.
At the core of this cross-chain bridge is the Zeus Program Library (ZPL), built on the Solana Virtual Machine (SVM) to eliminate the gap between different blockchains and enable seamless interoperability. This will empower developers to integrate native Solana support into decentralized applications.
The SVM-based programs will facilitate transactions across multiple blockchains, effectively bridging the gap between Bitcoin and Solana. These ZPL assets can take various forms, including cryptocurrencies and NFTs, further enhancing interoperability.
In its Medium post, the Zeus Network emphasized the potential for value transfer, highlighting the enormous opportunities offered by the Bitcoin blockchain, with its market cap of approximately $1.2 trillion. The post stated, “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.”
The participation of Solana’s Co-Founder Anatoly Yakovenko and Stacks Co-Founder Muneeb Ali in supporting the Zeus Network adds significant credibility and expertise to the cross-chain bridge project, reshaping the way blockchains interact.
The Solana-to-Bitcoin bridge will enable users to deposit their Bitcoin and receive ZPL-wrapped zBTC tokens in return. These tokens can be utilized across the Solana network, granting access to a wide range of decentralized applications and marketplaces.
With zBTC, users will be able to engage in activities such as decentralized exchanges, NFT trading, borrowing, lending, gaming, and SocialFi within Solana’s thriving community.
Experts in the industry view the cross-chain bridge as a major advancement in blockchain interoperability, providing a seamless solution for transferring value between Bitcoin and Solana. This not only expands the use cases for both blockchains but also creates new opportunities for developers to innovate.
As the launch of the bridge is scheduled for the third quarter of 2024, the broader cryptocurrency community will be closely monitoring how this integration will impact the future of decentralized finance and cross-chain collaboration. Meanwhile, developers are still digesting the news of the collaboration between Web3 Data Lake and query engine Subsquid with Solana-powered Neon EVM, which aims to provide dApp developers with easier access to on-chain data from the latter.
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