A Beginner's Guide to ZetaChain

One of the emerging players in the Web3 landscape is ZetaChain. ZetaChain is a groundbreaking blockchain platform. ZetaChain is designed to bridge the gap between different blockchains in the Web3 ecosystem. Unlike traditional blockchains that operate in isolation, ZetaChain boasts a unique architecture that allows seamless communication and interaction between various blockchain networks.

This guide will give you an overview of its unique features, and explain its origins. Additionally, we'll walk you through the process of depositing and staking ZetaChain using Trust Wallet.

What is ZetaChain?

ZetaChain is a cutting-edge Layer 1 blockchain and interoperability platform designed to revolutionize how decentralized applications (DApps) interact across different blockchains. By enabling cross-chain data exchanges and smart contract executions, ZetaChain paves the way for a more connected and versatile web3 ecosystem.

Before We Get Started

Before we explore ZetaChain in more detail, remember that you can manage and interact with 10M+ crypto assets, including ZETA, across 100+ blockchains on Trust Wallet. Download the latest version of Trust Wallet today.

Download Trust Wallet as a mobile app, or install the Trust Wallet Extension on your desktop browser.

Origin Story of ZetaChain

The ZetaChain project was founded in 2021 by Ankur Nandwani. Ankur Nandwani is a former Coinbase team member and the creator of the Basic Attention Token (BAT) cryptocurrency. Motivated by the vision of creating a blockchain that could seamlessly integrate with multiple other chains, Nandwani and his team set out to develop ZetaChain. The platform began testnet operations in 2022 and quickly garnered significant interest due to its innovative approach to omnichain smart contracts. By the end of 2023, ZetaChain had raised $27 million in venture capital funding, underscoring the confidence of the investor community in its potential. On February 1, 2024, ZetaChain launched its mainnet, marking a significant milestone in its journey.

Key Features of ZetaChain

ZetaChain offers a suite of innovative features that set it apart within the blockchain ecosystem. These features make it an attractive platform for developers, investors, and users who seek to maximize the potential of decentralized applications (DApps) and smart contracts across various blockchains. Here are some of the key highlights:

Cross-Chain Communication

ZetaChain facilitates seamless data exchange and smart contract execution across different networks. You can interact with assets and applications on various blockchains as if they were all part of a single ecosystem.

Omnichain Smart Contracts

ZetaChain's unique smart contracts can operate within the ZetaChain network and interact with other blockchains simultaneously. This empowers developers to build dApps with advanced functionalities that wouldn't be possible on a single blockchain.

Support for Non-Smart Contract Chains

ZetaChain's ability to extend smart contract-like functionality to blockchains like Bitcoin and Dogecoin opens doors for innovative applications and use cases that were previously unimaginable.

What is the ZETA Token?

The ZETA token is the native cryptocurrency of the ZetaChain platform, integral to its operations and ecosystem. As a Layer 1 blockchain and interoperability platform, ZetaChain uses ZETA to facilitate various essential functions, ensuring the platform's efficiency, security, and decentralized governance.

Key Functions of the ZETA Token

Transaction Fees

ZETA tokens are used to pay for gas fees on the ZetaChain network. Users need ZETA to cover the costs of transactions and smart contract executions, ensuring smooth and efficient network operations.

Block Rewards

Validators and node operators receive ZETA tokens as block rewards for their contributions to securing and maintaining the network. This incentivizes participation and helps ensure the integrity of the blockchain.

Cross-Chain Transactions

ZETA tokens are crucial for facilitating cross-chain data exchanges and transactions. They enable the seamless transfer of assets and data across different blockchain networks integrated with ZetaChain.

Liquidity Provision

ZETA is used in the platform’s core crypto pools to provide liquidity. Liquidity providers (LPs) are incentivized with ZETA tokens, encouraging them to contribute liquidity and support the network's operations.

Governance

ZETA is more than just a utility token. ZETA also empowers holders with governance rights. When you hold ZETA, you gain the ability to vote on important proposals that affect the ZetaChain protocol and its underlying Layer 1 blockchain. This enables the community to play a vital role in shaping the future of ZetaChain.

ZETA Tokenomics

• Total Supply: 2.1 billion ZETA tokens have been minted, representing the total supply in circulation.

• Initial Distribution: Out of the total supply, 31.5 million ZETA were allocated through a genesis airdrop to reward those who actively participated in and contributed to ZetaLabs before the platform's mainnet launch. Over 800,000 participants were deemed eligible for this airdrop.

• Controlled inflation: For the initial four years after launch, the total supply of ZETA will remain fixed at 2.1 billion. Following this period, a controlled annual inflation rate of approximately 2.5% will be introduced. The exact inflation amount will be determined based on the circulating supply of ZETA at that time.

How to Deposit ZETA to Your Trust Wallet

Depositing ZetaChain in Trust Wallet is a straightforward process that ensures your assets are securely stored in a user-friendly crypto wallet. Follow these step-by-step instructions to deposit ZetaChain into your Trust Wallet.

Step 1: Download and Install Trust Wallet

If you haven't already, download and install the Trust Wallet app from the Apple App Store or Google Play Store. Once installed, open the app and set up your wallet by following the on-screen instructions. Be sure to securely back up your recovery phrase to ensure you can recover your wallet.

Step 2: Deposit Your ZETA Crypto

You can deposit ZETA from another crypto wallet address or from a centralized exchange. Here’s how:

• Select “Receive” from the home screen.

• Search for “ZETA” and select it.

From here you have two options. You can either:

1. Copy your deposit address and use that on your exchange account or other crypto wallet to send funds to.

2. Use the “Deposit from exchange” option to deposit crypto seamlessly from your exchange account.

Remember that in addition to ZETA, Trust Wallet lets you manage and interact with 10M+ crypto assets across 100+ blockchains. Download the latest version of Trust Wallet today.

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Disclaimer: Content is for informational purposes and not investment advice. Web3 and crypto come with risk. Please do your own research with respect to interacting with any Web3 applications or crypto assets. View our terms of service.

Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.