Zeus Network Launches Apollo Bitcoin Exchange on Solana
Zeus Network, a platform that facilitates integration between the Bitcoin and Solana networks, recently announced the launch of the Apollo Bitcoin Exchange on the Solana network. The launch is considered a significant step forward for Solana’s DeFi ecosystem, introducing for the first time a permissionless digital asset, $zBTC, which is pegged to the value of Bitcoin ($BTC).
$zBTC officially launched on March 27, marking a major step in expanding Bitcoin’s liquidity and functionality within the Solana environment. This new token, created in conjunction with the Apollo exchange, allows users to lock native Bitcoin on the Bitcoin blockchain and then mint $zBTC directly on the Solana network. This process is similar to how other tokens like $wBTC and $cbBTC offered by Coinbase work, and are intended to provide greater capital efficiency for DeFi users while also facilitating the smooth integration of $BTC within the Solana network.
Importantly, all $zBTC tokens are backed 1:1 by native Bitcoin. Reserves are transparently verified through ZeusScan. Zeus Network has also adopted MPC (Multi Party Computation) technology for BTC custody, ensuring effective decentralization and eliminating centralized points of failure through the decentralized ZeusNodes network.
As of press time, the Zeus Foundation leads as the largest miner of $zBTC with 31.52 $BTC locked, representing 58.25% of the token’s total supply. Notable investors including Animoca Ventures and Mechanism Capital also contribute to the ecosystem.
In the context of the Bitcoin-pegged token market on Solana, $zBTC is still a small player, with only 0.77% of the market. However, its exclusivity and future plans for integrations into cross-chain DEXes and Ordinals/Runes applications suggest significant adoption potential over time.