Zeta Markets, a leading decentralized perpetual exchange (Perpetual DEX) on the Solana ecosystem, has officially introduced its new native token, ZEX. This launch is accompanied by an enticing airdrop program distributing a total of 100 million ZEX, marking the transition from the previous token symbol “Z” to “ZEX”.
Claim Your Airdrop Here : https://token.zeta.markets/
Zeta Markets’ Airdrop Strategy
The airdrop aims to reward early adopters and encourage long-term participation in the Zeta protocol. Eligible users have 90 days to claim their tokens. Specifically, 10% of the total ZEX supply, equating to 100 million tokens, will be distributed in two phases:
- Phase 1: Immediately following the Token Generation Event (TGE), 8% of the total supply will be allocated:
- 7% for active traders on the Zeta platform.
- 1% for key community members within the Solana ecosystem, based on the “Z-Score” system — a metric derived from user trading activity and captured in a snapshot on June 7, 2024.
- Phase 2: An additional 2% of tokens will be allocated to users who stake ZEX before July 25. These tokens will be distributed over epochs of 28 days each, based on the amount and duration of the tokens staked by the users after the TGE.
Related: Layer-2 Blast Officially Launches Token Airdrop and Lists on Bybit
ZEX Token Allocation of Zeta Markets
Beyond the airdrop, Zeta Markets plans to distribute ZEX tokens across various ecosystem participants as follows:
- 30% for future incentive proposals (including maker and taker activities on the platform). These tokens will be unlocked gradually over 90 months.
- 17.5% for investors, locked for 1 year and then distributed over the following 2 years.
- 20% for core team members, locked for 1 year and subsequently distributed over the next 3 years.
- 22.5% for the community treasury, unlocking progressively over 24 months.
Role of the ZEX Token
According to the project’s whitepaper, the ZEX token is pivotal not only for governance and staking on Zeta Markets but also for driving various incentive programs.
Notably, ZEX will serve as the gas token and incentive mechanism for Zeta X, the first DeFi Layer-2 on Solana. Zeta X aims to deliver performance and cost efficiency on par with centralized exchanges (CEX) while ensuring self-custody, security, and transparency. The Zeta X mainnet is expected to launch in Q1 2025.
The ZEX token will also utilize the vote-escrow model, a system pioneered by Curve Finance, where users who lock their tokens for longer periods gain more voting power in governance decisions.
Zeta Markets’ Position in the Solana Ecosystem
Founded in 2021, Zeta Markets is currently ranked as the 6th largest derivatives exchange on Solana, boasting a total value locked (TVL) of $16.8 million according to DeFiLlama data.
In May, Zeta Markets successfully raised $5 million in a strategic funding round led by Electric Capital. This round saw participation from Digital Asset Capital Management (DACM), Selini Capital, Airtree Ventures, and angel investors including Anatoly Yakoven (co-founder of Solana), Richard Wu (co-founder of Tensor), and JMR Luna (Ambassador at market maker Wintermute).
With the launch of the ZEX token and a comprehensive airdrop strategy, Zeta Markets is solidifying its position in the decentralized derivatives market on Solana. This transition not only provides added value for users but also opens new opportunities for developers and the Solana community. Stay tuned and get involved to secure your ZEX tokens and benefit from this exciting opportunity!
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