- Solana DEX Zeta Markets is set to launch and airdrop 100 million Z tokens next month
- The Z token will have a total supply of 1 billion, with 10% (100 million) to be airdropped
- Zeta plans to release a Solana Layer 2 rollup this year, aiming to build the first DeFi Layer 2 on Solana
Zeta Markets, a Solana-based decentralized exchange, is set to launch and airdrop 100 million Z tokens next month. The token launch and airdrop are expected to occur in May 2024.
JUST IN: Solana's @ZetaMarkets announced its upcoming airdrop of 100 million $Z
— BlockNews.com (@blocknewsdotcom) April 9, 2024
Zeta Markets Overview
Zeta Markets is a Solana-based decentralized exchange for trading crypto perpetuals. It is set to launch and airdrop its governance token Z. The Z token will have a total supply of 1 billion, with 10 or 100 million set to be distributed through an airdrop, Zeta said.
The Z Token Airdrop
Half of the 10-100 million Z tokens will be airdropped to active traders and community members of Zeta. Another 1% will go to Solana users on Zeta. The remaining 4% will be rewarded to Z stakers.
Zeta founder Tristan Frizza said the token is expected to launch in May 2024. That’s when airdrop claims will also start. A snapshot will be announced in the coming weeks.
Frizza added that Zeta has received listing offers for Z and is conducting due diligence with top exchanges.
Z Token Utility
The Z token will pioneer the vote escrow model on Solana, similar to Curve’s CRV token on Ethereum. Token stakers will be rewarded more voting power and rewards for longer stake periods.
Following the launch, 30% of Z’s supply will incentivize maker and taker traders on Zeta. Zeta’s investors own about 17.5% of the supply, vested over 3 years.
Upcoming Developments
After the token launch, Zeta plans to release a Solana Layer 2 rollup this year. This will allow faster settlement times and cheaper costs than Ethereum rollups, says Frizza.
Zeta will release the L2 rollup’s technical whitepaper details in a few weeks.
Conclusion
The Solana DEX is gearing up to airdrop its governance token next month. The token will pioneer vote escrow on Solana to incentivize long-term protocol decisions. Zeta also has plans to launch a fast and low-cost L2 rollup for its exchange later this year.
