Solana-based DEX Zeta Markets to Unveil and Airdrop 100M Z Tokens in May
Decentralized exchange (DEX) Zeta Markets, which runs on the Solana blockchain, will unveil and airdrop 100M governance token Z next month. Zeta founder Tristan Frizza indicated that the token launch will occur next month.
The Solana-based DEX has nurtured a niche in crypto perpetual trading. Frizza indicated that unveiling the governance token Z will reinforce the DEX reputation.
Zeta Markets Airdrops 100M Tokens
Zeta revealed in a Tuesday, April 9 update that the Z governance token will have 1 billion units. A 10% of the supply, translating to 100 million Z tokens, is set for distribution via airdrop.
Tuesday’s update by Zeta confirmed that half of the 10% Z tokens are destined for active traders and Zeta’s community members relative to their Z score. The Z score involves a points system running on the Zeta Markets platform.
Zeta revealed that 1% of the airdrop, translating to 1 million Z tokens, will benefit the Zeta users comprising Solana’s strategic communities. The remaining 4% of the airdrop constitutes rewards benefitting the Z stakers.
Frizza reiterated that the governance Z token would be unveiled in May, when the airdrop claims should start. The Zeta Markets founder stated that the snapshot unveiling will occur in the following weeks.
Frizza confessed that Zeta Markets receives several listing offers for the Z tokens. The DEX founder indicated that the team is currently in the due diligence phase with several leading exchanges.
Z Governance Tokens Introducing Vote Escrow Model on Solana
Zeta Markets plans Z tokens to pioneer the vote escrow approach on the Solana blockchain. It seeks to replicate the model that Curve introduced on the Ethereum network.
Frizza observed that the vote escrow approach allows the holders of the governance token to lock up and escrow them for a defined period, thereby earning voting power. Such manifests in Curve, whose governance token CRV allows the holders to escrow and lock up for a period in which they earn voting power.
The vote escrow approach implies that the longer the period one locks the token, the greater voting power accrued. The system incentivizes stakeholders to reach decisions that ultimately benefit the protocol in the long run.
Frizza explained that the general premise guarantees exponential rewards to token stakeholders with more voting power and tokens for longer staking periods. Zeta illustrated that 30% of the Z supply will incentivize makers and taker traders.
Zeta revealed that venture capital investors hold nearly 17.5% of the Z supply. Frizza clarified that the token’s vesting has exceeded three years since launch, though it features a one-year cliff.
Zeta began in 2021, facilitated by several reputable venture investors. Its list of investors includes Jump Capital, Solana Ventures, Wintermute, and Electric Capital.
Zeta Markets Plans Unveiling Solana L2 Rollup
After the Z token launch, Frizza disclosed that Zeta Markets plans to unveil the Solana Layer-2 rollup. The DEX founder assured the team plans to build the inaugural decentralized finance (DeFi) Layer-2 on the Solana blockchain.
Frizza revealed that the team will tap Solana exclusively as the data availability (DA) and settlement layer. The update hailed the layer as optimizing settlement times alongside cheaper DA costs, unlike Ethereum rollups.
Frizza indicates that the settlement and DA layer allows the Zeta team to build an exchange of high-performance matching centralized exchanges. Doing so will alleviate the congestion concerns experienced on the Solana Layer 1.
Frizza was non-committal on the technical details of the L2 rollup, though assured their release within the whitepaper, whose release is scheduled in a few weeks.
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