Zeta Markets launches governance token to steer Solana-based DEX toward community rule News ▸ Solana ▸ Governance
Zeta Markets launches governance token to steer Solana-based DEX toward community rule
Zeta said it leveraged Solana's soaring popularity to reach a record trading volume of over $1.2 billion in March.
2 min read
Updated: Apr. 9, 2024 at 5:03 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Zeta Markets, a decentralized exchange (DEX) built on Solana, will launch its governance Z token today, according to a statement shared with CryptoSlate.
The DEX revealed that the token’s debut aligns with its commitment to “becoming a fully community-centric protocol” and empowers its community members to influence its decisions.
Zeta has enjoyed considerable interest and adoption from the crypto community thanks to the rising popularity of the Solana ecosystem. The DEX stated that its monthly trading volumes crossed a new all-time high (ATH) of over $1.2 billion, traded by more than 71,000 monthly active users in March.
Data from DeFillama shows that the total value of assets locked on the platform has soared to a new high of over $21 million as of press time.
Z token supply
Z token has a total supply capped at 1 billion. Zeta Markets plans to allocate 10% of the tokens through airdrops, with 5% earmarked for Zeta traders and community members based on their Z-Score.
The platform revealed that 1% of the airdrop would be reserved for other Zeta users affiliated with strategic communities within the Solana ecosystem. In comparison, the remaining 4% will be allocated to Z stakers.
Upon launch, approximately 30% of the token supply will be allocated to incentivize maker and taker trading activities, acknowledging their pivotal role in maintaining liquidity on the exchange.
Zeta roadmap
Tristan Frizza, the founder of Zeta Markets, stated that the token launch is part of the protocol’s long-term vision. This vision includes pioneering a novel vote escrow model on Solana and incorporating a staking mechanism that enables holders to earn additional rewards.
Additionally, Zeta plans to introduce the first layer-2 rollup on the Solana network before the end of this year.
According to Frizza:
“With a platform that has already stood the test of time and facilitated billions in volume for tens of thousands of traders, we’re excited to launch $Z, the governance token of Zeta, to closely align the long-term interests of users with the protocol. This will empower the community to shape the future trajectory of the protocol and weigh in on important decisions as we collectively strive to deliver the ultimate DEX experience.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Zeta Markets is a DeFi platform offering a capital-efficient DEX for perpetual contracts on the Solana blockchain.
