Zeta Markets, a decentralized crypto perpetual exchange operating on the Solana blockchain, is preparing for a major token launch in May, accompanied by an airdrop of 100 million $Z governance tokens.
The airdrop and upcoming token launch were confirmed by Zeta's founder, Tristan Frizza, who revealed that the Z token would be introduced with a total supply of 1 billion. 10% of that will be distributed via the aforementioned airdrop, 30% goes to platform emissions, and 22.5% to community growth initiatives via treasury post-TGE.
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Of that 10%:
- 7% of the tokens will be allocated to active community members, depending on their Z-Score;
- 1% will be allocated to different Solana community members;
- 2% will be allocated as rewards to Z stakers.
Zeta highlighted that the Z token would pioneer the vote escrow model on Solana, an innovative mechanism first established by Curve on Ethereum. This model enhances governance participation by incentivizing token holders to lock their tokens for extended periods, thus gaining greater voting power and rewards.
Frizza elaborated on the matter further:
The general premise is token stakers will be rewarded exponentially more voting power and token rewards by staking for longer periods of time.
In preparation for the launch, Zeta has begun engaging with top exchanges for potential token listings. The snapshot for the airdrop will be announced soon, with airdrop claims set to commence simultaneously with the token launch in May.
Post-launch, Zeta plans to introduce a Layer-2 rollup on Solana, aiming to enhance the performance of decentralized finance (DeFi) applications by leveraging Solana's architecture for faster settlements and reduced data availability costs. Details of this project are expected to be outlined in Zeta's forthcoming whitepaper.
Since its inception in 2021, Zeta has garnered significant backing from venture capital heavyweights such as Solana Ventures, Electric Capital, Jump Capital, and Wintermute. Approximately 17.5% of the Z token's total supply is held by these investors, with a vesting period extending over three years post-launch.
With these developments, Zeta Markets is not just expanding its services but is also setting a new standard in token governance and DeFi infrastructure on the Solana blockchain, aiming to influence the broader crypto market. With their ambitious L2 plan & product vision, their goal remains to directly compete with centralized exchanges and onboard millions of retail traders into DeFi perps.
