Zeta Markets, a prominent Solana-based decentralized exchange (DEX) focused on derivatives trading, has launched its native token, ZEX. As part of the launch, the platform has also activated an airdrop with open claims for a 100 million ZEX. This move, which is often seen across several projects, is aimed at incentivizing early adopters while also encouraging long-term participation within the Zeta ecosystem.
In a statement about the token launch, Zeta Markets’ founder Tristan Frizza spoke about the firm’s goal. He said Zeta seeks to create “the ultimate trading exchange.” His further wrote:
“The launch of $ZEX marks a pivotal step in this journey, placing decision-making power into the hands of our community while driving long-term growth in the protocol.”
ZEX Token Airdrop
The ZEX token airdrop is made up of 10% of the total 1 billion ZEX supply. 8% of this allocation is designated for Zeta traders in Phase 1, with eligibility determined by a “Z-Score” snapshot capturing trading activity on June 7th. The remaining 2% is reserved for early stakers through Phase 2, which will be distributed 28 days from the token generation event and based on staking duration and locked token amounts. Users have 90 days to claim their airdrop rewards.
The ZEX token, per company statement, will serve more than one purpose within the Zeta ecosystem. First and foremost, it will function as the governance token, enabling holders to vote on proposals that influence the protocol’s direction. The token uses a vote-escrow model that rewards long-term commitment with increased voting power. That is, the longer a user locks their tokens, the more voting influence they will likely wield.
Furthermore, ZEX is the native gas token for Zeta X, Zeta’s upcoming “DeFi Layer 2” built on Solana. This layer 2 solution aims to replicate the performances of centralized exchanges or even do better. All that while retaining the transparency and security of DeFi. Zeta X’s mainnet launch is slated to launch in the first quarter of 2025.
Beyond the initial airdrop, an additional 30% of the ZEX supply is dedicated to ongoing trading incentives. Distributed every 28 days (epochs), these incentives aim to keep users actively engaged on the platform.
Brief History
Founded in 2021, Zeta Markets has established itself as a leading derivatives exchange on Solana. It currently boasts a total value locked (TVL) of over $17.2 million, per DefiLlama data, exceeding $10 billion in cumulative trading volume. With over 125,000 monthly active users, Zeta aspires to become the premier DEX for perpetual contracts on the Solana blockchain.
