Solana’s leading trading platform Zeta Markets is about to issue governance tokens $Z

Original source: Zeta markets

At 10pm Singapore time on April 9, Zeta Markets, the leading perpetual options exchange on Solana, announced that it will issue a governance token $Z, taking a key step towards a community-driven path. This milestone marks that Zeta Markets will be completely community-centric and drive steady growth within Zeta Markets to achieve its vision of wider application on Solana.

Powered by Solana, Zeta Markets was founded in 2021 and is backed by ElectricElectric Capital, Jump Capital, Wintermute and Solana Ventures, as well as additional investors such as Race Capital, DACM, Airtree Ventures, Amber Group, Sino Global Capital, Genesis Block Ventures, MGNR, 3kVC, LedgerPrime and SkyVision Capital. As a leader in the global on-chain exchange track, Zeta Markets aims to provide a seamless and fast first-class trading experience. The platform's cumulative trading volume is currently close to $4 billion.

In recent months, Solana's DeFi ecosystem has recovered rapidly. According to DeFiLlama, the total locked value (TVL) on Solana has risen by 1,900%, approaching $5 billion in April 2024. Trading volume has also been steadily increasing, setting a record of $60 billion in March 2024. The market's revival has driven the growth of Zeta Markets. In March, Zeta Markets' trading volume hit a record high, with approximately 71,600 active users and more than $1.2 billion in trading volume.

As the governance token of Zeta Markets, $Z will give users decision-making power in the protocol and the broader Solana ecosystem. The token will bring advanced voting custody governance mechanisms to Solana, while staking tokens will provide additional rewards to incentivize long-term consensus between the protocol and holders. Through $Z, Zeta Markets not only rewards its active users, but also empowers users to play a key role in the future development of the protocol.

$Z will have a total supply of 1 billion, with 10% of the initial distribution going to airdrops, with the following distributions:

5% - based on the user’s Z-Score, a continuous points system allocated to active traders and community members

1% - Zeta Markets users in strategic partner communities on Solana.

4% - $Z token stakers, to reward them for their long-term trust in the protocol.

After the token issuance, a fixed share of 30% of the total token supply will be used directly to incentivize Makers and Takers to thank them for their contributions to first-class liquidity and trading environment.

Regarding the token issuance, Zeta Markets founder Tristan Frizza said that Zeta Markets’ vision has long been to make decentralized finance an alternative to centralized finance, black-box systems. As a solid platform with tens of thousands of traders and billions of dollars in trading volume, Zeta Markets is pleased to be able to closely align the long-term interests of users with the development of the protocol through the issuance of the governance token $Z. This will allow the community to shape the future development path of the protocol and make important decisions in perfecting the top exchange experience.

The issuance of the $Z governance token will be the beginning of Zeta Markets' public roadmap. This year, Zeta Markets' plans also include the release of the first L2 Rollup on Solana. At that time, Zeta Markets will move towards a more democratic and participatory future in decentralized finance.

This article comes from a contribution and does not represent the views of BlockBeats.

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