Zeta Markets on Solana to Distribute 100 Million Tokens in Airdrop

The decentralized crypto derivatives exchange Zeta Markets, built on Solana, has initiated an airdrop of 100 million governance tokens, ZEX (formerly known as Z).

The $ZEX Claim is Live!

Claim your airdrop at https://t.co/MDMvOn4mjo.

Welcome to the future of decentralized trading. pic.twitter.com/it7ZyVOvdu

— Zeta Markets (@ZetaMarkets) June 27, 2024

The initiative aims to reward early users and encourage long-term participation in the protocol, according to a press release.

The airdrop will distribute 10% of the total supply of 1 billion ZEX:

• 8% is reserved for Zeta traders in the first phase;
• 2% is for early stakers; ZEX will be distributed 28 days after the TGE proportionally to the amount of tokens locked and the duration of staking.

Users have 90 days to claim their funds.

The initial distribution is based on a snapshot from June 7 of users’ “Z-Score”—a system linked to trading activity.

An airdrop is also planned for members of ecosystem partners of the DEX who participated in the relevant competition.

An additional 30% of the ZEX supply is allocated for incentives through distributions among exchange traders at the end of each epoch, occurring every 28 days.

According to the team, the “Genesis Epoch” will last until July 25 and will include 8 million ZEX as a reward for trading.

“Our goal at Zeta Markets is to create the perfect DEX, combining speed and convenience on par with CEX with the transparency and security of DeFi. The launch of ZEX marks an important step on this path, transferring decision-making power to the community and ensuring the long-term growth of the protocol through strategic alignment of interests among various parties,” the statement reads.

ZEX provides governance, staking, and incentives within Zeta.

The token employs a vote-escrowed model—a system used in Curve Finance. In it, CRV holders lock them for a set period to gain more voting power in the form of veCRV, encouraging long-term commitment to the project.

According to the team, ZEX also serves as the native gas token and incentive mechanism for Zeta X, the “second layer of DeFi” on Solana.

The solution aims to achieve CEX-like performance on-chain. The mainnet is expected in Q1 2025.

According to DeFi Llama, the TVL of Zeta Markets is $16.9 million.

Project data indicates that the platform’s monthly active users exceed 125,000.

Back in 2021, the Zeta team won the Grand Prize at the Solana Season hackathon.

From January to June, participants in the crypto industry raised approximately $4 billion in various tokens through airdrops.

On June 26, developers of the second-layer network Blast completed the first phase of the BLAST distribution.