The Solana-based decentralized crypto derivatives exchange, Zeta Markets, is set to conduct an airdrop of 100 million governance tokens, Z.
We’re proud to introduce $Z — the future of decentralized trading.$Z powers the governance and protocol growth of Zeta Markets, @solana‘s fastest perpetuals exchange, which has facilitated +$4B in trading volume serving 71.6k monthly active users.
Coming soon. ? pic.twitter.com/ivGyoZ4S55
— Zeta Markets | v2 Live ? (@ZetaMarkets) April 9, 2024
The airdrop represents 10% of the total issuance of 1 billion coins.
The airdrop distribution will be as follows:
- 5% — to traders based on Z-Score points;
- 1% — to users who are also members of “strategic communities” on Solana;
- 4% — reserved for Z stakers.
Zeta’s founder, Tristan Frizza, told The Block that the token launch is expected in May. A snapshot will be taken in the coming weeks, with opportunities to earn points still available.
He added that the team has received several listing proposals for Z and is currently conducting due diligence with “several leading exchanges.”
The project also plans to allocate 30% of the total tokens to maker and taker incentive programs to ensure liquidity on the platform.
According to Frizza, Zeta’s venture investors hold approximately 17.5% of the future Z tokens. These assets are subject to a three-year vesting period with a one-year cliff.
As outlined in the roadmap presented in March, the airdrop will be the first step towards transferring project governance to the community. Alongside the distribution of tokens among Z stakers, a conditional vote escrow model is planned for implementation.
? Drumroll, please… We’re excited to unveil Zeta’s long-term Roadmap!
Our master plan to establish Zeta as the leading perps DEX on @solana, turning our vision of DeFi becoming the standard for everyone into reality ?️
Get comfy, chads. It’s alpha o’clock! ? pic.twitter.com/rqnvG32xl4
— Zeta Markets | v2 Live ? (@ZetaMarkets) March 12, 2024
“The general premise is that stakers will receive exponentially more votes and rewards by staking for longer periods,” Frizza explained.
According to the exchange, trading volume since inception has exceeded $4 billion, with monthly active users reaching 71,000.
Back in 2021, the Zeta team won the Grand Prize at the Solana Season hackathon.