Solana-based DEX Zeta Markets is preparing to launch the Z token and distribute 100 million tokens. Zeta founder Tristan Frizza said that the token launch and airdrop is expected to take place next month.
Solana-based Zeta Markets will release tokens: There is also an airdrop!
Zeta Markets, a Solana-based decentralized exchange for crypto perpetual trading, is preparing to launch and issue its “governance” token Z. According to the statement made by Zeta, the total supply of Z token will be 1 billion. Additionally, the project will distribute 10% or 100 million via airdrop. Half of this 10% will go via airdrop to Zeta’s active traders and community members, determined by their Z-Scores, an ongoing points system on the platform. Zeta stated that it will allocate 1% to Zeta users who are part of strategic communities in Solana. He noted that the remaining 4% will be given as rewards to Z stakers.
Zeta’s founder, Tristan Frizza, said in his statement that according to the plan, they will launch Z in May. He also stated that airdrop requests will begin at that time. Frizza noted that they will announce the snapshot “in the coming weeks.” Frizza added that Zeta has received some listing offers for Z. He also explained that he is currently doing due diligence with “several of the top exchanges.”
Z will ‘pioneer’ the voting trust model in Solana
Zeta said the Z token will pioneer the voting escrow model in Solana. This is the model Curve pioneered on Ethereum. Vote escrow model in Curve, cryptokoin.comAs you know from , CRV allows holders to lock or escrow their tokens for a certain period of time to gain voting power. The longer holders hold CRV tokens in escrow, the greater their voting power. This system encourages stakeholders to make decisions that will benefit the Curve protocol in the long term.
“The general premise is that token stakers will receive exponentially more voting power and token rewards by staking longer,” Frizza said. Following the token launch, Zeta said that 30% of Z’s total supply will be dedicated to incentivizing maker and taker traders.
Zeta to launch Solana L2
After the token launch, Zeta plans to release a Solana Layer 2 rollup this year. “Essentially, we are building the first DeFi Layer 2 on top of Solana,” Frizza said. Solana only by consensus and DA [veri kullanılabilirliği] will use it as a layer.” said. He also underlined the following:
This aims to enable us to achieve faster consensus times and cheaper DA costs compared to similar Ethereum rollups. It allows us to create an extremely high-performance exchange comparable to centralized exchanges. It also alleviates the congestion issues we are currently experiencing in Solana Layer 1 in a similar manner.
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