Solana-based trading platform Zeta Markets is about to launch its governance token $Z.

Source: Zeta markets

At 10 pm Singapore time on April 9th, Zeta Markets, a leading perpetual options trading platform on Solana, announced the upcoming issuance of governance token $Z, taking a crucial step towards community-driven initiatives. This milestone event signifies Zeta Markets' full commitment to community-centric approaches, driving robust growth within Zeta Markets and realizing its vision for broader applications on Solana.

Powered by Solana, Zeta Markets was founded in 2021 and has received support from Electric Capital, Jump Capital, Wintermute, and Solana Ventures, as well as additional investments from Race Capital, DACM, Airtree Ventures, Amber Group, Sino Global Capital, Genesis Block Ventures, MGNR, 3kVC, LedgerPrime, and SkyVision Capital. As a frontrunner in the global on-chain exchange race, Zeta Markets aims to provide a seamless and fast first-class trading experience. The platform has accumulated a trading volume close to $4 billion.

In recent months, Solana's DeFi ecosystem has seen rapid growth. According to DeFiLlama, the total value locked (TVL) on Solana has increased by 1900%, nearing $5 billion in April 2024. Trading volume has also steadily risen, reaching a historical record of $60 billion in March 2024. The market resurgence has driven growth for Zeta Markets, with the platform hitting a record high trading volume in March, attracting approximately 71,600 active users and generating over $1.2 billion in trading volume.

As the governance token of Zeta Markets, $Z will empower users with decision-making capabilities within the protocol and the broader Solana ecosystem. The token will introduce advanced voting delegation governance mechanisms on Solana, while staking the token will provide additional rewards, incentivizing long-term consensus between the protocol and holders. Through $Z, Zeta Markets not only rewards its active users but also empowers them to play a crucial role in the protocol's future development.

The total supply of $Z is 1 billion, with an initial allocation of 10% to be airdropped as follows:

5% - Allocated to active trading users and community members based on their Z-Score, a continuous scoring system.

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

4% - Rewards for $Z token stakers, acknowledging their long-term trust in the protocol.

Following the token issuance, a fixed portion of 30% of the total token supply will be directly used to incentivize makers and takers, thanking them for their contributions to top-tier liquidity and trading environments.

Regarding the token issuance, Zeta Markets founder Tristan Frizza stated that the long-standing vision of Zeta Markets is to make decentralized finance an alternative to centralized finance and black-box systems. As a stable platform with tens of thousands of trading users and billions of dollars in trading volume, Zeta Markets is pleased to closely align user interests with protocol development through the issuance of governance token $Z. This will allow the community to shape the future development path of the protocol and make critical decisions in enhancing the top-notch trading experience.

The issuance of $Z governance token marks the beginning of Zeta Markets' public roadmap. This year, Zeta Markets' plans include launching 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 is contributed content and does not represent the views of BlockBeats.

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