Solana-based Zeta Markets launches Z governance token
Zeta Markets will airdrop 100 million units of its new Z token, which will be shared amongst traders, liquidity providers, and stakers.
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Solana-based decentralized exchange (DEX) Zeta Markets has officially launched its governance Token, the Z. According to the announcement, the introduction of Z is a key development in Zeta’s evolution towards a community-led governance structure, with the token set to play a critical role in the protocol’s growth and its broader goal of promoting widespread adoption of decentralized finance (DeFi) on the Solana blockchain.
“With a platform that has already facilitated billions in volume, we’re excited to launch $Z to closely align the long-term interests of users with the protocol,” Tristan Frizza, founder of Zeta Markets, commented on the launch. “This will empower the community to shape the future trajectory of the protocol and weigh in on important decisions.”
The DeFi sector on Solana has seen a significant uptick in 2024, with total value locked (TVL) rising over 1400% to nearly $5 billion as of April, as reported by DeFiLlama. Zeta Markets has benefited from this growth, with its monthly trading volumes reaching new heights, surpassing $1.2 billion and engaging over 71,600 active users in March alone.
Z token holders will have the ability to influence the direction of the Zeta protocol and contribute to the governance of the Solana ecosystem. The token introduces a vote escrow model to Solana and offers staking rewards, fostering a strong alignment between Zeta’s stakeholders.
The initial token distribution includes a 10% airdrop, with 5% going to Zeta’s active traders and community members, 1% to users who are part of strategic Solana communities, and 4% to those staking Z tokens. Additionally, 30% of the total supply is earmarked for incentivizing liquidity providers, crucial for maintaining high-quality market conditions.
The launch of the Z token is just the beginning of Zeta’s public roadmap, which includes the release of Solana’s first L2 rollup later this year, marking a significant step towards democratizing the DeFi space.
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