TL;DR
- Zeta Markets launches its $Z governance token and reveals first Solana scaling at layer 2.
- It will distribute 100 million $Z tokens to members of the Solana community.
- It plans to dedicate 30% of the token supply to incentivize market makers and improve liquidity.
Zeta Markets, one of the leading decentralized exchanges on Solana, has taken a significant step by introducing its governance token, $Z, and announcing its plans to implement the first layer 2 scaling solution.
With a total supply of 1 billion tokens, $Z is designed to strengthen community participation and scalability within the Solana ecosystem.
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
As part of this initiative, 100 million $Z tokens will be distributed to active members of the Solana community via an airdrop.
This airdrop will include active traders, stakers and strategic community members.
Active traders, identified through Zeta’s Z-score system, will receive 50% of the initial distribution, highlighting the importance of long-term activity in the protocol.
Additionally, 40% will be allocated to token stakers, thus promoting continued participation in the network.
The remaining 30% of the token supply will go towards incentivizing market makers, a crucial measure to maintain liquidity and ensure optimal exchange conditions.
Zeta Markets has revealed plans to implement Solana’s first layer 2 scaling solution
This strategic initiative by Zeta Markets aims to effectively address the significant scalability challenges currently facing the Solana blockchain.
By implementing the first layer 2 scaling solution for Solana, Zeta Markets seeks to not only improve the speed of transactions on this blockchain, but also optimize the overall efficiency of its platform.
Scalability is a crucial factor in the development and mass adoption of any blockchain network, and concrete steps are being taken to ensure that your platform is capable of handling an increasing volume of transactions quickly and efficiently.
By exclusively using Solana as the settlement and data availability layer, Zeta aims to achieve faster settlement times and reduce transaction costs compared to Ethereum-based solutions.
Zeta Markets is leading the way in the evolution of DeFi on Solana by introducing its governance token and driving innovative scaling solutions.
These steps will not only strengthen Zeta‘s position in the Solana ecosystem, but will also contribute to the sustained growth and adoption of DeFi on the Solana blockchain.
