Solana-Based Exchange Announces Token Airdrop
Zeta Markets, a decentralized exchange (DEX) based on Solana, is conducting a token airdrop for its early adopters. On June 27, Zeta opened the claims for its ZEX token. This token facilitates governance, staking, and serves as the native gas token for Zeta's upcoming Layer 2 network, Zeta X.
Zeta is currently the 25th largest DeFi protocol on Solana, with a total value locked (TVL) of $17.2 million, according to DeFi Llama. The platform handled $45 million in volume in the last 24 hours and has processed $10 billion in total volume since its launch in 2021, with 125,000 monthly active users.
The airdrop allocates 10% of the ZEX supply. Active traders on Zeta can now claim 70% of the airdrop, based on a snapshot taken on June 7. Zeta ecosystem partners will receive 1% of the ZEX supply. The remaining tokens will be distributed to ZEX stakers in a follow-up airdrop 28 days later. Users can claim tokens until September 25, 2024.
“The initial airdrop aims to reward genuine, long-term Zeta users,” the project stated.
Additionally, 30% of the total ZEX supply is reserved to provide ongoing trading incentives, with rewards distributed over 90 epochs of 28 days each. Zeta’s token is one of the first to introduce a “vote-escrow” (VE) mechanism in the Solana ecosystem. VE stakers receive governance power proportional to their staked assets and staking duration, allowing them to vote on reward allocations to asset pools. This mechanism encourages long-term commitment and enhanced rewards for stakers.
Zeta X is expected to support up to 10,000 transactions per second and confirm transactions in under 10 milliseconds, with leverage up to 50x. The mainnet launch is planned for Q1 2025, following a testnet deployment in Q3 this year.
