Solana-exchange Zeta Markets will distribute 100 mln tokens in the course of airdrop
Solana-based decentralized cryptocurrency exchange Zeta Markets has launched airdrop of 100 million ZEX (formerly Z) management tokens.
The initiative is designed to reward early users and encourage long-term participation in the protocol, according to a press release.
The giveaway will hand out 10% of the total 1 billion ZEX offering:
8% - reserved for Zeta traders in Phase 1;
2% for early-stakers; ZEX will be distributed 28 days after TGE in proportion to the number of blocked tokens and the duration of the staking.
Users and have 90 days to stack funds.
The initial distribution is based on a June 7 snapshot of users' Z-Score, a system linked to trading activity.
An airdrop is also provided for DEX ecosystem partner members who participated in a related contest.
An additional 30% of the ZEX offering has been allocated for incentives through distributions to exchange traders at the end of each epoch at a frequency of every 28 days.
According to the team, the Genesis Era will run until July 25 and will contain 8 million ZEX as trading rewards.
"Our goal at Zeta Markets is to create the perfect DEX, combining speed and convenience on par with CEX with the transparency and security of DeFi. The launch of ZEX marks an important step on this journey, putting decision-making power in the hands of the community and ensuring the long-term growth of the protocol by strategically aligning the interests of various parties," the statement said.
ZEX provides governance, staking and incentives in Zeta.
The token uses a vote escrow model, a system used by Curve Finance. In it, CRV holders lock them up for a certain period to receive more voting rights in the form of veCRVs, incentivizing long-term commitment to the project.
According to the team, ZEX also serves as its own gas token and incentive mechanism for Zeta X, the "second tier of DeFi" on Solana.
The solution aims to achieve CEX-like onchain performance. The main network is expected in Q1 2025.
According to DeFi Llama, Zeta Markets' TVL is $16.9 million.
According to the team, the number of monthly active users of the platform exceeds 125,000.
Recall, in 2021, the Zeta team won the Grand Prix of the Solana Season hackathon.
From January to June, participants in the crypto industry received ~$4 billion in various tokens within airdrops.
On June 26, the Blast tier 2 network team completed the first phase of the BLAST giveaway.