Zeta Markets, a leading Solana-based decentralized exchange (DEX), announced that it will launch its Token Generation Event (TGE) for its ZEX token.
This is an important phase for Zeta, a leading provider of on-chain perpetual on the Solana blockchain. By launching the TGE, the developers also unveiled the website platform where users can claim their tokens for 90 days.
ZEX is Zeta Markets’ native token, powering its governance, staking, and incentives on the protocol. It also introduced one of the first vote-escrow models on Solana, incentivizing long-term commitment for stakes.
The ZEX token will also serve as the native gas toke and an incentive mechanism on Zeta Z, the platform’s layer two on Solana. In a statement, Tristan Frizza, the founder of Zeta Markets, said:
“The launch of $ZEX marks a pivotal step in this journey, placing decision-making power into the hands of our community while driving long-term growth in the protocol by strategically aligning the interests of different stakeholders”
Zeta Markets joins other networks that have delivered their airdrops in the past few weeks. This year, some of the most popular airdrops were Notcoin, zkSync, Wormhole, and LayerZero. Some of these airdrops have done well, with Notcoin’s market cap jumping to over $1.6 billion.
Zeta Markets’s airdrop comes as the network is experiencing strong growth. Data shows that it has accumulated over 125k monthly users and handled transactions worth over $10 billion.
Zeta Markets aims to launch Zeta X, the first DeFi layer two on Solana, as part of its growth strategy. Layer 2 networks like Polygon and Arbitrum aim to boost a network’s throughput and lower transaction costs.
Launched in 2021, Zeta Markets is backed by the likes of Amber Group, Genesis Block Ventures, and Electric Capital.
