Zeta Markets, one of Solana’s top five decentralized derivatives platforms, announced the launch and airdrop of its native token Z on Tuesday as it aims to become a community-driven protocol.
According to a press release shared with CoinDesk, governance tokens will allow Zeta users and broader Solana ecosystem community members to weigh in on important decisions within Zeta and provide additional rewards to token stakers. Masu.
The total supply of Z Tokens is 1 billion, of which 10% will be initially distributed via airdrop to active Zeta traders and community members, Z Token stakers, and Zeta users belonging to the strategic Solana community.
Active traders receive 50% of their initial distribution based on their Z-Score, or Zeta’s point system that rewards platform users. Z stakers will receive her 40% and the rest will be given to strategic Solana community members.
Additionally, Zeta will use 30% of the token supply to incentivize market makers who are key players in ensuring top-level liquidity and optimal exchange terms. A market maker is an organization tasked with creating buy and sell orders in the order book and maintaining healthy liquidity so that large orders can be executed at stable prices.
The press release added that the debut of the governance token is part of a broader strategy that includes plans to release Solana’s first Layer 2 scaling solution.
“Zeta’s vision from the beginning has been to make decentralized finance a viable alternative to centralized black-box financial systems. Using a platform that has driven trading volumes, we are excited to launch Z, Zeta’s governance token, to closely align the protocol with the long-term interests of our users,” said Zeta Markets. Founder Tristan Frizza said.
“This will allow the community to weigh in on important decisions as we collectively strive to shape the future trajectory of the protocol and deliver the ultimate DEX experience,” Frizza added.
According to data source DeFiLlama, as of this writing, $21 million worth of cryptocurrencies are locked in Zeta Markets, making it the fifth largest derivatives platform on Solana.
