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Zeta Markets, a decentralized derivatives protocol operating on Solana, has introduced its native governance token, Z, as part of a broader strategic initiative. The token launch coincides with plans to roll out Solana’s inaugural layer 2 scaling solution, according to a press release from Zeta Markets.
The Z token, with a total supply of 1 billion, aims to foster community engagement and participation within the Zeta ecosystem. As an integral part of the protocol, the token will enable users and community members to influence important decisions and receive additional rewards through staking.
Initially, 10% of the Z token supply will be distributed via an airdrop to active Zeta traders, stakers, and strategic Solana community participants. Active traders will receive 50% of the initial distribution based on their Z-score, while stakers will receive 40%. The remaining portion will be allocated to selected Solana community members.
Moreover, Zeta Markets plans to allocate 30% of the token supply to incentivize market makers, who play a crucial role in maintaining liquidity and optimal trading conditions on the platform.
Tristan Frizza, the Founder of Zeta Markets, expressed enthusiasm for the token launch, emphasizing the protocol’s commitment to democratizing decentralized finance (DeFi). Frizza highlighted Zeta’s track record of facilitating billions in trading volume and its aim to offer a transparent and user-centric DEX experience.
With over $21 million worth of cryptocurrencies locked in Zeta Markets, the platform ranks as the fifth-largest derivatives platform on Solana, according to DeFiLlama data.
The introduction of the Z token marks a significant step towards empowering the Zeta community and shaping the future trajectory of decentralized finance on Solana.
Featured Image: Freepik
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