DeFi
DeFi platform Zeta Markets announces Z governance token
Zeta Markets, one of the top five decentralized derivatives platforms on Solana, announced on Tuesday the launch and airdrop of its native token Z with the aim of becoming a community-driven protocol.
The governance token will allow Zeta users and community members in the broader Solana ecosystem to influence important decisions within Zeta and provide additional rewards to token stakeholders, according to a press release shared with CoinDesk.
The Z token will have a total supply of 1 billion, of which 10% will initially be distributed via an airdrop to active Zeta traders and community members, Z token stakeholders, and Zeta users belonging to strategic Solana communities.
Active traders will receive 50% of the initial distribution based on their Z score, or the Zeta point system that rewards users of the platform. Stakers of Z will receive 40%, while the rest will go to strategic members of the Solana community.
Additionally, Zeta will use 30% of the token supply to incentivize market makers, the key players who ensure premium liquidity and optimal trading conditions. Market makers are entities responsible for creating buy and sell orders in an order book and maintaining healthy liquidity that facilitates the execution of large orders at stable prices.
The press release adds that the governance token’s debut is part of a broader strategy, including plans to release Solana’s first Layer 2 scaling solution.
“From day one, Zeta’s vision has been to make decentralized finance a viable alternative to centralized and black box financial systems. With a platform that has already stood the test of time and helped generate billions of dollars for tens of thousands of traders, we are excited to launch Z, Zeta’s governance token, to closely align the interests at long term users on the protocol. said Tristan Frizza, founder of Zeta Markets.
“This will allow the community to shape the future trajectory of the protocol and weigh in on important decisions as we collectively strive to deliver the ultimate DEX experience,” Frizza added.
At press time, more than $21 million worth of cryptocurrencies were locked up on Zeta Markets, making it the fifth largest derivatives platform on Solana, according to data source DeFiLlama.