DeFi
Solana DEX Zeta Markets Airdrop Kicks Off With a Bang as ZEX Token Soars
Zeta Markets, a Solana-decentralized exchange based on (DEX) which also aims to build the chain’s first Layer 2 scaling network, launched an airdrop for users on Thursday that has so far exceeded initial expectations.
The ZEX airdrop, which includes 100 million tokens (or 10% of the total token supply), was designed to reward long-term Zeta users, making it easier to trade perpetual contracts on-chain. Perpetual contracts are a type of derivative contract that allows traders to speculate on the future price of crypto assets, but importantly, do not have an expiration date.
Early this morning, ZEX debuted at $0.13, slightly above pre-market negotiation forecasts. Its value then quickly tripled, surpassing $0.30, bringing the value of the Zeta airdrop to some $30.78 million.
At the time of writing, ZEX has since stabilized at around $0.25.
The Zeta airdrop will be carried out in two phases. Today, 80% of the airdrop has become available Early adopters of the platform received ZEX, and were awarded based on users’ “Z-scores,” a points system that tracks individual trading volumes, among other criteria. At a later date, the remaining 20% of the airdrop will be distributed to ZEX holders who staked their tokens with Zeta.
Staking is a core element of ZEX, which will serve as the governance token for Zeta Markets. In order to encourage engagement with the token, the longer holders stake ZEX, the more influence they will be able to exert exponentially over the direction of Zeta and the more financial incentives they will receive.
ZEX will also ultimately serve as the native gas token for Zeta X, a DeFi-focused blockchain built on Solana, which the Zeta team aims to launch early next year.
Zeta is currently one of the largest decentralized Solana exchanges. In May alone, perhaps in anticipation of today’s airdrop, the platform recorded $3.24 billion in trading volume, according to Lama DeFi.
The summer has been rich in cryptocurrency airdrops. Just yesterday, the Ethereum layer-2 network Blast launched a massive airdrop $354 million airdrop for users. Despite the magnitude of this free token giveaway, many Blast users were disappointed with the outcome, partly because Dizzying forecasts of the value of the airdrop, although the price has not check later in the day.
Another sign that, in crypto, expectations can often matter more than size.
Edited by Andrew Hayward