Zeta Markets Unveils Governance Token Z on Solana Network

By: Eliza Bennet

Zeta Markets, a decentralized exchange (DEX) operating on the Solana network, has launched its governance token Z. The reveal signifies the DEX’s commitment to becoming a protocol entirely governed by its community, as it secures its authority to influence its operational decisions.

This move arrived along with the rising popularity of Zeta in the crypto community, aligned with the increasing favourability of the Solana ecosystem. Zeta has witnessed an all-time high (ATH) in monthly trading volumes, surpassing $1.2 billion with upward of 71,000 monthly active users in March.

The Z token, with a total supply limited to 1 billion, will see 10% of its allocation through airdrops, targeting Zeta traders and various members centered around the Solana ecosystem. Additionally, on its launch, nearly 30% of the token supply will be provided as incentives for trading activities to maintain the exchange’s liquidity.

Zeta's founder, Tristan Frizza, shared that the token launch is part of their long-term vision, introducing a unique vote escrow model on Solana and a staking mechanism for extra rewards. Zeta intends to debut the first Layer-2 rollup on Solana network before the year ends.