In an effort to develop into a community-driven protocol, Zeta Markets, one of the top five decentralized derivatives platforms on Solana, announced the launch and airdrop of its native token Z on Tuesday.According to a news release provided, the governance token will give token holders more benefits and allow community members from the larger Solana ecosystem to comment on significant Zeta decisions.A total of one billion Z tokens will be available, of which ten percent will be given out via an airdrop to stakeholders, active Zeta traders and community members, and Zeta users who are part of important Solana communities.
Based on their Z-score—a system of points that Zeta uses to award platform users—active traders will get half of the initial distribution.Of the total, 40% will go to strategic members of the Solana community and the Trustees of Z.Furthermore, market makers—who are essential to maintaining first-rate liquidity and ideal exchange conditions—will be given incentives by Zeta using thirty percent of the token supply.Creating buy and sell orders in an order book and preserving a healthy level of liquidity are the responsibilities of market makers, which enable the execution of bulk transactions at steady prices.
The press release went on to say that the introduction of the governance token is a part of a larger plan that also includes the release of Solana’s first layer 2 scaling solution.
“Zeta’s vision from day one has been to make decentralized finance a viable alternative to centralized, black-box financial systems. With a platform that has already stood the test of time and facilitated billions in volume for tens of thousands of traders, we’re excited to launch Z, the governance token of Zeta, to closely align the long-term interests of users with the protocol,” Tristan Frizza, Founder of Zeta Markets said.
“This will empower 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.
According to statistics provider DeFiLlama, Zeta Markets is the sixth largest derivatives platform on Solana with over $21 million worth of cryptocurrency locked in at the time of publication.