DeFi
Solana DEX Zeta Markets Airdrop goes 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 token’s total supply, was designed to reward long-term Zeta users, making it easier to trade perpetuals on-chain. Perpetuals are a type of derivative contract that allows traders to speculate on the future price of crypto assets, but importantly has no expiration date.
Early this morning, ZEX debuted at $0.13, slightly above pre-market trading 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 to the platform’s early adopters, and was awarded based on users’ “Z-scores,” a points system that tracked individual trading volumes, among other criteria. At a second later date, the remaining 20% of the airdrop will be distributed to ZEX holders who stake their tokens with Zeta.
Staking is a core element of ZEX, which will serve as Zeta Markets’ governance token. In an effort 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 eventually 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 the lead-up to today’s airdrop, the platform saw around $3.24 billion in trading volume, according to Lama DeFi.
The summer was full of cryptocurrency airdrops. Just yesterday, the Ethereum layer-2 Blast network launched a massive airdrop $354 million airdrop for users. Despite the magnitude of this free gift, many Blast users were disappointed with the result, thanks in part to Dizzying forecasts of the value of the drop, although the price has check later in the day.
Another sign that, in crypto, expectations can often matter more than size.
Edited by Andre Hayward