DeFi
Solana DEX Zeta Markets Airdrop Goes Off With a Bang as ZEX Token Soars
Zeta Markets, a Solanadecentralized exchange based on (DEX) which also aims to build the chain’s first scalable Layer 2 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 opened 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 drop will land in two phases. Today, 80% of airdrops have become available Early adopters of the platform received ZEX, and were awarded based on user “Z scores,” a points system that tracked 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 of Zeta Markets. In an effort to encourage engagement with the token, the longer holders stake ZEX, the more exponentially greater influence they will be able to exert 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 exchanges in Solana. In May alone, perhaps in anticipation of today’s airdrop, the platform recorded trading volume worth $3.24 billion, according to Lama DeFi.
It’s been a big summer for crypto airdrops. Just yesterday, Ethereum’s layer-2 network, Blast, launched a massive $354 million airdrop for users. Despite the scale of this free token distribution, many Blast users were disappointed with the outcome, in part due to Dizzying forecasts of the value of the airdrop, although the price has not check later in the day.
Another sign that in the cryptocurrency space, expectations can often matter more than size.
Edited by Andre Hayward