Zeta Markets Launches ZEX Token, Distributes 10% of Supply Through Airdrop

Zeta Markets, a Solana-based decentralized exchange, has officially launched its native token, ZEX. Concurrently, the platform announced a token generation event (TGE) and an airdrop designed to distribute 10% of the ZEX supply to its community.

Investors such as Electric Capital, Jump Capital, Wintermute, and Solana Ventures back Zeta Markets.

ZEX Airdrop Claim Goes Live

Starting today, the ZEX airdrop claim is live until September 25, 2024, 09:45 UTC. The airdrop aims to reward Zeta’s loyal users and encourage sustained engagement within its ecosystem.

Zeta Markets has allocated 8% of the ZEX supply for Zeta traders and set aside an additional 2% for early stakers. Based on the duration and quantity of tokens staked, distributions occur 28 days post-TGE.

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The detailed allocation of the ZEX airdrop includes 7% for OGs and active traders, determined by their trading volumes and activity. Another 1% is reserved for community members from Zeta’s ecosystem partners who participated in the community airdrop competition. Additionally, a 7-day bonus post-TGE will unlock gradually, enhancing the overall incentive scheme.

ZEX plays a pivotal role across the Zeta platform, facilitating governance, staking, and incentive mechanisms. Moreover, it is crucial on Zeta X, the anticipated DeFi L2 solution on the Solana blockchain.

“The launch of ZEX marks a pivotal step, placing decision-making power into the hands of our community while driving long-term growth in the protocol by strategically aligning the interests of different stakeholders,” Tristan Frizza, Founder of Zeta Markets, told BeInCrypto.

Amidst the controversies surrounding some airdrops, such as those by LayerZero (ZRO) and zkSync (ZK), Zeta aims to establish a new industry standard.

“While no airdrop is perfect, few community token distributions have been as deeply researched or thoughtfully designed as the Zeta Markets token generation event. This event exemplifies a well-structured approach to rewarding loyal users and sets a new standard for how to communicate with a community,” Avichal Garg, Managing Partner at Electric Capital, told BeInCrypto

The ZEX token has secured listings on centralized exchanges, including ByBit, Gate.io, MEXC, and Kucoin. However, major platforms like Binance, Coinbase, and Kraken have not yet announced their plans regarding ZEX listings.

In related news, the Ethereum Layer 2 scaling network Blast distributed 17 billion BLAST tokens to its network’s early adopters through an airdrop. BLAST debuted at $0.02 per token, achieving a fully diluted value (FDV) of $2 billion at launch.

Read more: Top 7 Projects on Solana With Massive Potential

Blast Price Performance. Source: CoinMarketCap

According to the latest data from CoinMarketCap, the FDV now stands at nearly $2.48 billion, with the token price increasing by nearly 18% in the last 24 hours.