The decentralized crypto derivatives exchange Zeta Markets, created on Solana, launched an airdrop of 100 million ZEX management tokens (formerly Z).
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The initiative is designed to reward early users and encourage long-term participation in the protocol, according to a press release.
As part of the distribution, 10% of the total offer of 1 billion ZEX will be distributed:
8% — reserved for Zeta traders in the first phase;2% — for early risers; ZEX will be distributed 28 days after TGE in proportion to the number of blocked tokens and the duration of the staking.Users have 90 days to brand the funds.
The initial distribution is based on a snapshot from June 7 of the "Z-Score" of users, a system related to trading activity.
There is also an airdrop for members of DEX ecosystem partners who participated in the relevant competition.
An additional 30% of the ZEX offer was allocated for incentives through distributions to the exchange's traders at the end of each epoch with a frequency of every 28 days.
According to the team, the "Genesis Era" will last until July 25 and will contain 8 million ZEX as a reward for trading.
"Our goal at Zeta Markets is to create the perfect DEX that combines speed and convenience on a par with CEX with the transparency and security of DeFi. The launch of ZEX marks an important step along this path, putting decision—making in the hands of the community and ensuring the long-term growth of the protocol through strategic alignment of the interests of various parties," the statement said.
ZEX provides management, staking and incentives in Zeta.
The token uses the voice escrow model, a system used in Curve Finance. In it, CRV owners block them for a certain period in order to get more voting rights in the form of veCRV, stimulating long-term commitment to the project.
According to the team, ZEX also serves as its own gas token and incentive mechanism for Zeta X, the "second-tier DeFi" on Solana.
The solution is designed to achieve performance similar to CEX, on-chain. The main network is expected in the first quarter of 2025.
According to DeFi Llama, TVL Zeta Markets is worth $16.9 million.
According to the team, the number of monthly active users of the platform exceeds 125,000.
Recall that in 2021, the Zeta team received the Grand Prix of the Solana Season hackathon.
From January to June, participants in the crypto industry received ~ $4 billion in various tokens as part of airdrops.
On June 26, the Blast second-tier network development team completed the first phase of the BLAST distribution.