Zeta Markets unveils governance token and Solana’s first L2 scaling solution

• Zeta Markets is among the top decentralized exchanges built on Solana.
• Zeta Markets plans to distribute 100 million Z tokens to Solana community members.
• Zeta Markets has also unveiled plans for the first Layer 2 scaling solution.

Solana-based decentralized derivatives protocol, Zeta Markets, has launched its governance token, Z, and unveiled plans to introduce Solana’s first Layer 2 scaling solution.

Zeta Markets is positioned as one of the top five decentralized derivatives platforms on Solana and its move aims to enhance community involvement and scalability within the Solana ecosystem.

Zeta Markets to airdrop 100M Z tokens

With a total supply of 1 billion tokens, Z’s allocation strategy underscores its commitment to decentralization and community-driven decision-making.

Through an airdrop, 10% of the Z token supply will be distributed to active traders, stakers, and strategic Solana community members.

Active traders, determined by Zeta’s Z-score system, will receive 50% of the initial distribution, while 40% will be allocated to token stakers, emphasizing the importance of long-term commitment to the protocol.

Additionally, Zeta plans to dedicate 30% of the token supply to incentivize market makers, essential players in maintaining liquidity and fostering optimal exchange conditions.

Zeta Markets’ Layer 2 scaling solution

Beyond the introduction of its governance token, Zeta Markets also announced plans to roll out Solana’s inaugural Layer 2 scaling solution.

6/ The Road Ahead

Since 2021, Zeta has pushed the boundaries of DeFi with Solana’s most used fully on-chain CLOB.

This year we are continuing to push boundaries with major upgrades including multi-collateral & Solana's first DeFi L2:https://t.co/3KseoDJiKO

— Zeta Markets | v2 Live 🔥 (@ZetaMarkets) April 9, 2024

This initiative aims to address scalability challenges and enhance transaction throughput on the Solana blockchain.

By leveraging Solana exclusively as the settlement and data availability layer, Zeta aims to achieve faster settlement times and reduce transaction costs compared to Ethereum-based rollups.

The forthcoming release of technical details in Zeta’s whitepaper is expected to provide insights into the architecture and functionality of the Layer 2 scaling solution, positioning Zeta Markets as a pioneer in Solana’s DeFi ecosystem.

Zeta Markets’ vision aligns with Solana’s overarching goal of fostering innovation and scalability in decentralized finance. With its Z token governance model and plans for Layer 2 scaling, Zeta is poised to play a pivotal role in shaping the future of decentralized derivatives trading on the Solana blockchain.

By adhering to its principles of decentralization and community empowerment, Zeta Markets aims to establish itself as a cornerstone of the burgeoning Solana DeFi landscape.&

As the cryptocurrency market continues to evolve, Zeta’s strategic initiatives position it for sustained growth and impact within the Solana ecosystem.

The post Zeta Markets unveils governance token and Solana’s first L2 scaling solution appeared first on CoinJournal.

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