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The decentralized exchange operating within the Solana ecosystem, Zeta Markets, is getting ready to launch its governance token Z and to start airdrop events. According to Zeta’s announcement on April 9, the total supply of Z tokens will be 1 billion, with 100 million tokens, which is 10% of the total supply, being distributed through an airdrop event.
Airdrop Event in the Solana Ecosystem
In the upcoming event, half of the 10% will be distributed to Zeta’s active investors and community members based on a point system called Z-Scores. Zeta has announced that 1% will be allocated to Zeta users who are part of strategic communities in Solana, and the remaining 4% will be awarded to Z stakers as rewards.
Zeta’s founder Tristan Frizza stated that the Z token is expected to be launched in May and that claims for the airdrop will begin at that time. Frizza mentioned that details about the event would be announced in the coming weeks. He also added that Zeta has received some listing offers for Z and is currently assessing the situation with several of the top exchanges.
Zeta Team Provides Update on Token Strategy
The Zeta team has stated that the Z token will pioneer a vote-locking model in Solana, similar to the model initiated by Curve on Ethereum. The vote-locking model in Curve allows token holders to lock their tokens for a certain period to gain voting power. The longer CRV tokens are locked, the more voting power increases. This system encourages stakeholders to make decisions that will benefit the Curve protocol in the long term. Frizza commented on the matter:
“The general proposition is that token stakers will gain exponentially more voting power and token rewards by staking for longer periods.”
After the token launch, Zeta stated that 30% of the total supply of Z tokens will be aimed at incentivizing builders and buyers. Frizza mentioned that venture capital investors in Zeta hold approximately 17.5% of the total supply of Z tokens, which will be earned over a period of three years following the launch, with a one-year cliff.
Founded in 2021, Zeta is backed by high-profile venture investors such as Electric Capital, Jump Capital, Wintermute, and Solana Ventures.
