Zeta Markets, a decentralized exchange (DEX) based on Solana that also aims to build the chain’s first Layer 2 scaling network, launched an airdrop on Thursday that has so far exceeded initial expectations.
The ZEX airdrop, consisting of 100 million tokens – 10% of the total token supply – was designed to reward long-term users of Zeta, which facilitates on-chain perpetual trading. Perpetuals are a type of derivative contract that allow traders to speculate on the future price of cryptoassets, but crucially they have no expiration date.
ZEX debuted at $0.13, slightly above the pre-market trading forecastsIt then quickly tripled in value, skyrocketing above $0.30—and increasing the value of the Zeta airdrop to an estimated $30.78 million.
At the time of writing, ZEX has stabilized at around $0.25.
The Zeta airdrop will take place in two distinct phases. In the first phase, 80% of the airdrop went to the platform’s first users, distributed according to the users’ “Z scores.” In the second phase of the airdrop, the remaining 20% will be distributed to ZEX holders who stake their Zeta tokens. This process seeks to encourage user participation and engagement with the platform by locking their Zeta tokens to receive additional rewards in the form of ZEX.
Staking is a core component of ZEX, which will serve as the governance token for Zeta Markets. In an attempt to encourage engagement with the token, the longer holders stake ZEX, the more influence they can exponentially exert over the direction of Zeta, and the more financial incentives they will accrue.
ZEX will eventually serve as the native gas token for Zeta X, a DeFi-focused blockchain built on Solana that the Zeta team aims to launch early next year.
Zeta is currently one of the largest Solana decentralized exchanges. In May alone, perhaps in preparation for the airdrop, the platform recorded a trading volume of around $3.24 billion, according to DeFi Call.
It’s been a big summer for cryptocurrency air distributions. Yesterday, Ethereum’s layer 2 network Blast launched a huge $354 million airdrop for its users. However, despite the magnitude of that free token delivery, many Blast users were disappointed with the result, partly thanks to the exorbitant forecasts of the value of the airdrop, although then the price ended increased.
Another indication that in the world of crypto, expectations often matter more than size.
Edited by Andrew Hayward
