Zeta Markets airdrops ZEX token, price leaps 132%

Solana-based decentralized exchange Zeta Markets today initiated the token generation event and airdrop for its new token, the ZEX. The airdrop distributed 100 million ZEX to users, amounting to over $13 million at the initial price of $0.132653. Since then, the ZEX price leaped up to 132% in less than four hours.

The token ZEX will serve multiple roles within the Zeta ecosystem, including governance, staking, and as an incentive for liquidity providers. Additionally, the token’s introduction features a vote-escrow model aimed at encouraging long-term holding with increased governance rights and staking rewards.

“At Zeta Markets, our goal is to craft the ultimate trading exchange, blending speed and convenience on par with centralized platforms with the transparency and security of DeFi,” said Tristan Frizza, Founder of Zeta Markets. “The launch of $ZEX marks a pivotal step in this journey, 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.”

Eligible participants can claim their airdrop shares within the next 90 days via Zeta’s official token claim site. The initial airdrop targets long-term users who have accumulated a Z-Score until the snapshot on June 7th. This includes specific allocations for early supporters and active traders from previous Z-Score Seasons.

Zeta Markets also announced the Genesis Epoch, starting June 20th, which will distribute 8 million ZEX in trading rewards until July 25, 2024.