Zeta Markets, a Solana-based decentralized exchange (DEX) known for facilitating on-chain perpetuals trading, launched an airdrop on Thursday, distributing 100 million ZEX tokens.
Zeta Markets, a Solana-based decentralized exchange (DEX) known for facilitating on-chain perpetuals trading, launched an airdrop on Thursday, distributing 100 million ZEX tokens. The airdrop, which amounts to 10% of the total supply, was designed to reward long-term users of the platform.
ZEX tokens debuted at $0.13, slightly above pre-market predictions. The token's value quickly tripled, soaring past $0.30 and elevating the airdrop's total value to approximately $30.78 million. However, as of now, ZEX has stabilized at around $0.25.
The airdrop will be distributed in two phases. The first phase, which took place today, made 80% of the tokens available to early platform users. Allocation was based on users' "Z scores," a points system tracking individual trading volumes and other criteria. The remaining 20% of the tokens will be distributed later to ZEX holders who stake their tokens with Zeta.
Perpetual contracts, the core of Zeta's trading offerings, allow traders to speculate on the future prices of crypto assets without any expiration date. This airdrop follows a strong performance by Zeta Markets, which recorded $3.24 billion in trading volume in May.
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