Zeta Markets, a Solana-based decentralized exchange (DEX) that also aims to build the chain’s first layer-2 scaling network, launched an airdrop for users on Thursday that has so far blasted past initial expectations.
The ZEX airdrop, which consists of 100 million tokens—10% of the token’s total supply—was tailored to reward long term users of Zeta, which facilitates the trade of on-chain perpetuals. Perpetuals are a type of derivative contract that allow traders to speculate on the future price of crypto assets, but crucially have no expiration date.
Early this morning, ZEX debuted at $0.13, slightly above pre-market trading forecasts. It then quickly tripled in value, shooting up above $0.30—and pumping the value of Zeta’s airdrop to some $30.78 million.
At writing, ZEX has since leveled out to roughly $0.25.
VanEck Files for Solana ETF in US, Following Bitcoin and Ethereum Approvals
VanEck filed an S-1 registration statement on Thursday for its “VanEck Solana Trust”—the first public attempt to launch a spot Solana (SOL) ETF in the United States. The prospectus states that the product will be an “exchange-traded fund” designed to “reflect the performance of the price of Solana” by backing the Trust’s shares directly with SOL tokens. VanEck intends to list the ETF on the Cboe BZX Exchange. “Neither the Trust nor the Sponsor… will engage in any action where any portion of the...
The Zeta airdrop will land in two phases. Today, 80% of the airdrop became available to early users of the platform, and has been allocated based on users’ “Z scores,” a points system that tracked individual trading volumes among other criteria. At a second, later date, the remaining 20% of the airdrop will be doled out to ZEX holders who stake their tokens with Zeta.
Staking is a central component of ZEX, which will serve as Zeta Markets’ governance token. In a bid to encourage commitment to the token, the longer holders stake ZEX, the exponentially greater influence they will be able to exert over Zeta’s direction—and the more financial incentives they will accrue.
ZEX will also, eventually, serve as the native gas token for Zeta X—a DeFi-focused blockchain built on top of Solana, which Zeta’s team aims to debut by early next year.
Blast Airdrop Puts $354 Million in the Wallets of Users—So Why Are They Mad?
Ethereum layer-2 network Blast’s hotly anticipated airdrop finally went live on Wednesday morning, gifting users hundreds of millions of dollars worth of free tokens. But within minutes, many airdrop claimants immediately began selling off their BLAST bags, pushing the token’s price down and leading many to express disappointment in the token giveaway that many apparently assumed would be multitudes larger in scale. BLAST’s token debuted at a price of roughly $0.025 this morning, putting the 1...
Zeta is currently one of Solana’s largest decentralized exchanges. In May alone—perhaps in build-up to today’s airdrop—the platform saw some $3.24 billion worth of trading volume, according to DeFi Llama.
It’s been a big summer for crypto airdrops. Just yesterday, Ethereum layer-2 network Blast launched a massive $354 million airdrop for users. Despite the scale of that free token giveaway, however, many Blast users were underwhelmed with the result—in part thanks to sky-high forecasts of the airdrop’s value—though the price did tick up later in the day.
Another sign that, in crypto, expectations can often matter more than size.
Edited by Andrew Hayward
