Zeta X, Solana’s Layer 2 DeFi solution (by Zeta Markets), unveils its Litepaper, targeting a launch in early 2025.
Zeta Markets (Z), a derivatives platform based in Solana, has released the Litepaper for Zeta X (ZX), a Layer 2 solution for decentralized finance (DeFi) on the Solana blockchain. We expect the Zeta X mainnet to launch in the first three months of 2025.
By acting as a Solana rollup, Zeta X improves the trading experience. Layer 1, Solana’s native layer, will be responsible for managing settlement and consensus (DA). All nodes on Solana Layer 1 will have public access to the blocks.
In the meantime, a Rust-based off-chain zkVM-compatible matching engine will be in charge of execution. This design enables high throughput—up to 10,000 TPS—and low latency—3-5 ms—making it competitive with large centralized exchanges (CEXs).
Furthermore, it will promote capital efficiency by utilizing multi-collateral options and leverage levels of up to 50x.
Scaling and transforming decentralized trading is the goal of this system, which offers on-chain performance comparable to that of CEXs. ZX will offer the same ease, speed, and liquidity of CEXs while also incorporating the key benefits of on-chain infrastructure, such as security, transparency, and self-custody.
In order to bring the community’s goals in line with the protocol’s objectives, the Zeta Markets protocol has a governance token called the Z token. Thanks to ZX, the Z cryptocurrency will have more uses than just incentives and governance.
It will incentivize stakeholders like sequencers, full nodes, and prover nodes to carry out crucial tasks and will function as the native gas currency on the ZX rollup.
Pyth Network, Jupiter, and other participants in the Community Airdrop receive 1% of Zeta Markets’ total Z token supply
Several major cryptocurrencies will be able to trade swaps on Zeta Markets’ perpetual exchange platform. Wintermute, Jump Capital, Electric Capital, and Solana Ventures are among the prominent investors that have supported the initiative.
With over 71,000 active users per month on the Solana blockchain, Zeta Markets’ trading platform has generated over $4.5 billion in trading volume.
In a recent community airdrop, Zeta Markets distributed $10 million—one percent of the total token supply—to members of the Solana ecosystem and its supporters. This distribution was attended by members of Jupiter, Mad Lads, deBridge, and Pyth Network were among those who took part in this distribution.