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Compiled by: Baishui, Bitchain Vision; Source: Zeta Foundation, Bitchain Vision
Solana DeFi derivatives platform Zeta Markets announced that the collection of ZEX airdrops will start at 18:00 on June 27, 2024, and the collection will end at 17:45 on September 25, 2024 (90 days after TGE).Any unclaimed tokens will be returned to the community through incentives and activities.Bitchain Vision compiles detailed information on ZEX airdrops for readers.
1. Introduction to ZEX
ZEX is a native token of Zeta Markets, the derivatives protocol on Solana. The staking mechanism will allow users to stake ZEX, unlock governance rights and additional incentives.ZEX’s token economics mechanisms and token utility are designed to strategically align the interests of multiple stakeholders with the overall goals of the agreement.This consistency not only empowers the ZEX community, but also motivates the community to actively participate in guiding the direction of the agreement.
2. ZEX Token Economics
Total token supply: 1,000,000,000
ZEX Token Allocation
The largest portion of the ZEX token supply (62.5%) is reserved for the community:
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10% will be allocated by airdrop.
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30% will be used for platform incentives, specifically provided to traders.
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22.5% will be made available to the community vault, funding including Zeta’s multi-year creator and ambassador program.
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The remaining 37.5% of the $ZEX token supply is reserved for contributors and investors and adheres to a multi-year unlock and cash schedule.
3. Release timetable
TGE Release Schedule
During TGE and in the next few weeks, the following unlocking will occur:
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Airdrop: ZEX’s airdrop will be distributed in two rounds.According to Z-Score, 8% of the supply will be airdropped to TGE’s traders.Upon activation, the initial pledge of ZEX will be eligible for additional airdrops (2% of the supply) to be issued in the form of pledged ZEX.
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Incentives: After airdrop snapshots, the platform’s incentives for traders (30% in 90 months) will start with Epoch 1.See Incentives for full details.
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Finance: Meanwhile, Community Finance (24-month unlocked 22.5%) will support multi-year growth plans, including liquidity supply and Zeta’s creator and ambassador programs.
Long-term release schedule
Core agreement contributors and investors will have longer lock-in periods.
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Investors: 1-year cliff and 2-year vesting periods must be followed.
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Contributor: 1 year cliff and 3 year vesting periods are subject to compliance.
This structure ensures that both contributors and investors align with Zeta’s long-term success.
IV. Airdrop mechanism
A strategic allocation of 10% of the total supply of ZEX tokens will be allocated through airdrops to build a broad stakeholder base and guide a healthy governance ecosystem.This will be achieved by rewarding Zeta users for past participation while encouraging long-term commitment by retaining additional allocations for ZEX stakeholders.
The airdrop will be conducted in two rounds.
Round 1 – Early Users and Solana Ecosystem (8% of total supply)
At launch, 8% of the total ZEX supply will be distributed to early users in recognition of their contribution to the development of the platform:
According to Z-Score, 7% of the total supply of ZEX is specifically provided to traders; market makers are not included in this distribution.
According to Z-Score, 1% of the total supply of ZEX is given as a bonus to traders who are major community partners within the Solana ecosystem.
This means that without active transactions on Zeta, no one will receive ZEX.
Recognizing the key role our earliest supporters have in Zeta’s success, OG (i.e. before Season 1) and Season 1 traders will receive rewards for loyalty improvements, while OG benefits from a bigger boost.
Round 2 – ZEX Pledgee (2% of total supply)
After the token generation activity is over, ZEX token holders will have the opportunity to stake their tokens within a flexible period, thus earning gZEX in return (see the staking section below for more information).
In addition to receiving a pledge reward, early pledges will also be eligible for a second airdrop, equivalent to 2% of the total ZEX supply and distributed proportionally based on their share in gZEX.Airdrops will be in the form of pledged ZEX and will be issued in the latter period of TGE (i.e. 28 days).
This approach is designed to reward and motivate community members who are aligned with the program for a long time and are committed to helping guide the protocol and its development.
Note: The second airdrop may involve a locking mechanism.More details will be released in the coming weeks.
V. Token utility
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Staking: Since its launch, staking will become a key feature of tokens.Users will be able to pledge ZEX for up to 4 years, thus unlocking governance rights and additional incentives.
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Governance: ZEX Governance Zeta Agreement, pioneers vote on Solana to host the token economy.Over time, it will give community members the right to propose, discuss and vote on the future development of the agreement.
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Incentives: A large portion of the ZEX token supply is reserved as a reward mechanism for traders to incentivize liquidity and trading activities.
VI. Pledge
Governance
Zeta’s governance framework is based on the innovative voting hosting model pioneered by Curve on Ethereum and introduces 2 new concepts.First, stakers receive exponential rewards during lockdown – so more power is allocated to those who have locked longer.Second, we introduce the ability of stakeholders to gradually belong and unlock their tokens – providing users with more liquidity and limiting the supply shocks of large-scale unlocking to the ecosystem.
To achieve this, our token economics will have two components:
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ZEX: Transferable SPL tokens (Solana library, the alternative token standard for Solana), distributed to users through incentives for airdrops and usage protocols.
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gZEX: The pledged version of ZEX is not transferable.gZEX represents the long-term commitment of users and therefore provides corresponding governance rights and enhanced incentives.
Calculate ZEX
Users will be able to stake ZEX for a predetermined time period (up to 4 years) to obtain gZEX.The amount of gZEX received by staking ZEX will be determined by the number of locked ZEX tokens and the staking period, according to the following formula:
gZEX lock
Manage gZEX
gZEX has two different states – locking and attribution – allowing users to manage the life cycle of governance tokens and their benefits:
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Locked state: In this state, your gZEX balance and related equity remain unchanged.
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Attribution state: In this state, your gZEX gradually unlocks, converting to an extractable flow $ZEX.
Boosting
Boosting is another important benefit of pledging ZEX.By holding gZEX, traders will be able to get additional incentives to amplify their rewards based on their total gZEX.The goal of the improvement is to allocate greater incentives to traders, who also express long-term commitment to the agreement and participate in governance through staking.
The user’s share of these additional rewards will be determined based on the user’s promotion score, and the calculation is as follows:
Where the above score refers to the user’s score throughout the incentive plan – for example their Z score.
7. Incentive measures
The platform incentive program will be launched immediately after the airdrop snapshot and will serve two key goals.First, it will be a mechanism to gradually allocate token supply and governance rights to users.Second, it will play a key role in growth strategies, inspiring traders and market makers to achieve optimal trading conditions on exchanges.
This approach rewards those who directly enhance the liquidity and activity of the protocol and ensures consistency between token holders and the protocol success.
The recommended incentive allocation is 30% of the total ZEX supply, with the release rate designed to be gradually declining.The purpose of this gradual reduction is to be consistent with the transition from the agreement to self-sufficiency and wider supply allocation.
Trader incentives
Traders will receive a reward proportional to the Z scores they achieve in each period.The Z-Score program will run in a similar way to Season 1 and Season 2 implementations, but Z-Score will no longer accumulate across seasons.Instead, the Z score will be reset at the beginning of each new phase.
The ZEX tokens assigned to the user at the end of the epoch will be calculated based on their individual Z scores relative to the total Z scores obtained by all epoch participants.The main driver of Z-Score is trading activity.In addition, gZEX holders will benefit from additional incentives in the form of Boosting.
Market Maker Incentive
For each epoch, a professional market maker will be rewarded for its role in creating the best trading conditions on the exchange.Market Maker Programs are designed to incentivize various liquidity indicators to enhance users’ trading experience.For more details, see:Maker Incentives Program.
