Zeta Markets, a decentralized exchange (DEX) for on-chain perpetuals on the Solana blockchain, has secured $5 million in a strategic funding round led by Electric Capital. This brings the total funding for Zeta Markets to $13.5 million and represents a significant milestone in their mission to revolutionize decentralized finance (DeFi).
Other participants in the funding round include DACM, Selini Capital, Airtree Ventures, and prominent angel investors such as Anatoly Yakovenko of Solana and Richard Wu of Tensor. The funds will be used to develop the first DeFi Layer 2 (L2) solution on Solana, aiming to combine the performance of centralized exchanges with the security and self-custody of decentralized exchanges. The solution will prioritize central limit order books (CLOB) and enable seamless bridging from Solana to tap into the growing pool of DeFi liquidity.
Zeta Markets has experienced significant growth, with over $6 billion in total trading volume and more than 100,000 monthly active users. Tristan Frizza, the Founder of Zeta Markets, expressed gratitude for the support of Electric Capital and other investors, emphasizing the platform’s goal of providing a one-stop trading platform that offers the transparency of DeFi without sacrificing convenience and speed.
Avichal Garg, Co-founder and General Partner of Electric Capital, praised Zeta Markets for their commitment to the Solana ecosystem and their focus on building decentralized solutions that solve real problems for users. He mentioned that Zeta Markets has accounted for 50% of perp volume on Solana on many days since its launch.
In addition to the funding round, Zeta Markets also revealed its token whitepaper and announced the upcoming launch of the $Z governance token. This token will give active participants on the platform voting rights to shape the future direction of Zeta Markets. It will also provide incentives for token stakers and traders through epoch-based rewards. The platform aims to create a symbiotic relationship between the trading community and its long-term objectives through vote-escrow staking tokenomics.
Since its establishment in 2021, Zeta Markets has become a leading player in the field of perpetuals DEX protocols on the Solana blockchain. With support from investors such as Electric Capital, the platform is well-positioned to drive further innovation in the DeFi landscape.
