Zeta Markets, a leading Solana-based decentralized exchange (DEX) specializing in onchain perpetuals, has announced the launch of ZX (Zeta X), a cutting-edge Layer 2 solution set to revolutionize derivatives trading on Solana. Anticipated for an early 2025 mainnet release, ZX promises to enhance performance, scalability, and user experience across the platform.
ZX represents an optimistic rollup built on the Solana blockchain, leveraging zero-knowledge (zk) proofs for trustless on-chain settlement. This innovative approach combines Solana’s Layer 1 capabilities for data availability and settlement with an off-chain matching engine. The result is a platform that rivals centralized exchanges in performance, while maintaining the benefits of on-chain trading such as self-custody, transparency, proof of reserves, and verifiability of state changes.
Key features of ZX include:
- High Throughput: Capable of processing up to 10,000 transactions per second.
- Low Latency: Sub 10 millisecond transaction confirmations, comparable to leading centralized exchanges.
- One-Click Trading: Seamless trading experience for users.
- Leverage Options: Up to 50x leverage with multiple collateral options.
Tristan Frizza, Founder of Zeta Markets, expressed the company’s ambition to set new standards in decentralized trading, stating, “Our goal with Zeta X is to redefine the performance standards of decentralized trading. It is Zeta Markets’ next milestone to push the boundaries of decentralized finance on Solana. By taking the inherent strengths of Solana’s Layer 1 and harnessing the power of a purpose-built L2, ZX will provide traders with an unparalleled experience in terms of speed, efficiency, and security.”
Redefining Derivatives Trading on Solana
Solana’s decentralized finance (DeFi) ecosystem has witnessed significant growth, with monthly volumes averaging close to $250 billion in early 2024, underscoring its rise in the DeFi landscape. Zeta Markets’ decision to build ZX on Solana aligns strategically with the chain’s growing importance.
The $Z token, already serving as the governance token for Zeta Markets, will also act as the native gas token for transactions on the ZX rollup. It will incentivize stakeholders and offer exclusive fee tiers for long-term participants, fostering community engagement and aligning interests with the protocol’s goals.
Development of ZX is progressing swiftly, with a detailed roadmap outlined in the ZX Litepaper:
- Q2 2024: Initial core architecture development.
- Q3 2024: Testnet launch for performance evaluation and user feedback.
- Q4 2024: Comprehensive testing and security audits, with results publicly released.
- Q1 2025: Mainnet launch, including phased roll-out and educational campaigns.
Founded in 2021, Zeta Markets has quickly become a leader in on-chain perpetual trading, achieving over $7 billion in cumulative trading volume. The platform is backed by notable investors including Electric Capital, Jump Capital, Wintermute, Solana Ventures, Race Capital, DACM, and Airtree Ventures, among others. With ZX, Zeta Markets aims to pioneer a new era in decentralized derivatives trading, offering traders unprecedented speed, efficiency, and security on the Solana blockchain.
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