Home Editor's Pick Zeta Markets Secures $5M to Develop DeFi Layer 2 on Solana

Zeta Markets Secures $5M to Develop DeFi Layer 2 on Solana

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Zeta Markets, a leading decentralized exchange (DEX) for on-chain perpetuals on the Solana blockchain, has successfully raised $5 million in a strategic funding round.

The round, led by Electric Capital, brings Zeta Markets’ total funding to $13.5 million to date. The fundraise included participation from notable investors such as DACM, Selini Capital, Airtree Ventures, and prominent angel investors from the cryptocurrency industry.

TLDR

Zeta Markets raises $5 million in a strategic funding round led by Electric Capital, bringing total funding to $13.5 million.
The funding will support the development of Zeta Markets’ DeFi Layer 2 (L2) on Solana, aiming to achieve centralized exchange performance while maintaining decentralization and self-custody.
Zeta Markets has seen significant growth, with over $6B in total trading volume and 100k+ monthly active users.
The company recently launched its token whitepaper and announced the upcoming launch of the $Z governance token.
Zeta Markets, founded in 2021, is backed by prominent investors such as Electric Capital, Jump Capital, and Solana Ventures.

The funds will be used to accelerate the development of Zeta Markets’ ambitious project: the first DeFi Layer 2 (L2) on Solana. This L2 solution aims to combine the performance of a centralized exchange with the security and self-custodial nature of a decentralized exchange.

By maintaining central limit orderbooks (CLOB) as a first-class citizen and enabling direct bridging from Solana, Zeta Markets seeks to tap into the rapidly growing pool of DeFi liquidity.

Zeta Markets has experienced significant growth in recent months, surpassing $6 billion in total trading volume and attracting over 100,000 monthly active users.

As the Solana ecosystem continues to thrive, Zeta Markets is well-positioned to scale to new heights and solidify its position as a leading DEX in the space.

Tristan Frizza, Founder of Zeta Markets, expressed gratitude for the support of Electric Capital and the new investors who have shown confidence in the company’s vision despite the challenges of the bear market.

Frizza emphasized Zeta Markets’ goal of creating the ultimate one-stop trading platform, offering users the transparency of DeFi without compromising on convenience and speed.

1/ Announcing Zeta Market’s new $5M Strategic Round led by @ElectricCapital, bringing our total capital raised to $13.5M.

The funding will fuel the development of the first DeFi L2 on @solana, advancing our mission to craft the ultimate one-stop trading platform. pic.twitter.com/C4vkO9ba0b

— Zeta Markets | $Z is coming ???? (@ZetaMarkets) May 14, 2024

The successful fundraise will help the company maintain its current momentum and deliver a ground-up redesign of its DEX.

Avichal Garg, Co-founder and General Partner of Electric Capital, commended Zeta Markets’ commitment to the Solana ecosystem and their perseverance through the bear market.

Garg highlighted the team’s focus on building high-quality, decentralized solutions that address real user problems, resulting in tremendous momentum since the platform’s launch.

In addition to the funding announcement, Zeta Markets recently launched its token whitepaper and revealed plans for the upcoming launch of the $Z governance token.

The token will grant active participants governance rights, allowing them to shape the future direction of Zeta Markets.

The platform will also reward token stakers and traders with epoch-based incentives, aligning the interests of the trading community with the long-term vision of the protocol through vote-escrow staking tokenomics.

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