Zeta Markets Raises 5M to Build DeFi Layer 2 on Solana
Zeta Markets, a prominent decentralized exchange (DEX) specializing in on-chain perpetuals on the Solana blockchain, has successfully secured $5 million in a strategic fundraising round.
This funding round, spearheaded by Electric Capital, has brought Zeta Markets’ total funding to $13.5 million thus far. Other key investors participating in this round include DACM, Selini Capital, Airtree Ventures, as well as notable angel investors from the cryptocurrency sector.
In summary, Zeta Markets has raised $5 million in a strategic fundraising round led by Electric Capital, bringing their total funding to $13.5 million. This financial backing will be instrumental in supporting the development of Zeta Markets’ DeFi Layer 2 (L2) on Solana, with the goal of achieving centralized exchange performance while maintaining decentralization and self-custody.
Zeta Markets has experienced significant growth, boasting over $6 billion in total trading volume and attracting more than 100,000 monthly active users. Recently, the company unveiled its token whitepaper and announced the upcoming launch of the $Z governance token.
Founded in 2021, Zeta Markets has garnered support from prominent investors like Electric Capital, Jump Capital, and Solana Ventures. The raised funds will be utilized to expedite the development of Zeta Markets’ ambitious project: the first DeFi Layer 2 (L2) on Solana, aiming to merge centralized exchange performance with the security and self-custodial features of a decentralized exchange.
With a focus on maintaining central limit orderbooks (CLOB) as a core component and enabling direct bridging from Solana, Zeta Markets aims to tap into the rapidly expanding DeFi liquidity pool.
As the Solana ecosystem continues to flourish, Zeta Markets is well-positioned to elevate its status as a leading DEX in the industry. Tristan Frizza, Founder of Zeta Markets, expressed appreciation for the support received from Electric Capital and other new investors, highlighting their belief in the company’s vision despite challenges faced in the bear market.
Frizza emphasized Zeta Markets’ objective of creating a comprehensive trading platform that offers users the transparency of DeFi without compromising on convenience and speed. The successful fundraising efforts will enable the company to maintain its current momentum and implement a complete overhaul of its DEX.
Avichal Garg, Co-founder and General Partner of Electric Capital, praised Zeta Markets’ dedication to the Solana ecosystem and their resilience during the bear market. Garg commended the team’s commitment to developing top-notch, decentralized solutions that address real user needs, resulting in significant momentum since the platform’s launch.
In addition to the funding news, Zeta Markets recently introduced its token whitepaper and outlined plans for the imminent launch of the $Z governance token. This token will grant active participants governance rights, empowering them to shape the future trajectory of Zeta Markets.
Moreover, the platform will reward token stakers and traders with incentives based on epochs, aligning the interests of the trading community with the protocol’s long-term vision through vote-escrow staking tokenomics.
