Zeta Markets, a leading Solana-based decentralized exchange (DEX) specializing in onchain perpetuals, has announced the launch of ZX (Zeta X), an advanced Layer 2 solution that will revolutionize derivatives trading on Solana. Expected for a mainnet release in early 2025, ZX promises to improve performance, scalability and user experience across the platform.
ZX represents an optimistic rollup built on the Solana blockchain, using zero-knowledge (zk) proofs for reliable 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 retaining 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: Can process up to 10,000 transactions per second.
- Low latency: Transaction confirmations in less than 10 milliseconds, comparable to leading centralized exchanges.
- One-click trading: Seamless trading experience for users.
- Leverage Options: Leverage up to 50x with multiple collateral options.
Tristan Frizza, Founder of Zeta Markets, expressed the company’s ambition to set new standards in decentralized trading, saying: “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 leveraging 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 speed, efficiency and security.”
A new definition of derivatives trading on Solana
Solana’s decentralized finance (DeFi) ecosystem has seen significant growth, with monthly volumes averaging nearly $250 billion by early 2024, underscoring its rise in the DeFi landscape. Zeta Markets’ decision to build ZX on Solana is strategically in line with the growing importance of the chain.
The $Z token, which already serves 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 provide exclusive tariff levels for long-term participants, promoting community involvement and aligning interests with the objectives of the Protocol.
ZX development is progressing rapidly, with a detailed roadmap outlined in the ZX Litepaper:
- Q2 2024: Initial development of the core architecture.
- Q3 2024: Testnet launch for performance evaluation and user feedback.
- Q4 2024: Extensive testing and security audits, the results of which are made public.
- Q1 2025: Mainnet launch, including phased rollout and educational campaigns.
Founded in 2021, Zeta Markets has quickly become a leader in perpetual on-chain trading, with cumulative trading volume exceeding $7 billion. 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.