Zeta Markets Secures $5 Million to Propel DeFi Growth on Solana

In a significant move propelling the evolution of decentralized finance (DeFi) on the Solana blockchain, Zeta Markets, a pioneering decentralized exchange (DEX) for on-chain perpetuals, has announced the successful closure of a $5 million strategic funding round. This latest infusion of capital, led by Electric Capital, bolsters Zeta Markets’ total funding to an impressive $13.5 million, marking a significant milestone in their mission to revolutionize the DeFi landscape.

The round was led by Electric Capital with participation from DACM, Selini Capital, Airtree Ventures and prominent angel investors such as Anatoly Yakovenko of Solana, Mert Mumtaz of Helius, Richard Wu of Tensor, Marius Ciubotariu of Kamino, Stepan Simkin of Squads, Alex Smirnov of Debridge, Genia Mikhalchenko of Pyth, Nom of Bonk, and JMR Luna of Wintermute.

Zeta Markets Bolsters DeFi Ambitions

The primary objective behind this funding round is to fuel the development of the first DeFi Layer 2 (L2) solution on Solana by Zeta Markets. This innovative undertaking seeks to achieve the performance standards of centralized exchanges while upholding the essential principles of security and self-custody inherent in decentralized exchanges. The proposed rollup solution will prioritize central limit order books (CLOB) and facilitate seamless bridging from Solana to tap into the burgeoning pool of DeFi liquidity. This initiative arrives amidst Zeta’s remarkable growth trajectory, with the platform boasting over $6 billion in total trading volume and attracting over 100,000 monthly active users.

Tristan Frizza, the Founder of Zeta Markets, expressed, “We are incredibly grateful for the support of Electric Capital and our new investors who doubled down on our vision despite the uncertainty of the bear market. At Zeta Markets, our aim is to craft the ultimate one-stop trading platform, where users can benefit from the transparency of DeFi without having to sacrifice convenience and speed. This fundraise helps accelerate our current momentum and deliver an order of magnitude improvement via a ground-up redesign of our DEX.”

Avichal Garg, Co-founder and General Partner of Electric Capital, mentioned, “We are thrilled to see the Zeta Markets team deepen their commitment to Solana with the unveiling of their ambitious L2 roadmap. We have seen firsthand their perseverance through the bear market and their commitment to the Solana ecosystem. The Zeta team’s focus on building high-quality, decentralized solutions that solve real problems for users has resulted in tremendous momentum this year. After launching, they have been 50% of perp volume on Solana for many days. We are proud to continue to support them as they broaden their vision beyond their successful DEX.”

In a parallel development, Zeta Markets unveiled its token whitepaper and announced the impending launch of the $Z governance token. This governance token will empower active participants on the platform with voting rights, enabling them to shape the future trajectory of Zeta Markets while rewarding token stakers and traders through epoch-based incentives. Employing vote-escrow staking tokenomics, Zeta aims to foster a symbiotic relationship between the trading community and the protocol’s long-term objectives.

Established in 2021, Zeta Markets has emerged as a frontrunner in the realm of perpetuals DEX protocols, leveraging the Solana blockchain to deliver unparalleled speed and seamlessness in on-chain trading. With support from key investors including Electric Capital, Jump Capital, Wintermute, Solana Ventures, Race Capital, DACM, Airtree Ventures, Amber Group, Ryze Labs, Genesis Block Ventures, 3kVC, and SkyVision Capital, Zeta Markets is poised to drive the next wave of innovation in the DeFi landscape.

Sourced from cryptonews.net.

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