Zeta Markets, a trailblazing decentralized exchange (DEX) for on-chain perpetuals, has made a significant stride in the advancement of decentralized finance (DeFi) on the Solana blockchain by successfully concluding a strategic funding round of $5 million. This latest infusion of funds, spearheaded by Electric Capital, brings Zeta Markets’ total funding to an impressive $13.5 million, marking a major milestone in their quest to transform the DeFi ecosystem.
The funding round, led by Electric Capital and with the participation of DACM, Selini Capital, Airtree Ventures, as well as notable angel investors such as Anatoly Yakovenko of Solana, Mert Mumtaz of Helius, Richard Wu of Tensor, Marius Ciubotariu of Kamino, and others, aims to support the development of the first DeFi Layer 2 (L2) solution on Solana by Zeta Markets. This groundbreaking initiative aims to meet the performance standards of centralized exchanges while maintaining the core principles of security and self-custody that define decentralized exchanges. The proposed rollup solution will focus on central limit order books (CLOB) and facilitate seamless bridging from Solana to tap into the growing DeFi liquidity pool. This comes at a time when Zeta Markets has seen remarkable growth, with over $6 billion in total trading volume and more than 100,000 monthly active users.
Tristan Frizza, the Founder of Zeta Markets, expressed gratitude for the support received from Electric Capital and new investors, emphasizing the platform’s goal of creating the ultimate all-in-one trading platform that combines the transparency of DeFi with convenience and speed. The funding will accelerate Zeta Markets’ momentum and bring about significant improvements through a complete redesign of their DEX.
Avichal Garg, Co-founder and General Partner of Electric Capital, commended Zeta Markets for their commitment to Solana and their innovative L2 roadmap. He highlighted the team’s dedication to building high-quality decentralized solutions that address real user needs, resulting in significant growth and impact. Additionally, Zeta Markets introduced its token whitepaper and announced the upcoming launch of the $Z governance token, which will grant voting rights to active participants on the platform and offer incentives to token stakers and traders through epoch-based rewards.
Since its establishment in 2021, Zeta Markets has become a frontrunner in the realm of perpetuals DEX protocols, harnessing the speed and efficiency of the Solana blockchain for on-chain trading. With support from key investors like Electric Capital, Jump Capital, Wintermute, and others, Zeta Markets is poised to lead the way in driving innovation within the DeFi landscape.