What is Zeta Markets? The derivatives platform on Solana

1. What is Zeta Markets?

Zeta Markets is a decentralized derivatives exchange built on the Solana blockchain. This platform enables users to execute long and short derivative orders similar to those on current centralized exchanges (CEX).

2. Products of Zeta Markets

2.1. Derivatives trading

Zeta Markets' main product is a decentralized derivatives exchange. Developed since 2021, Zeta is currently at version 2.0 and is developing version 3.0. You can sign up for the waitlist to experience version 3.0 early here.

The platform currently supports trading in 6 types of assets: SOL, BTC, ETH, APT, ARB, and PYTH. The maximum leverage for each order is x20. USDC is used as collateral; when trading on Zeta Markets, you need to deposit USDC into the platform.

*Use USDC to participate in trading on Zeta Markets*

To ensure the most accurate asset price information, Zeta Markets utilizes data from two separate oracle solutions: Pyth and Chainlink, on-chain.

Pyth serves as the primary oracle, providing asset price updates with very low latency, ensuring accurate on-chain pricing. If the data is new and valid, Zeta Markets will use it without checking the secondary oracle.
Chain Link acts as the secondary oracle and is activated when the primary oracle's price is too outdated.

In the case that data from both oracles is outdated, the platform will check the average value of the last prices from both and use it if it fits.

2.2. User rating system

The leaderboard ranks users based on their Z-Score points, where each $1 traded corresponds to 1 Z-Score point. The more trading volume you have, the higher your ranking score.

Currently, Season 1 of the program is ongoing from October 26, 2023, until December 20, 2023. The project has also hinted at airdropping tokens to users based on their Z-Score points.

*Zeta Markets offers airdrops to users based on Z-Score*

Additionally, you can double your earned points by using an NFT Z-Pass.

To obtain an NFT Z-Pass, there are several ways in Season 1 of Z-Score:

Participate in events: Zeta often organizes events like the Breakpoint conference, where you can meet the Zeta team and have a chance to receive a Z-Pass.
Own partner NFTs: In the first season of Z-Score, Zeta collaborates with famous NFT communities. You can own an NFT from partners like Mad Lad, Tensorian, or Banx to receive a Z-Pass.
Promotional campaigns: Zeta may conduct regular promotional campaigns and award Z-Pass to users participating in platform interactions, such as trading on Zeta or joining their Telegram community.
Secondary market: If you missed out on the above opportunities, you can still purchase Z-Pass from secondary marketplaces like Tensor and Magic Eden.

Once you have an NFT Z-Pass, you can activate the double Z-Score advantage by burning the NFT. When the NFT is burned, the advantage will be activated within the next 7 days, and all your transactions during this time will count for double Z-Score points.

3. Instructions for using Zeta Markets to hunt for airdrops

As mentioned above, the project will airdrop for users based on Z-Score points. Below are the steps to guide you on how to earn the airdrop on Zeta Markets.

Step 1: Connecting Wallet

Visit the website https://dex.zeta.markets/ and link your wallet.

Step 2: Deposit USDC into the platform

For this step, you need to ensure you have at least $0.1 SOL for transaction fees and USDC to deposit into the platform.

Step 3: Choose trading assets
Zeta currently supports 6 types of assets: SOL, BTC, ETH, APT, ARB, and PYTH. In the example below, I will choose SOL to trade.

Lựa chọn tài sản giao dịch — *Select trading assets*

Step 4: Open position

To enter a position, you need to determine the trading trend to execute a buy or sell order. Then, simply select the number of contracts you want to trade (or the amount in USDC), specify the price for the order (if using a limit order), and then adjust the leverage of your account by moving the slider.

Step 5: Close position

To close the order, select the "Close Position" button.

That's how you can trade on Zeta Markets. To review your trading history, select "Trade History" to review previous trades.

Note that Zeta Markets will airdrop based on trading volume, the higher the trading volume, the higher your reward ratio. To increase your points, you can use the Z-Pass NFT to double your points during the NFT usage period.

4. Team

Updating

5. Partners and Investors

On September 12, 2021, the project raised $8.5 million in seed funding from investment funds including JumpCapital, Race Capital, Wintermute, Solana, Sino...

6. Tokenomics

The project has not yet disclosed Tokenomics information.

7. Roadmap

The next plan for the project is to develop version 3.0. To register as an early user for this new version, visit https://www.zeta.markets/# and enter your email to sign up.

8. Conclusion

Zeta Markets is a decentralized derivatives exchange built on the Solana blockchain and backed by several reputable funds in the industry. The project confirms it will airdrop to users based on Z-Score points, so you can participate in trading and earn airdrops from this platform.

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