Decentralised derivatives exchange Zeta Markets has announced the launch of Zeta X (ZX), a layer-2 solution designed to revolutionise decentralised derivatives trading. The blockchain is scheduled for early 2025.
“Our goal with Zeta X is to redefine the performance standards of decentralised trading. It is Zeta Markets’ next milestone to push the boundaries of decentralised finance on Solana. By taking 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 terms of speed, efficiency, and security,” said Tristan Frizza, Founder of Zeta Markets.
ZX utilises an optimistic rollup strategy on Solana, incorporating zero-knowledge proofs to ensure trustless on-chain settlement. By leveraging Solana’s mainnet for data availability and an off-chain matching engine, ZX aims to deliver performance similar to centralised exchanges, while maintaining the benefits of on-chain trading, such as self-custody and transparency.
The litepaper reveals that ZX can handle up to 10,000 transactions per second with sub-10 millisecond confirmations. This infrastructure supports one-click trading and leverage up to 50x.
The governance token Z will serve as the native gas token for ZX transactions and incentivise stakeholders.
The litepaper also outlines development milestones for ZX, including core architecture development in Q2 2024, a testnet launch in Q3 2024, security audits in Q4 2024, and the mainnet launch in Q1 2025, featuring a phased rollout and educational initiatives.
