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LearnCrypto 101

Zeta airdrop: The $Z token guide

Jonathan G.
zeta airdrop

    Zeta is one of the longest standing DeFi protocols on Solana. And it’s also one of the largest derivatives exchanges on the network—after Jupiter, Drift, and Mango.

    By offering a seamless blend of speed and a user experience that rivals centralized exchanges, the Solana protocol is set to capture more and more attention in the coming months.

    This is the perfect setup to release a token, which is precisely what Zeta is planning.

    In this guide, we'll explore all things Zeta and have a look at $Z—the protocol's governance token, which is expected to be airdropped soon.


    • Project: Zeta
    • Token Ticker: $Z
    • Blockchain: Solana
    • Sector: Decentralized Finance (DeFi)
    • Business Model: Decentralized Exchange (DEX)
    • Counterparts from other blockchains:

    What does Zeta do?

    Zeta is a decentralized exchange (DEX) that specializes in perpetual futures.

    Perpetual futures represent a significant evolution in the financial ecosystem, blending traditional financial mechanisms with blockchain innovations.

    The mechanics of perpetual futures involve a mechanism known as "funding rate", which ensures the price of perpetual futures contracts remains tethered to the underlying asset's spot price. Traders holding positions that are aligned with the funding rate direction receive payments, while those who aren’t aligned pay the rate, fostering balance and fairness in the market.

    Essentially, perpetual futures allow traders to speculate on the future price movements of cryptocurrencies without an expiry date, unlike traditional futures contracts. This means positions can be held indefinitely, providing flexibility and continuous exposure to price movements.

    Consequently, decentralized exchanges such as Zeta have become increasingly popular for their ability to provide open, transparent, and accessible markets. And as the DeFi ecosystem continues to mature, these platforms are expected to evolve further, offering more advanced features and enhanced user experiences while maintaining the core principles of decentralization and user empowerment.

    What is the $Z token?

    Unlike other protocols, Zeta has announced $Z early—without confirming an airdrop, though.

    According to Zeta, $Z will mainly be used for growth and governance purposes of the underlying protocol. Interestingly, $Z holders must stake their tokens if they wish to participate and play an active role in governance.

    As such, it is expected that token holders will be able to propose or vote on changes, upgrades, or adjustments to the platform's operations.

    As Zeta is a decentralized exchange, most votes are likely to revolve around which perpetual future markets to list and how to further evolve the risk engine and security guardrails of the protocol.

    How to qualify for the $Z airdrop?

    Similar to other protocols, Zeta has been rolling out its point program through multiple seasons.

    The premise is simple: The more points you generate, the higher your $Z allocation will be.

    Currently, we’re in Z-Score Season 2. But like Season 1, the more volume you trade, the more your Z-Score goes up. However, in Season 2, both maker and taker volume counts towards your Z-Score.

    Additionally, you’re able to boost your Z-Score through PnL multipliers, activities, referrals, and Zeta NFTs. See more details.

    When will the $Z airdrop take place?

    As of now, Zeta hasn’t confirmed an airdrop.

    Having said that, we expect the $Z airdrop to function like other ones on Solana. Generally, token rewards aren’t sent directly to your wallet; You must go to a dedicated website to claim them. Zeta’s claim page isn’t available yet, but we’ll be sure to share it here, on social media, and via our app when it goes live.

    ⚠️ Beware: During airdrop season, scammers create imitation accounts to trick you into clicking phishing links and wallet drainers. Please exercise caution. Only click on, and visit, links from Zeta’s official 𝕏 account, and do not respond to direct messages from unknown parties related to the $Z airdrop—regardless if you’re on 𝕏, Discord, Telegram, or other platforms.

    For more on this, make sure to read our Solana Airdrops guide.

    How to trade $Z with Phantom?

    Note: You need to hold SOL in your Phantom wallet to complete this process.

    1. Log-in to your Phantom wallet on the browser extension or mobile app
    2. Select the tokens you’d like to trade
    3. Click the swap icon (arrow) at the bottom
    4. Review the order
    5. Submit!

    How to set up a Phantom wallet?

    If you’d like a friendly multichain wallet for crypto, DeFi, and NFTs, try us out. We offer browser extensions for Firefox, Chrome, Brave, and Edge, as well as apps for iOS and Android.

    First, download Phantom. Then, create a new wallet.

    If you’d like to fund, or send funds to, your Phantom wallet, you can do so via the “Buy” button on your asset tab. We offer various funding options, such as MoonPay, PayPal, and Robinhood to make it easy for you to fund your wallet.

    Once you do that, you're ready to go.

    How to bridge tokens to Solana with Phantom?

    If this is your first time using Solana, you might have most of your assets on other blockchains, such as Ethereum and Polygon. With our Cross-Chain Swapper, you can bridge tokens across Ethereum, Solana, and Polygon right in your Phantom wallet. Here’s how:

    Disclaimer: This guide is strictly for educational purposes only and doesn’t constitute financial or legal advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.