Zeta Markets, a decentralized exchange (DEX) specializing in perpetual trading, has recently concluded a successful funding round, raising $5 million. The company emphasized that this funding will accelerate the development of the first DeFi L2 on the Solana blockchain.
In an official announcement, Zeta revealed that the funding round brought its total capital to $13.5 million. “This funding will drive the development of the first DeFi L2 on Solana, furthering our mission to create the ultimate all-in-one trading platform,” the company stated.
Leading the funding round was Electric Capital, joined by DACM, Airtree Ventures, Selini Capital, and notable angel investors including Anatoly Yakovenko, CEO of Solana Labs, 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, JMR Luna of Wintermute, and others. “Despite the uncertainty of the bear market, we are extremely grateful for the support of our investors, who have reaffirmed their belief in our vision,” Zeta expressed.
Avichal Garg, co-founder of Electric Capital, commented on the company’s commitment to the Solana blockchain: “We are thrilled to see the Zeta Markets team furthering their dedication to Solana with their ambitious L2 roadmap. Their focus on developing high-quality, decentralized solutions that address real user problems has led to significant progress this year. We are proud to continue supporting them as they expand their vision beyond their successful DEX.”
Zeta’s layer-2 solution will maintain centrally capped order books (CLOB) as a primary feature and enable direct bridging to the Solana blockchain to access the fast-growing DeFi liquidity pool. Furthermore, it aims to resolve user experience challenges with DEXs by abstracting gas costs and streamlining transaction signing.
Disclaimer: The opinions expressed in this article are solely for informational purposes and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: The Best Solana Crypto Projects Revealed; Details
Solana Soars: SOL Leads Altcoin Fund Participation with $5.9 Million Inflow