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Zeta Markets Raises $5M to Build First DeFi Layer 2 on Solana

The funding will be vital in aiding the development of the Zeta Markets’ Layer 2 solution on the Solana blockchain.

Zeta Markets, a decentralized perpetual trading platform on Solana, has announced that it has secured $5 million in a funding round led by Electric Capital, a venture firm focused on digital assets. With this investment in place, Zeta has raised a total of $13.5 million to date.

The Solana-based decentralized exchange (DEX), launched in 2021, has been at the forefront of providing a user-friendly experience for its users. It has been able to establish itself as a major force within the Solana perpetual contract DEX ecosystem, as it boasts a 41% market share and over 6 million trades executed, and $6 billion in trading volume across 100,000 users.

Apart from Electric Capital, there were also other investors in the funding round such as Selini Capital, Digital Asset Capital Management (DACM), and Airtree Ventures. Moreover, there were other notable angel investors, which include Anatoly Yakovenko, Genia Mikhalchenko, JMR Luna, and Jordi Alexander, amongst others. The fundraising, which closed last week, comes after three years since Zeta last raised $8.5 million, which Jump Capital led in December 2021.

Unveiling the Vision: Layer 2 for Ultimate Trading Experience

The funding will be vital in aiding the development of the Zeta Markets’ Layer 2 solution on the Solana blockchain. This solution will provide a top-tier trading experience while preserving the security and self-custodian nature of decentralized exchanges (DEX).

The company’s Layer 2 will focus more on central limit order books (CLOBs) as an essential feature that will enable users to seamlessly transfer assets from Solana Layer 1 to Zeta’s Layer 2. This process will improve user experience and ultimately lead to faster transactions.

Avichal Garg, co-founder of Electric Capital, expressed his excitement about Zeta’s commitment to the improvement of the Solana ecosystem. He stated:

“We are thrilled to see the Zeta Markets team deepen their commitment to Solana with the unveiling of their ambitious L2 roadmap.”

He further acknowledged their focus on developing top-tier, decentralized solutions that address users’ needs. He said:

“The Zeta team’s focus on building high-quality, decentralized solutions that solve real problems for users has resulted in tremendous momentum this year. After launching, they have been 50% of perp volume on Solana for many days.”

The statement of Garg was echoed by Tristan Frizza, co-founder of Zeta Markets. He revealed that the goal of his firm is to create a trading platform where users can access all their trading needs in one place, a system whereby users won’t have issues with speed and transparency.

“At Zeta Markets, our aim is to craft the ultimate one-stop trading platform where users can benefit from the transparency of DeFi without having to sacrifice convenience and speed. This fundraise helps accelerate our current momentum and deliver an order of magnitude improvement via a ground-up redesign of our DEX,” Frizza stated.


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