Zeta MarketsPrice

(Z)

Zeta Markets, the initial perpetual futures DEX on Solana, and its ZEX token were discontinued and phased out by May 2025. This pivotal shift to Bullet, alongside a migration to a dedicated Layer 2 (L2) rollup, was necessitated by persistent challenges on Solana's Layer 1 (L1). These issues included severe network congestion, unpredictable transaction fee spikes during market volatility, and inherent latency limitations. Such constraints prevented Zeta Markets from delivering a centralized exchange (CEX)-like trading experience. The rebranding to Bullet on its own L2 aims to resolve these problems, offering a significantly faster, more efficient, and user-friendly trading environment.

Bullet is a new, purpose-built network for high-speed decentralized trading, developed by the original Zeta Markets team. It functions as a Layer 2 (L2) rollup, leveraging Solana's Layer 1 (L1) exclusively for final settlement and data availability, while processing transactions off-chain for enhanced performance. This architectural evolution ensures a more efficient trading environment. The ZEX token was migrated 1:1 to the new BULLET token. Additionally, Zeta X (ZX) stands as the initial decentralized application within the Bullet ecosystem, offering a perpetual Central Limit Order Book (CLOB) platform designed for liquid and reliable derivatives trading.

Bullet achieves its superior speed and low latency by operating as a specialized Layer 2 (L2) execution layer, specifically optimized for high-frequency trading. Transactions are processed off-chain, significantly reducing execution time, before being batched and posted to Solana's Layer 1 (L1) for final consensus and data availability. This architecture, alongside a custom virtual machine running Rust for its matching engine and order book, allows for extremely fast trade execution, with claims of latency as low as 2ms. Further enhancements include zero-knowledge proofs for verifiability and a custom sequencer that intelligently prioritizes order cancellations, ensuring an efficient and responsive trading experience.

The BULLET token functions as the native network token for the entire Bullet ecosystem, underpinning its operations and governance. Its primary utilities include facilitating transaction gas fee payments across the network, which ensures smooth and efficient processing. Holders can stake BULLET to enable network operations, supporting its decentralized infrastructure. Furthermore, staking BULLET grants participants governance rights, allowing them to influence key decisions and the future direction of the platform. As an additional incentive, stakers may also be eligible for discounted trading fees, enhancing the token's value proposition for active users and long-term holders.

Bullet is engineered to deliver a trading experience comparable to leading centralized exchanges (CEXs) in terms of speed, execution, and user interface. However, it significantly differentiates itself by upholding the core tenets of decentralization: self-custody of assets, inherent transparency of transactions, and on-chain verifiability. Unlike CEXs where users relinquish control of their funds, Bullet allows traders to maintain full ownership. It aims to bridge the operational efficiency of traditional finance with the trustless and auditable nature of decentralized finance, enabling advanced trading strategies directly on the blockchain without compromising user control or security.

Bullet ensures robust security and transparency through a multi-faceted approach. It leverages the inherent security features of Solana's Layer 1 (L1) blockchain for critical functions like consensus and data availability, benefiting from Solana's established infrastructure. User funds are held securely within audited smart contracts, ensuring self-custody and eliminating counterparty risk common in centralized systems. All trading operations are executed and recorded on-chain, providing full auditability and an immutable record of activities. Furthermore, the integration of zero-knowledge proofs enhances verifiability, allowing participants to confirm the integrity of off-chain computations without revealing sensitive transaction details, thereby reinforcing trust in the platform's operations.