Zeta Market’s “Hyperliquid of Solana” Launches Testnet

Zeta Markets, a Solana-based perpetual DEX, is breaking new ground in the ecosystem’s DeFi sector and threatening the industry’s biggest trading platforms.

Bullet, Zeta Market’s purpose-built Solana network extension for traders, has launched its testnet. Playfully dubbed the “Hyperliquid of Solana”, Bullet claims to be faster than Binance, without sacrificing decentralization and transparency.

What is the Bullet network extension, and what happens to Zeta Market’s native token, $ZEX?

Bullet Testnet Goes Live

Bullet, a Solana network extension specifically built for trading, has launched its testnet, marking a definitive rebrand from its former name, Zeta Markets.

Slated for mainnet launch in Q2, Bullet provides Solana-based traders with a timely alternative to Hyperliquid, the industry’s leading perpetual trading platform by volume. According to DefiLlama data, the Hyperliquid Layer-1 witnessed 5x more perps volume than Solana in February alone.

Musing on Zeta’s evolution from a perps DEX to a fully-fledged network extension, Bullet co-founder Tristan is eager for traders to dive into what he claims to be “the lowest latency blockchain today”. 

“Zeta began as something exciting and novel for me 4 years ago, and we're here to finish the mission with Bullet by growing it into a truly world-class showcase of what blockchain tech is capable of. This rebrand and new product launch is a consolidation of all our efforts and brainpower into one platform that absolutely kicks ass for trading.” - Tristan Frizza, Bullet co-founder

What makes Bullet such a significant improvement over Zeta Markets, and how does it stack up against the industry’s best trading platforms?

Is Bullet the “Hyperliquid of Solana”?

A zero-knowledge powered Solana network extension, Bullet promises to be dramatically faster than its rivals. 

Boasting 2ms execution latency, Bullet claims to be 10x faster than Binance, 100x faster than Hyperliquid, and a staggering 200x faster than existing DEXes built on the Solana Layer-1.

Leveraging zero-knowledge proofs, Bullet is an optimistic rollup secured on the Solana Layer-1. Bullet optimizes for speed and scalability, giving the platform a CeFi-level user experience without compromising decentralization and security. 

Additionally, Bullet will enable users to earn yield on their collateral, giving the platform a considerable edge over competitors like Hyperliquid. 

While Bullet’s performance metrics make it a clear leader in the perpetual trading sector, the network’s lofty claims shouldn’t be taken at face value just yet. Sub-2ms transaction execution during testnet cannot be compared to the trials and tribulations of mainnet usage.

New Identity, New Token

Consistent with Zeta Market’s rebrand, the protocol’s native token, $ZEX, will be given a new identity and role. Bullet’s documentation suggests that $ZEX will be migrated to a new native asset at a 1:1 ratio to avoid diluting existing holders.

Bullet’s new native asset will primarily be used to pay protocol gas fees and secure the network. By staking Bullet tokens to reputable node operators, users will be able to participate in network governance and benefit from fee discounts.

Despite turbulent conditions, markets have reacted positively to Bullet’s rebranding and testnet launch. At press time, $ZEX is currently exchanging hands at $0.057, up 40% over the last 24 hours.

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