Zeta Markets, a Solana-based decentralized exchange (DEX), raised USD 5 million in new funding led by Electric Capital, with participation from Digital Asset Capital Management, Selini Capital, and Airtree Ventures, among others. This round brings the company's total funding to USD 13.5 million.

The company plans to use the funds to redesign its DEX, expand its team, improve its go-to-market strategy, and speed up the development of its proposed layer-2 (L2) network. The firm plans to launch the testnet of its rollup in Q4 2024, and mainnet in Q1 2025.

Based in Singapore, Zeta Markets offers a decentralized exchange platform built on the Solana blockchain, which enables users to trade several crypto-derivative products. The company is also developing what it claims to be the first DeFi L2 built on Solana. The solution aims to improve order latency and throughput of the platform to that of a centralized exchange while maintaining its self-custodial nature. The L2 network will operate via central limit order books (CLOB) and enable users to bridge directly from the Solana blockchain and begin trading.