Drift Foundation Announces DRIFT Token And Airdrop For Solana-Based Futures Exchange Users
The Drift Foundation, the organization supporting the Solana-based perpetual swap futures exchange Drift Protocol, has announced the launch of its governance token DRIFT. As part of the token distribution, 10% of the total supply, amounting to 100 million DRIFT tokens, will be airdropped to eligible wallets. The airdrop coincides with the creation of the Drift DAO, signaling the platform's move towards decentralization.
According to the announcement, 53% of the total 1 billion DRIFT token supply will be allocated to the community. Of this, 43% will be dedicated to ecosystem development and trading rewards, while the remaining 10% will be distributed through the airdrop. The exact date of the airdrop has not been specified, but Drift co-founder Cindy Leow told Decrypt that it will take place within a matter of weeks.
The Drift DAO will consist of three main components: Realms DAO, responsible for developing the Drift protocol; a security council, tasked with monitoring fees, margin ratios, and upgrades; and Futarchy DAO, which will fund Drift ecosystem projects. The remaining 47% of the DRIFT token supply will be allocated to protocol development and strategic participants.
DRIFT token holders will have the opportunity to actively participate in shaping the future of the protocol through voting. The Drift Foundation will be responsible for coordinating and implementing the decisions made by the token holders of the DAO.
Launched in October 2021, Drift Protocol has become the largest perpetual swap futures exchange on the Solana blockchain. To date, the decentralized exchange has recorded over $21 billion in cumulative trading volume, with 16.2 million trades and 181,861 users.
In January, Drift launched a rewards program that distributed 100 million Drift points to users weekly, based on their trading activity and liquidity contributions to the network. However, the platform has now announced that this rewards program will come to an end on April 18, 2024, at 00:00 UTC. Any trading activity after this date will count towards future rewards.
The launch of the DRIFT token and the creation of the Drift DAO mark a significant milestone in the platform's journey towards decentralization. As the Solana ecosystem continues to grow, Drift Protocol aims to empower its users to become true stewards of the protocol and guide its future as the largest derivatives exchange in the crypto space.
