- The Drift Foundation has opened claims for airdrops and formally launched its coin.
- 120 million DRIFT tokens plus a bonus are included in the airdrop.
The Drift Foundation, which is in charge of managing the decentralized exchange system for trading cryptocurrency perpetual futures based on Solana, has introduced the DRIFT token and made airdrop claims available.
The Drift Foundation claimed on Thursday that the airdrop included 120 million tokens, or 12% of the 1 billion total supply of DRIFT. This consists of 20 million tokens, or 2% extra, which is more than Drift originally allotted for an airdrop last month.
Co-founder Cindy Leow said that Drift “is probably the first protocol” to offer a bonus component in its airdrop. According to Leow, the goal is to “disincentivize early selling” and prevent network congestion on Solana.
Tens of thousands of users and bots have rushed to claim airdrops in the past, causing network congestion and a less than ideal user experience, according to Leow. A special bonus system has been put in place to provide Drifters the greatest experience possible and to further reward devoted members.
Bonus element for DRIFT
The airdrop for all qualified Drift users will consist of two parts: a bonus allocation that unlocks progressively over the course of six hours and an initial allocation that is available at launch. After the tokens are claimed, vesting stops. Vesting starts at launch.
According to Leow, consumers can obtain twice as many tokens if they wait the entire six hours. Assuming that a user was allotted 200 DRIFT, the first 100 will be unlocked upon launch, and the remaining 100 will open in a linear fashion over the course of the following six hours if the user hasn’t claimed them yet. She said that they will lose their 100 DRIFT bonus if they decide to claim the 100 DRIFT right now.
According to Leow, the ecosystem rewards part of the token supply was used to fund the 2% bonus allocation; this means that the other allocations remain unaffected.
Listing of cryptocurrency exchanges DRIFT
On Wednesday, Coinbase updated its roadmap to include the DRIFT coin. Leow anticipates that the listing will happen after the token is live. Bybit, a cryptocurrency exchange, also declared earlier today that DRIFT will be listed.
It’s unclear how much DRIFT will initially trade for and what its fully diluted valuation would be.
Drift is one of the biggest and oldest DeFi protocols on Solana, having been launched in 2021. According to DeFiLlama data, Drift has enabled over $20 billion in trade activity cumulatively and now has over $338 million in total locked value.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
