- The Solana-based DEX system Drift plans to airdrop 100 million DRIFT tokens to users in conjunction with the introduction of its currency.
- Token launch and airdop is scheduled to take place in the upcoming weeks.
Drift, a decentralized exchange system based in Solana that allows trading of cryptocurrency perpetual futures, is about to debut and airdrop DRIFT, its “governance” token.
According to Drift’s announcement on Tuesday, there will be a total of one billion DRIFT tokens available, of which 10%, or 100 million, will be given away via airdrop. Depending on their behavior on the network, 180,000 Drift members will get an airdrop of 100 million tokens.
According to Cindy Leow, co-founder of Drift, “token generation event date and airdrop claim date will be announced later,” and the launch is anticipated to happen in the upcoming weeks.
For the past three years, Drift has conducted “comprehensive activity analysis” and “multiple” snapshots in relation to the token airdrop.
Multiple-branch DAO
Drift announced that following the token launch, it will transition to a multi-branch DAO that will include a Futarchy DAO for funding technical awards, a Security Council for overseeing protocol improvements, and a Realms DAO for general protocol development.
The Drift DAO Foundation will make it easier for the DAO and token holders to coordinate decisions and actions.
One of the earliest DeFi initiatives on Solana, Drift was introduced in 2021. It currently has a total locked value of over $250 million and has facilitated over $20 billion in trade activity cumulatively since then.
Over 50% of the DRIFT tokens will be handed to the community over the course of five years, making up the majority of the token supply. The distribution of tokens is as follows: 53% go into the community and ecosystem, 25% go toward protocol development, and 22% go toward strategic participants.
Leow stated that a vesting period of 24 to 36 months applies to venture capital investors as well as Drift’s team members.
Additionally, Solana DEX Zeta Markets announced last week that it will launch its token and hold a 100 million Z token airdrop.
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.
