Drift, a Solana-based decentralized exchange protocol for trading crypto perpetual futures, is set to launch and airdrop its “governance” token, DRIFT.
The DRIFT token will have a total supply of 1 billion, with 10% or 100 million tokens expected to be distributed via an airdrop, Drift said Tuesday. The 100 million tokens will be distributed to 180,000 Drift users based on their activity on the platform.
“The token generation event date and airdrop claim date will be announced later,” Drift co-founder Cindy Leow told The Block, adding that the launch is expected in the coming weeks.
Drift took “multiple” snapshots over the past three years and performed a “full activity analysis” for the token drop.
Multi-branch DAO
After the token launch, Drift said it would move toward a multi-branch DAO, consisting of a Realms DAO for general protocol development, a Security Council to govern protocol upgrades, and a Futarchy DAO for financing technical grants.
The Drift DAO Foundation will facilitate the coordination of decisions and initiatives of token holders and the DAO.
Drift launched in 2021 as one of the first DeFi projects on Solana. Since then, it has facilitated a cumulative trading volume of over $20 billion and currently has a total value locked of more than 250 million dollars.
All DRIFT tokens will be distributed over five years, with the majority (over 50%) allocated to the community. The token allocation split is 53% for community and ecosystem; 25% for protocol development and 22% for strategic participants.
Leow said Drift team members and venture capitalists are subject to a vesting period of between 24 and 36 months.
Last week, Solana DEX Zeta Markets also announced that it would launch its token and conduct an airdrop of 100 million Z tokens.
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