Solana DEX Drift set to airdrop 100 million tokens to users

Photo of author

By Harper Lee

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.

Disclaimer: The Block is an independent media outlet that distributes news, research and data. Since November 2023, Foresight Ventures has been a majority investor in The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to provide objective, impactful and current information about the crypto industry. Here is our current financial information.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Leave a Comment