Solana-Based DEX Drift to Launch Governance Token and Conduct Airdrop

The decentralized exchange (DEX) on Solana, Drift, has announced the launch of its governance token, DRIFT.

Introducing $DRIFT — the Drift Governance Token.

DRIFT is the governance token of Drift Protocol, the largest open-sourced perpetual futures exchange built on Solana. pic.twitter.com/BGTBANpThH

— Drift Foundation (@DriftFDN) April 16, 2024

The total supply will be 1 billion DRIFT, with 10% or 100 million allocated for an airdrop.

Approximately 180,000 DEX users are eligible for the distribution based on their activity on the platform:

“This airdrop will be distributed among loyal Drift users, including veteran traders and participants in the Trader Points program.”

The developers will announce the launch and claim dates later. Detailed criteria for receiving the tokens will also be published in due course.

All tokens will be distributed over five years, with the majority (53%) going to the community. 25% will be allocated for protocol development and 22% for strategic partnerships.

Following the launch of DRIFT, the team will restructure the platform into a “multi-component” DAO, consisting of the Realms DAO for protocol development, a Security Council for managing updates, and a Futarchy DAO for funding technical grants.

Launched in 2021, Drift became one of the first DeFi projects on Solana. Since then, the exchange’s cumulative trading volume has exceeded $20 billion, and the total value locked at the time of writing stands at over $256 million.

Earlier, the Solana-based decentralized crypto derivatives exchange Zeta Markets announced an airdrop of 100 million governance tokens, Z.

The STEPN team also announced the distribution of 100 million bonus FSL points, which will be convertible into the project’s native token after the airdrop concludes.