Drift, a decentralized exchange (DEX) for spot trading and perpetual futures, is launching the DRIFT governance token and will be celebrating with an airdrop.
The total issue of DRIFT will be one billion coins, 10% of which the project team will allocate to encourage the community. This is stated in official announcement Drift.
DRIFT token and DAO
According to the announcement, the DRIFT token is designed to empower loyal users of the protocol. With the help of the asset, they will have a say in the decisions of the project, which will be coordinated through the decentralized autonomous organization (DAO) Drift.
DRIFT token emission schedule. Source: Drift
The organization is headed by independent director Matt Shaw. The main feature of DAO will be the multi-level structure of the fund. In particular, the developers presented the so-called Realms DAO, which will elect members of the Security Council and maintain the high speed of the protocol without compromising decentralization.
Tokenomics Drift
The total supply of DRIFT will be one billion tokens. They are subject to gradual unlocking, which will take a total of five years. Most of the assets (more than 50%) will be directed to the community. The distribution looks like this:
- ecosystem development and trading rewards – 43%;
- airdrop – 10%;
- protocol development – 25%;
- strategic partners – 22%
In the near future, the Drift team will provide a detailed description of the selection criteria for participation in the distribution of free tokens. In addition, the developers will also announce an application period during which users will be able to receive the airdrop.
In January of this year, the project launched a system of points that are awarded for a number of activities. Users could connect a Solana wallet and trade on the exchange, track and borrow USD Coin (USDC) and SOL, become liquidity providers, or place assets in Drift insurance fund vaults.
What is Drift
Drift is one of the first decentralized finance (DeFi) projects on Solana, launched in 2021. Since then, the platform has grown into the largest DEX in the ecosystem.
According to DefiLlamathe total value of locked funds (TVL) in the protocol is estimated at $253 million. Drift trading volumes over three years amounted to about $20 billion, and the number of daily active users exceeds 175 thousand.
Source: Cryptocurrency
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