The decentralized crypto exchange (DEX) based on Solana – Drift – announced the launch of the 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. Of these, 10% or 100 million are allocated for the airdrop.

Around 180,000 DEX users are eligible for the airdrop, depending on their activity on the platform:

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

The launch date and claiming details will be announced later by the developers. Detailed criteria for receiving coins will also be published after some time.

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

After the DRIFT launch, the team will restructure the platform into a “multi-sourced” DAO format, which will consist of the Realms DAO division for protocol development, the Security Council for governance updates, and the Futarchy DAO for financing technical grants.

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

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

As a reminder, the STEPN team also announced the distribution of 100 million FSL bonus points, which will be converted into the project’s native token after the airdrop is completed.

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