Airdrops

Drift Protocol Unveils Governance Token with Generous Airdrop

The Drift Protocol has announced the launch of its DRIFT governance token along with a substantial airdrop to celebrate. This token aims to empower users and provide them with a voice in the protocol’s development. The protocol has established a DAO structure with three branches for governance and protocol development.

The Solana-based Drift protocol has taken a significant step by introducing the DRIFT governance token and hosting a massive airdrop. Founded by Cindy Leow and David Lu in 2021, the protocol has become the largest open-source perpetual futures DEX on Solana.

With a Total Value Locked (TVL) surpassing $350 million and over 175,000 daily active traders, the token’s main objective is to empower users by granting them tangible ownership of the protocol and a significant role in its development through the DAO. The decentralized model ensures power and decision-making are distributed among active community participants, promoting healthy and sustainable growth.

The Drift DAO structure consists of three branches:
1. Realms DAO: Responsible for overall protocol development and selecting the Security Council.
2. Security Council: Handling protocol updates, risk parameters, and market additions.
3. Futarchy DAO: Supporting projects and protocol-related grants under a futarchy model based on time-weighted average prices of a conditional market.

The distribution of DRIFT tokens will occur over five years, with more than 50% allocated to the community. This includes an initial 10% airdrop for loyal users and historical contributors, 25% for protocol development, and 22% for strategic participants who have significantly contributed to the project’s growth. With a detailed token issuance program and a transparent governance structure through the DAO and the Drift Foundation, the protocol aims to involve the community actively in key decision-making.

This initiative is anticipated to strengthen the existing community, attract new participants, and accelerate innovation within the DeFi ecosystem on Solana. The next steps include sharing eligibility criteria for the airdrop and establishing a claim period for eligible users to receive their governance tokens. This launch signifies a milestone in decentralization and community engagement at Drift, setting the stage for sustainable growth and inclusive governance within the Solana ecosystem.




More Info

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Company

Get Latest Updates!

    Get all the latest updates on the crypto scene, including access to exclusive airdrops.

    cryptochronicle.xyz @2024. All Rights Reserved.