Drift, a decentralized exchange (DEX) on the Solana network, is gearing up to airdrop 100 million DRIFT governance tokens.
The airdrop is part of Drift's effort to transition to a more community-driven governance model, where token holders can influence key operational decisions, such as software upgrades and token listings.
Did you know?
Subscribe - We publish new crypto explainer videos every week!
What is Curve Finance in Crypto? (Animated Explanation)
According to Drift’s announcement, the airdrop is scheduled for the coming weeks and follows a three-month points program that successfully attracted a diverse group of participants, including traders, borrowers, lenders, and airdrop farmers.
10% of DRIFT's total supply will be distributed to existing Drift users, recognizing their support of the platform.
The majority of the tokens, 43%, are allocated towards ecosystem development to increase the active Drift user base through trading rewards, future airdrops, and rewards for providing liquidity.
Venture capital firms such as Polychain Capital and Multicoin Capital, as well as individual angel investors including Solana founders Anatoly Yakovenko and Raj Gokal, who have collectively invested over $25 million in the platform since 2021, will receive a 22% allocation of the total DRIFT tokens.
Another 25% is reserved for protocol development to compensate Drift's contributors.
Drift offers several trading options, including perpetuals trading that allows up to 20x leverage, and spot trading. The platform is also introducing a feature for betting on tokens that are not yet launched, although the DRIFT token itself will be exempt from this due to legal restrictions.
The upcoming DRIFT token airdrop represents a significant step towards democratizing governance and boosting user involvement in Drift.
In other news, the Solana blockchain has also recently seen a $850 million airdrop of Wormhole's governance token, W.
