Solana-based decentralized exchange (DEX) Drift Protocol is preparing to distribute airdrops two days later, on May 16 at 15:00 Turkey time (UTC+3), according to the official blog post.
DRIFT was added to the listing roadmap by Coinbase today and can be listed on this exchange immediately after launch.
The introduction of the new token follows a three-month points program that has attracted traders, borrowers, lenders and airdrop farmers to Drift. The platform is considered one of the largest venues for continuous trading in Solana's DeFi ecosystem. However, protocol contributors have noted that most of the 100 million tokens initially allocated for this airdrop will be allocated to long-term Drift users.
12% of the airdrop, which corresponds to a total of 120 million tokens, will be distributed to eligible Drift users. Distribution will be made according to users' activities on the platform.
Holders of this token will have the power to vote on important decisions such as which tokens will be listed on the exchange or when the software will be updated. In the first wave airdrop, ten percent of DRIFT's total supply will be allocated to its users.
Venture supporters will receive a significant 22% share of DRIFT. A group of angel investors, including leading cryptocurrency venture capital firms Polychain Capital and Multicoin Capital and Solana founders Anatoly Yakovenko and Raj Gokal, have invested over $25 million in the development of the protocol since 2021.
A significant 43% of the tokens will be directed towards “ecosystem development”, which could include trading rewards, liquidity incentives and future airdrops. Additionally, as stated on Drift's website, 25% of the tokens are reserved for “protocol development” payments to Drift contributors.
*This is not investment advice.
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