Drift, a Solana-based decentralized exchange protocol for trading perpetual crypto futures, will launch and release its governance token, DRIFT.
The DRIFT token will have a total supply of 1 billion, with 10% or 100 million tokens distributed via an airdrop, Drift said on Tuesday. The 100 million tokens will be dropped to 180,000 Drift users based on their activity on the platform.
“The date of the token generation event and the date of the airdrop claim will be announced later,” Drift co-founder Cindy Leow told The Block, adding that the launch is expected in the coming weeks .
Drift has taken “multiple” snapshots over the past three years and conducted a “comprehensive activity analysis” for the token airdrop.
DAO with multiple branches
Following the token launch, Drift said it will evolve into a multi-branch DAO consisting of a Realms DAO for general protocol development, a Security Council for managing protocol upgrades, and a Futarchy DAO for technical grant funding.
The Drift DAO Foundation will facilitate the coordination of decisions and initiatives of the token holders and the DAO.
Drift was launched in 2021 as one of the first DeFi projects on Solana. Since then, it has facilitated a cumulative trading volume of over $20 billion and currently has a total value locked of more than 250 million dollars.
All DRIFT tokens will be distributed over a period of five years, with a majority (over 50%) allocated to the community. The token allocation breakdown is 53% for community and ecosystem; 25% for protocol development and 22% for strategic participants.
Leow said both Drift team members and venture capital investors are subject to a 24- to 36-month waiting period.
Last week, Solana DEX Zeta Markets also announced that it will launch its token and conduct an airdrop of 100 million Z tokens.
