Solana perpetual contract exchange Drift will launch governance token DRIFT! Airdrop 100 million coins to users

Drift Protocol, Solana’s ecological decentralized derivatives trading platform, announced yesterday (16th) that it will soon launch the governance token “DRIFT” and is expected to issue it in compliance with the regulations “in the next few weeks”. Qualified users will receive an airdrop of 100 million tokens.

Drift Protocol was officially launched in October 2021. It is currently the largest perpetual contract exchange in the Solana ecosystem. To date, the cumulative trading volume has exceeded 21 billion US dollars and 16.2 million transactions. Its main products are for speculators. Provides cryptocurrency perpetual contract trading with up to 20x leverage. In addition, Drift also offers spot trading and a range of financial instruments.

Drift Protocol is now trying to decentralize its operations by issuing governance tokens, allowing token holders to vote on key decisions for the exchange, such as which new tokens should be listed or when software should be upgraded. The Drift Foundation wrote in a post on

According to the Drift Foundation, the total supply of DRIFT tokens is 1 billion, 10% of which will be used for the above-mentioned airdrop. These tokens will be distributed to existing Drift users, including long-term traders, Participants in various activities (such as BAL or insurance funds), depositors and liquidity providers in recognition of their contribution to the development and growth of the protocol.

In addition, 43% of the token supply will be used for "ecosystem development" to promote the growth of Drift active users by providing trading rewards, liquidity rewards and future airdrops; 25% of the token supply will Used for "protocol development" to pay contributors who are committed to developing Drift Protocol tools, products and infrastructure. To ensure alignment of interests, the core development team's tokens have an 18-month lock-in period and an 18-month vesting period.

As for venture capital and strategic participants, they will receive 22% of the token supply. Cryptocurrency venture capital firms such as Polychain Capital and Multicoin Capital, as well as a handful of angel investors including Solana founders Anatoly Yakovenko and Raj Gokal, have invested more than $25 million in the development of the protocol since 2021.

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