TL;DR
- Drift Protocol announces the launch of its DRIFT governance token along with a huge airdrop.
- The token seeks to empower users and give them a voice in the development of the protocol.
- A DAO structure is established with three branches for governance and protocol development.
Solana–based Drift protocol has taken a significant step by announcing the launch of its DRIFT governance token, accompanied by a massive airdrop to celebrate this milestone.
Founded by Cindy Leow and David Lu in 2021, the protocol has grown to become the largest open source perpetual futures DEX on Solana.
Introducing $DRIFT — the Drift Governance Token.
DRIFT is the governance token of Drift Protocol, the largest open-sourced perpetual futures exchange built on Solana. pic.twitter.com/BGTBANpThH
— Drift Foundation (@DriftFDN) April 16, 2024
With a Total Value Locked (TVL) of more than $350 million and more than 175,000 daily active traders, generating an accumulated trading volume of more than $20 billion.
The primary goal of the token is to empower users by giving them tangible ownership of the protocol and a meaningful say in its development through the DAO.
This decentralized model distributes power and decision-making among active community participants, encouraging healthy and sustainable growth.
Drift DAO structure will be made up of three key branches
Realms DAO: Responsible for the overall development of the protocol and electing the Security Council.
Security Council: In charge of protocol updates, risk parameters and market additions.
Futarchy DAO: Funds projects and protocol-related grants under a futarchy model, based on time-weighted average prices of a conditional market.
Distribution of DRIFT tokens will take place over five years, with more than 50% allocated to the community.
This includes an initial 10% airdrop for loyal users and historical contributors, while 25% goes to protocol development and 22% to strategic participants who have contributed significantly to the growth of the project.
With a detailed token issuance program and a transparent governance structure through the DAO and the Drift Foundation, the protocol seeks to actively involve the community in key decision-making.
This initiative is expected to not only strengthen the existing community, but also attract new participants and accelerate innovation and development within the DeFi ecosystem on Solana.
The next step includes publishing eligibility criteria for the airdrop and a claim period so eligible users can receive their governance tokens.
This launch marks a milestone in decentralization and community engagement at Drift, paving the way for sustainable growth and inclusive governance in the Solana ecosystem.
