Solana exchange Drift confirms 100m token airdrop

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Drift, the decentralized exchange powered by Solana, announced intentions to introduce its governance token in conjunction with an airdrop distributing 100 million tokens.

The Drift Foundation’s governance token enables users to cast votes on proposed protocol changes and decisions, which are initiated by community members. In a recent update on April 16, it was announced that 180,000 individuals will receive a 10% share (100 million tokens) of the total DRIFT supply of one billion tokens based on their engagement with the Solana platform since its inception in 2021.

Supporters were deeply engaged in discussing additional information about the upcoming airdrop, prompted by a cryptic post on the Solana futures platform’s subreddit on April 17th. Yet, the team has not announced a specific distribution date but mentioned that they would share the eligibility requirements shortly.

Tomorrow.

— Drift Protocol (@DriftProtocol) April 15, 2024

The protocol is part of several initiatives distributing complimentary tokens to initial backers during what’s referred to as “airdrop season.” For instance, Jupiter, a swiftly growing Solana Decentralized Exchange (DEX), bestowed its JUP coins upon users in January, having been established three years prior.

Three-tier Drift DAO

Alongside an airdrop and introduction of a governance token, this Decentralized Exchange (DEX) announced plans for a multi-branched Decentralized Autonomous Organization (DAO). This system is designed to distribute decision-making power among its members, fostering a more inclusive and democratic operating structure.

The responsibilities of The Realms DAO include creating and updating protocols, organizing security council votes, suggesting significant modifications, and maintaining a secure environment for users’ assets on the platform. As reported by DefiLlama, the exchange has achieved more than $20 billion in trading volume and over $248 million in assets locked in.

Experts chosen by the Realms DAO will make up a Security Council DAO, where they’ll fine-tune on-chain settings and manage protocol upgrades.

In simpler terms, a Futarchy Decentralized Autonomous Organization (DAO) on Solana will provide funding for project developers and distribute resources to initiatives aimed at fostering growth within the Solana exchange community.

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2024-04-16 21:39