Drift DEX on Solana Opens Claim Portal for DRIFT Token Airdrop with Bonus

Drift DEX on Solana Opens Claim Portal for DRIFT Token Airdrop with Bonus

Drift Foundation has officially launched the DRIFT token and opened the claim portal for a 120 million token airdrop, including a 2% bonus reward.

Drift DEX on Solana Opens Claim Portal for DRIFT Token Airdrop with Bonus

Drift Foundation, the organization managing the decentralized derivatives exchange (DEX) on Solana, launched the DRIFT token and officially opened the claim portal for the airdrop at 7:00 PM on May 16, 2024.

The airdrop program includes 120 million tokens, equivalent to 12% of the total 1 billion DRIFT tokens. This includes a 2% bonus reward, equivalent to 20 million tokens, allocated from the ecosystem rewards within the total token supply—an increase from the initial airdrop allocation announced by Drift last month.


Drift token airdrop announcement. Source: Drift Foundation (16/05/2024)

According to the announcement, all eligible Drift users will receive the airdrop in two components:

  1. Initial Allocation: Available for immediate claim at launch.
  2. Bonus Allocation: Unlocks gradually over 6 hours. The vesting period begins upon deployment and ends when the tokens are claimed.

Cindy Leow, the co-founder of the project, explained that the purpose of vesting the bonus is to "minimize early selling" and avoid network congestion on Solana:

"By waiting the full 6 hours, users can double the number of tokens they receive. For example, if a user is allocated 200 DRIFT, 100 DRIFT will unlock immediately at launch, and the remaining 100 DRIFT will unlock linearly over the next 6 hours if the user hasn't claimed. If they choose to claim the initial 100 DRIFT right away, they forfeit the 100 DRIFT bonus."

Drift may be the "first protocol" to integrate a bonus into the airdrop program. Historically, airdrop claims have caused network congestion, resulting in suboptimal user experiences as tens of thousands of users and bots rush to claim their airdrops.

Coinbase added the DRIFT token to its listing roadmap on Wednesday. Leow anticipates that the listing will occur after the token launch. Bybit also announced earlier today that it will list DRIFT.

The initial trading price of DRIFT and its full valuation remain unclear. According to data from DeFiLlama, Drift has generated over $22 billion in cumulative derivatives trading volume and currently has a total value locked (TVL) of $339 million—an increase of 33.94% from a month ago.


TVL fluctuation of Drift Protocol from December 2021 to May 16, 2024. Source: DeFiLlama

Key Highlights:

  • Airdrop Details: 120 million DRIFT tokens, 12% of the total supply, with a 2% bonus reward.
  • Claim Mechanics: Immediate claim for initial allocation; bonus allocation unlocks over 6 hours.
  • Minimizing Congestion: Vesting period aims to reduce early selling and network congestion.
  • Exchange Listings: Coinbase and Bybit plan to list the DRIFT token post-launch.
  • Market Impact: Unclear initial trading price; significant trading volume and TVL growth.

This airdrop and the innovative bonus mechanism highlight Drift's efforts to enhance user experience and incentivize long-term engagement within the Solana ecosystem.

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