Solana Based Project Unveils Thrilling Rewards Program Ahead of Token Launch
Drift Protocol, the leading perpetual futures trading platform built on the Solana blockchain, has introduced a rewards initiative for users in anticipation of its upcoming token launch.
Known as Drift Points, the program commences today and concludes in March, with weekly distributions starting on Feb. 2. Approximately 100 million Drift points will be issued monthly, allocated to users based on factors like their pro-rated trading volume, market making, and liquidity provision activities on the platform, as explained by Cindy Leow, Drift Protocol’s co-founder.
The Drift Points program acknowledges ongoing user engagement, with Leow mentioning that for those who have interacted with Drift prior to today, various checkpoints and snapshots have been captured to reward them.
Regarding the governance structure, Leow shared that Drift is set to undergo a gradual decentralization plan, with the introduction of a governance token as the initial step towards community ownership. This governance token will empower an elected risk council, comprising token holders, to oversee the upgrade authority of the protocol, including decisions on fees and technical parameters.
The anticipated Drift token launch is expected to follow shortly after the conclusion of the points program in March. While details on the airdrop mechanism based on Drift points were not disclosed, Leow emphasized a correlation between Drift points and the distribution of Drift tokens.
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Established in 2021 and backed by investors like Polychain Capital and Solana Labs’ Anatoly Yakovenko and Raj Gokal, Drift raised $23.5 million in Series A funding last October. The project has ambitious plans for the future, including the launch of new features such as a redesigned mobile app and additional governance modules.
Alexander Stefanov
Reporter at CoinsPress
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