Solana DEX Drift opens airdrop claims for 120 million tokens with bonus

Drift Foundation, an entity overseeing the Solana SOL +13.59% -based decentralized exchange protocol for trading crypto perpetual futures, has launched its DRIFT token and opened airdrop claims.

The airdrop consists of 120 million tokens, or 12% of DRIFT’s total supply of 1 billion, Drift Foundation said Thursday. This includes a 2% bonus, or 20 million tokens — more than what Drift initially allocated for an airdrop last month.

Drift is "probably the first protocol" to include a bonus component in its airdrop, co-founder Cindy Leow told The Block. The aim is to "disincentivize early selling" and avoid network congestion on Solana, Leow said.

"Historically, airdrop claims have caused network congestion, resulting in a suboptimal user experience as tens of thousands of users and bots rush to claim their airdrop," Leow said. "To provide the best experience and further recognize loyal Drifters, a unique bonus mechanism has been implemented."

DRIFT bonus component

All eligible Drift users will have two components to their airdrop: an initial allocation available at launch and a bonus allocation that unlocks gradually over six hours. Vesting begins at launch and ceases once the tokens are claimed.

"By waiting the full 6 hours, users can double the number of tokens they receive," Leow said. "So let's say a user was allocated a total of 200 DRIFT, 100 DRIFT will be unlocked at launch, with the rest unlocking linearly throughout the next six hours given the user did not claim yet. If they choose to claim the 100 DRIFT at the start, they will forfeit their 100 DRIFT bonus," she added.

The 2% bonus allocation was funded from the ecosystem rewards portion of the token supply, Leow said, meaning the rest of the allocations have not been affected.

Crypto exchanges listing DRIFT

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

It remains to be seen at what price DRIFT will be traded at launch and what its fully diluted valuation will be.

Launched in 2021, Drift is one of the first and largest DeFi protocols on Solana. Drift has facilitated a cumulative trading volume of over $20 billion and currently has a total value locked of over $338 million, according to DeFiLlama data.