Solana-based decentralized exchange, the Drift Foundation, announced the release of its new DRIFT token and the start of airdrop claims.
According to the foundation, the airdrop includes 120 million tokens, constituting 12% of the total 1 billion DRIFT supply. The allocation includes an additional 2% bonus of 20 million tokens, surpassing the quantity initially planned for last month’s airdrop.
Cindy Leow, co-founder of Drift, explained that the bonus is designed to deter early selling and prevent network congestion.
“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.
The co-founder emphasized that the bonus mechanism enhances user experience and rewards loyal supporters.
The airdrop includes two components: an initial allocation available immediately at launch and a bonus that unlocks over six hours.
“By waiting the full six hours, users can double the number of tokens they receive,” Leow noted.
If users claim the initial allocation immediately, they forfeit the potential bonus.
The DRIFT airdrop claim is now live!
Claim your DRIFT here: https://t.co/nVYP4cr3Rz
More information below (🧵) pic.twitter.com/hnfaBOpzaz
— Drift Foundation (@DriftFDN) May 16, 2024
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The 2% bonus was funded from the token supply designated for ecosystem rewards, ensuring that other allocations remain unaffected. Following the launch, major crypto exchanges, including Coinbase and Bybit, have indicated plans to list DRIFT. While the initial trading price and the fully diluted valuation of DRIFT remain uncertain, these listings are anticipated soon.
According to DefiLlama data, Drift has facilitated a cumulative trading volume of over $1.13 billion and currently has a total value locked of over $338 million.
Drift’s token, DRIFT, has already gone live with trading starting at $0.10 before spiking up to $0.84, and currently trades at $0.31 as of 11:44 EDT with a $37.5 million market cap, according to CoinMarketCap.
24-hour price of DRIFT from CoinMarketCap
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