Bittime - There is good news for DeFi (Decentralized Finance) players! Drift, a Solana-based sustainable futures exchange, will be giving away 100 million of their DRIFT tokens for free.
This distribution of free tokens, or what is usually called an airdrop, coincides with the launch of Drift DAO (Decentralized Autonomous Organization).
What is DRIFT Token?
The DRIFT token is designed to provide power to loyal Drift Protocol users.
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The main goal of the DRIFT governance token is to empower Drift users by:
- Providing real ownership of the Drift protocol.
- Provide a significant voice in determining the direction of protocol development through Drift DAO.
The DRIFT token embodies a collective and inclusive decision-making approach within the Drift ecosystem. Decentralization is important.
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By distributing power and decision-making across the ecosystem, rather than centralizing it, Drift ensures sustainable and healthy growth along with its most active participants.
How to Get DRIFT Token Airdrop?
Details regarding the terms and conditions for getting the airdrop have not been announced. However, Drift co-founder Cindy Leow said that the airdrop will take place "in the next few weeks."
What is Drift DAO?
Simultaneously with the airdrop, Drift DAO was also formed. Its function is to manage the future of Drift Protocol and make it the largest crypto derivatives exchange. Drift DAO consists of several parts:
- Realms DAO: Responsible for developing the Drift protocol.
- Security Council: Responsible for overseeing costs, margin ratios, and system improvements.
- Futarchy DAO: Responsible for funding Drift ecosystem projects.
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Uses of DRIFT Tokens
DRIFT token holders will later be able to actively participate in decision making through voting. The Drift Foundation will implement decisions made by DRIFT token holders through the DAO.
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About Drift Protocol
Drift is a decentralized exchange (DEX) built on the Solana blockchain which is known for its high performance.
In contrast to centralized exchanges (CEXs) like Coinbase or Binance that hold user funds and facilitate trading, Drift empowers users to maintain complete control over their assets.
This peer-to-peer (P2P) approach encourages transparency and eliminates potential storage risks associated with centralized platforms.
Launched in October 2021, Drift Protocol is the largest sustainable futures exchange on Solana. This DEX (Decentralized Exchange) has recorded a cumulative trading volume of over $21 billion, with 16.2 million transactions and 181,861 users to date.
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Previously, Drift launched a rewards program that distributed 100 million Drift points to users every week. However, the program will end at the end of this week.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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