Solana’s Drift DAO Introduces Governance Token, Here’s Everything
Highlights
- The Drift DAO Foundation is seeking to launch its native token.
- The governance token ticker will be DRIFT.
- DRIFT will have a supply of 1 billion tokens with 10% allotted to the airdrop.campaign.
The Drift DAO Foundation has revealed plans for the introduction of the DRIFT governance token, marking a significant milestone in advancing a fully community-driven protocol. This move aims to empower users and contributors to actively shape the future roadmap of the Drift ecosystem through decentralized decision-making processes.
Drift DAO Launches Native Token
The DRIFT governance token is poised to play a pivotal role in empowering the Drift community. It will grant users the tangible ownership of the DeFi protocol and a significant voice in its development. Moreover, the Drift DAO Foundation aims at encouraging a collective and inclusive approach to decision-making. In addition, Drift seeks to ensure sustainable growth while decentralizing power across the ecosystem.
With a total supply of 1 billion DRIFT tokens, distribution over five years prioritizes community involvement, ecosystem development, and strategic partnerships. Notably, a launch airdrop reserves 10% of tokens for existing Drift users, recognizing their contributions to the platform’s growth.
Token emissions will follow a five-year schedule, ensuring gradual distribution and alignment with ecosystem growth objectives. Moreover, following the latest announcement, anticipation mounts for the launch airdrop. Hence, eligible users can expect a forthcoming blog post outlining eligibility criteria and a designated claim period to secure their DRIFT governance tokens.
Amidst the excitement, caution is advised to guard against potential scams or illegitimate activities. Moreover, the Foundation emphasized vigilance and transparency, urging community members to refrain from sharing personal information or private keys.
Also Read: SOL Price Forecast: Will Solana Ever See $260 Record High Again?
About The Drift Foundation
Drift was launched in 2021 as one of the pioneering DeFi projects on Solana. Furthermore, it has rapidly ascended to become the largest open-source perpetual futures DEX on the Solana blockchain. Initially, it recorded $1 million in Total Value Locked (TVL) and less than 100 daily active traders. However, its exceptional growth led to over $350 million in TVL, more than 175,000 traders, and a cumulative volume exceeding $20 billion.
The Drift DAO Foundation will oversee the coordination of decisions and initiatives from token holders and the DAO. Led by an independent Director, Matt Shaw, and with Webslinger as the DAO administrator, the Foundation pledges transparency through regular reports.
The Drift DAO itself comprises multiple branches, each with distinct responsibilities:
1. Realms DAO: Responsible for overall protocol development, including the election of a Security Council and decisions on tokenomics updates and rewards.
2. Security Council: Tasked with monitoring risk parameters, approving protocol upgrades, and managing market operations to ensure efficiency and decentralization.
3. Futarchy DAO: Innovatively designed to fund ecosystem projects and grants through a futarchy model, decisions are made based on time-weighted average prices of conditional markets.
Also Read: Solana Memecoins Jump 28%: Will it Sustain?
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