Drift Protocol Launches Rewards Program Ahead of Token Launch
Drift Protocol, the leading perpetual futures trading platform on the Solana blockchain, has introduced a rewards program called Drift Points for its users. The program will run from today until March, with weekly distributions starting on February 2nd. Users will receive Drift points based on their trading volume and other activities such as market making and liquidity provision.
Transition to Community Ownership with Governance Token
Drift Protocol has plans for progressive decentralization, and the rewards program is the first step towards community ownership. The platform aims to launch a governance token shortly after the points program ends. The governance plans include an elected risk council consisting of token holders who will manage the protocol’s upgrade authority and determine functions like fees and technical parameters.
Inspired by Jito Network’s Success
The success of Jito Network’s rewards program and token airdrop has influenced Drift Protocol’s approach. Jito, a prominent Solana protocol offering liquid staking services, experienced significant growth in the Solana ecosystem following its points program and token launch. Drift Protocol is currently the ninth-largest decentralized finance protocol on Solana, with over $113 million locked in value and a trading volume of over $4 billion.
Drift’s Future Plans
Drift Protocol, founded in 2021, has received backing from investors such as Polychain Capital and Solana Labs co-founders Anatoly Yakovenko and Raj Gokal. The project raised $23.5 million in Series A funding and has upcoming features in the pipeline, including a redesigned mobile app and new governance modules.
Hot Take: Drift Protocol Empowers Users with Rewards Program and Governance Token
Drift Protocol is taking a user-centric approach by introducing the Drift Points rewards program, providing incentives for active participation on the platform. This initiative not only benefits existing users but also attracts new participants to the Solana-based perpetual futures trading platform. Additionally, the upcoming launch of a governance token demonstrates Drift’s commitment to decentralization and community ownership. By involving token holders in decision-making processes, Drift Protocol aims to create a more inclusive and transparent ecosystem. With its strong backing from notable investors and promising future developments, Drift Protocol is poised for further growth within the Solana ecosystem.
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