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Drift Protocol plans to launch token after reward program ends in March

Drift Protocol, one of the largest derivatives trading protocol on the Solana ecosystem, announced the launch of a reward program for its users. Drift Points will run from today until the end of March 2024. The project will distribute points weekly, with the first distribution expected on February 2.

According to Cindy Leow, co-founder of Drift Protocol, there will be about 100 million points issued each month, based on the trading volume of users and their interaction with other activities on Drift, such as market making and liquidity provision.

For those who have interacted with Drift before, the project will allocate additional points based on the snapshot results of their activity.

In addition, Leow hinted at the possibility of issuing a platform token, which is expected to take place shortly after the reward program ends. However, the female leader declined to comment on whether Drift will airdrop to users based on the points they have accumulated.

Before Drift Protocol, there have been many successful projects with this reward program, most notably Jito, the second largest liquid staking protocol in the Solana system.

Jito launched the reward program in September 2023 and announced the airdrop three months later. The reward program and token launch helped boost the growth of the Solana ecosystem in recent times, driving up the prices of SOL and many other tokens in the system.

Founded in 2021, Drift received backing from Polychain Capital and Solana Labs founders Anatoly Yakovenko and Raj Gokal. The project raised $23.5 million in a Series A round in October 2023.

Drift Protocol’s TVL | Source: DefilLama

Drift is currently the ninth largest decentralized finance protocol on Solana, with a total value locked (TVL) of more than $114.6 million, according to DeFiLlama. Since its launch, Drift has processed over $4 billion in trading volume and served over 80,000 users.

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