Drift, a Solana-based decentralized exchange protocol for trading crypto perpetual futures, is set to launch and airdrop its "governance" token, DRIFT.

The DRIFT token will have a total supply of 1 billion, with 10% or 100 million tokens set to be distributed through an airdrop, Drift said Tuesday. The 100 million tokens will be airdropped to 180,000 of Drift's users based on their activity on the platform.

"Token generation event date and airdrop claim date will be announced later," Drift co-founder Cindy Leow told The Block, adding that the launch is expected in the coming weeks.

Drift has taken "multiple" snapshots over the past three years and has done "comprehensive activity analysis" for the token airdrop.

Multi-branch DAO

After the token launch, Drift said it will move towards a multi-branch DAO, consisting of a Realms DAO for general protocol development, a Security Council for governing protocol upgrades, and a Futarchy DAO for funding technical grants.

The Drift DAO Foundation will facilitate the coordination of decisions and initiatives from the token holders and the DAO.

Drift launched in 2021 as one of the first DeFi projects on Solana. Since then, it has facilitated a cumulative trading volume of over $20 billion and currently has a total value locked of over $250 million.

All DRIFT tokens will be distributed over five years, with a majority (over 50%) being allocated to the community. The breakdown of the token allocation is 53% for community and ecosystem; 25% for protocol development and 22% strategic participants.

Leow said that both Drift's team members and venture capital investors are subject to a vesting period ranging between 24 to 36 months.

Last week, Solana DEX Zeta Markets also announced that it will launch its token and conduct an airdrop of 100 million Z tokens.