Backpack lists DRIFT for spot trading

Spot trading for DRIFT/USDC opens at 12:00PM UTC on May 16th, 2024.

• Ticker: DRIFT

• Total Supply: 1,000,000,000

$DRIFT is the governance token of the Drift Protocol.

Drift is one of the oldest DeFi projects on the Solana blockchain.

The powerful DEX launched as a simple crypto trading platform in August 2021. Since then it has grown into the largest open source perpetual futures market on Solana.

Drift specializes as a derivatives exchange and gained significance in the crypto community for their cross-margined perpetual futures.

• Launched: 2021

• Total Value Locked: ~$350M

• Users: 90k+

They recently announced the $DRIFT token launch.

Drift is one of the oldest DeFi projects on the Solana blockchain.

The powerful DEX launched as a simple crypto trading platform in August 2021. Since then it has grown into the largest open source perpetual futures market on Solana.

Drift specializes as a derivatives exchange and gained significance in the crypto community for their cross-margined perpetual futures.

• Launched: 2021

• Total Value Locked: ~$350M

• Users: 90k+

They recently launched the $DRIFT token launch.

The Drift DAO Foundation recently announced the DRIFT governance token.

The token lets Drift users and contributors suggest and make decisions that affect the future of the Drift ecosystem.

• Total # of DRIFT Tokens: 1,000,000,000

• Distribution Period: 5 Years

Drift Protocol is a decentralized platform. The launch of the DRIFT tokens= represents a shift of control from the founders to the community.

Decentralization matters.

By distributing power and decision-making across the ecosystem instead of centralizing it, Drift ensures sustainable, healthy growth alongside its most active participants.

drift.trade

100 million DRIFT tokens will be airdropped during the initial launch phase, the date has not been announced yet.

The team will release 100 million DRIFT tokens during the initial launch phase but have not announced a date yet.

Drift Trader Points launched in early 2024 as an incentivized program for traders and market makers.

The event lasted three months and points allocations were determined based on trading volume and other activities. Points were distributed weekly.

Points will be used to determine airdrop allocations for the upcoming DRIFT coin release.

Learn more about Drift Trader Points here.

Drift DAO is a trilateral organization which breaks down into three main branches:

• Realms DAO

  • Realms DAO is responsible for the maintenance and development of the Drift platform. Members include the most knowledgeable contributors and developers in the Drift ecosystem.

• Security Council

  • Security Council members manage the exchange's performance by updating risk parameters, maintaining of margin ratios and program upgrades.

• Futarchy DAO

  • The Futarchy DAO is a funding arm for ecosystem projects that enhance the Drift experience. This includes third party projects that are adjacent or directly related to Drift.

Drift's founders chose the Solana blockchain because it provides low latency block times and high bandwidth.

Solana founders Anatoly Yakovenko and Raj Gokal created a blockchain designed for lightspeed-fast transaction settlements at incredibly low costs.

DEX stands for 'decentralized exchange' which are unregulated, permissionless marketplaces where you can trade crypto and other digital assets.

They are not monitored by banks, governments or other regulatory bodies.

Advanced DEX's like Drift offer numerous crypto trading services and facilitate the movement of cryptocurrency including:

• Lending

• Borrowing

• Yield farming

• Staking

• Liquidity pools

• Drawbacks

Although DEX's are not required to meet regulatory requirements their financial records are typically transparent and viewable by anyone.

DEX's are commonly referred to as "peer to peer" platforms however both the DEX platforms and professional AMM (Automated Market Makers) teams are increasingly providing the liquidity for their customers.

For any inquiries, please contact support@backpack.exchange

Backpack Exchange

May 14 2024