Drift Protocol Debuts Airdrop Eligibility Checker; OG Users Secure 64% of Airdrop Supply

The Drift Foundation has opened the eligibility checker for its highly anticipated Launch Airdrop of DRIFT tokens. The airdrop, which was previously set at 10% of the total DRIFT supply, has been increased to 12%, an additional 20 million tokens, in recognition of the vibrant Drift community.

Airdrop Eligibility and Distribution

Approximately 150,000 wallet addresses are expected to be eligible for the airdrop. The distribution utilizes a hybrid approach to promote fairness, with allocations determined by:

• OG Points for Drift v2 Activity (64%): Rewards early adopters of the Drift v2 protocol based on trading volume, staking, deposits, and other activities.
• Drift Trader Points (30%): This incentive program rewards both new and existing traders who participated in the Trader Points program between January 22, 2024, and April 18, 2024.
• Early Drifters (5.5%): Recognizes users of the first version of the Drift protocol.
• Keeper Network (0.5%): Rewards Drift Keepers who are critical to the protocol's decentralized orderbook.

Sybil Resistance and Bonus

Drift has implemented measures to prevent Sybil attacks and ensure equitable distribution. A bonus will be provided for eligible participants who choose to delay claiming their tokens, unlocking linearly over a 6-hour period. Drift Users can visit the official Drift website (drift.foundation) to use the eligibility checker and verify if they qualify for the airdrop. 

Market Context

The airdrop announcement comes amidst a broader downturn in cryptocurrency prices. On April 30, Arthur Hayes founder of Bitmex Exchange and Advisor for Drift Protocol, tweeted, "I promise it will be better than Eigenlayer," referring to the $DRIFT airdrop. However, the recent market decline has significantly impacted the valuation of many tokens, leading to disappointment among airdrop recipients of projects like $PRCL and $KMNO, whose prices fell short of pre-market expectations. It will be interesting to see how $DRIFT performs after its Token Generation Event (TGE) in light of these market conditions.