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Drift Protocol Launches Drift Points, Sets End Date for March 2024 with $DRIFT Token Launch to Follow

Drift Protocol introduces the Drift Points program, running until March 2024, to reward users' loyalty and trading activities, with plans to launch the DRIFT token shortly thereafter.

January 23, 2024 by Sheldon

Following the points Meta, Drift Protocol, the largest perpetual trading platform on the Solana network, has announced the launch of its new incentivized points system, Drift Points. This pioneering program aims to reward both traders and market makers for their participation and loyalty.

The program officially commenced today and will end in March 2024. Drift aims to launch its governance token shortly after the points program ends. Drift Points are not just a recognition of current activities but also a nod to the future, as the program will track ongoing user involvement.

Drift Protocol has implemented a system to reward its loyal community in a strategic move to honor its long-standing users. Acknowledging the contributions of users who have been with the platform even before this initiative, Drift has prepared historical user snapshots. These snapshots will play a crucial role in ensuring that these early adopters are duly recognized for their continued support. The inaugural weekly points distribution is scheduled for February 2nd, 2024.

The introduction of Drift Points is a direct response to the platform's remarkable growth over the past year. Drift has seen over $5 billion in trading volume, expanding its user base to over 90,000 participants. The platform boasts of securing over $130 million in total value locked (TVL) and is known for its deep derivatives liquidity on Solana.

Approximately 100 million Drift points will be issued monthly. These points will be allocated based on users' pro-rated trading volume and other activities on Drift, like market making and liquidity provision. The program is designed to appreciate not only the present efforts but also the past engagements of its users, with several checkpoints and snapshots already in place for this purpose.

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