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Drift Protocol airdrop Image

Drift Protocol

Category: Perpetual DEX, DeFI

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Overview

Total XP Rewards

60

Estimated Rewards

$25M

Funding

$52.3M

Current Stage

Season 2

Total value locked

$870.8M

Unique Users

-

Chains

chain image

Phase

Mainnet

Structure

Points based

Gas

Yes

Grade

A

Tasks

0/3

TGE

May-2024

Type

DEX

Confirmed

Yes

Date

6 months ago

Introduction

  • Drift Protocol is a decentralized trading platform that offers leveraged trading options for cryptocurrencies on Solana.
  • It focuses on enhancing user engagement through innovative features like perpetual & spot markets, lending and borrowing.

Tasks

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Fundamentals

  • Hybrid Liquidity Model: Combines an AMM and Orderbook for deeper and more flexible liquidity pools.
  • Perpetual Futures Trading: Offers users the ability to trade perpetual futures with leverage up to 20x.
  • Spot Trading: Users can engage in spot trading with leverage of up to 5x, accommodating diverse trading strategies.
  • Advanced Risk Management: Insurance fund protects users against trading losses or insolvency risks.
  • Lending and Borrowing: The protocol enables lending and borrowing functionalities, allowing users to maximize their capital utilization.
  • On-Chain Liquidations Mechanism: Transparent and automated process for liquidating under-collateralized positions.

Potential Rewards

  • Drift provides extensive trading options, including perpetual and spot trading with up to 20x leverage, along with features for borrowing, lending, staking, liquidity provision, and yield margin.
  • Season 1 of the airdrop includes 120 million DRIFT tokens, representing 12% of the total supply and valued at over $50 million at launch, with approximately 150,000 eligible wallet addresses.
  • FUEL: It is Drift's on-chain loyalty program aimed at rewarding active users, recognizing their continued participation and support of the Drift community.  
  • Earning FUEL: Users earn FUEL through activities like staking DRIFT and trading, with specific rates for taker and maker volumes. 
  • Activity Boosters: Accelerated earning rates can be achieved through activity boosters, multiplying the base FUEL earnings.
  • Redemption & Recognition Program: The FUEL program will reward active participants within the Drift ecosystem, allowing future redemption of FUEL for enhanced experiences.

Investors

  • Multicoin Capital
  • Blockchain Capital
  • Polychain Capital

Audit

  • Trail of Bits
  • Neodyme
  • Ottersec

 

Features

  • Smart Pricing Engine: Drift uses its oracle-based smart pricing engine to offer traders more accurate and real-time price feeds for all assets.
  • Sub-Accounts: Drift allows users to create multiple sub-accounts under one main account, enabling tailored trading strategies for each without merging funds.
  • Dynamic Funding Rates: The protocol adjusts funding rates dynamically based on market conditions, ensuring a balanced position between long and short traders over time.
  • Integrated Risk Analytics: The protocol gives traders access to risk dashboards that monitor open positions and market exposure in real-time.
  • Developer Support: Provides an API and SDKs for developers to create custom applications and integrations.
  • Fast, Low-Cost Transactions: Leveraging Solana’s high-speed network, Drift ensures that transactions are executed quickly and with minimal fees.

Non-Financial Advice

  • Research:  Explore project's documentation, audits, and community.
  • Understand risks:  DeFi has vulnerabilities, market volatility, and token fluctuation.
  • Invest wisely:  Only invest what you can afford to lose.
  • Beware of scams:  Don't trust unsolicited outreach or guaranteed returns.

*ANZALI only provides suggestions and not financial advice. Use all of the information above at your own risk.

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