Drift, a decentralized exchange (DEX) for spot trading and perpetual futures, is launching the DRIFT governance token and will be celebrating with an airdrop. The total issue of DRIFT will be one billion coins, 10% of which the project team will allocate to encourage the community. This is stated in the official announcement of Drift, Meanwhile, BlockDAG, a revolutionary tech, merges blockchain security with DAG speed, paving the way for a massively scalable future.
DRIFT token and DAO
According to the announcement, the DRIFT token is designed to empower loyal users of the protocol. With the help of the asset, they will have a say in the decisions of the project, which will be coordinated through the decentralized autonomous organization (DAO) Drift.
The organization is headed by independent director Matt Shaw. However, the main feature of DAO will be the multi-level structure of the fund. In particular, the developers presented the so-called Realms DAO, which will elect members of the Security Council and maintain the high speed of the protocol without compromising decentralization.
Tokenomics of Drift
The total supply of DRIFT will be one billion tokens. They are subject to gradual unlocking, which will take a total of five years. Most of the assets (more than 50%) will be directed to the community. Moreover, the distribution looks like this:
Ecosystem development and trading rewards – 43%
Airdrops – 10%
Protocol development – 25%
Strategic partners – 22
In the near future, the Drift team will provide a detailed description of the selection criteria for participation in the distribution of free tokens. In addition, the developers will also announce an application period during which users will be able to receive the airdrop.
What is Drift?
Drift is one of the first decentralized finance (DeFi) projects on Solana, launched in 2021. Since then, the platform has grown into the largest DEX in the ecosystem.
According to DefiLlama, the total value of locked funds (TVL) in the protocol is estimated at $253 million. In addition, drift trading volumes over three years amounted to about $20 billion, and the number of daily active users exceeds 175 thousand.
BlockDAG Paves the Way for Scalable Blockchain Future
BlockDAG is a hybrid model that integrates the best elements of blockchains and Distributed Hash Tables (DHTs). It keeps the DAGs advantages, such as scalability and fast transaction processing. Meanwhile. it helps in utilizing the security and trust of the blockchain consensus mechanisms. BlockDAG represents a breakthrough, being a well-crafted hybrid of the most potent features of the blockchain and DAG structures.
It makes use of the robust security and decentralization of blockchains, while at the same time, the efficient, scalable transaction processing of DAGs is also utilized. The strategic combination of blockDAG with traditional blockchains is capable of handling more transactions per second at faster rates. By surpassing the inherent limitations that hinder both technologies, blockDAG lays the groundwork for a future where distributed ledgers can scale effortlessly to meet the growing demands of the crypto world and the whole digital sphere.
GHOST DAG: A Greedy Algorithm to Secure BlockDAG Consensus
The GHOST DAG (Greedy Heaviest Observed Sub-DAG) algorithm serves as a cornerstone in securing the PHANTOM network. By prioritising blocks with more references from previously validated blocks, it encourages miners to build upon the most widely accepted portions of the DAG.
This fosters a selfreinforcing mechanism where the chain maintained by the honest majority accumulates weight and dominance over time. While malicious actors might attempt to create “orphan branches” or engage in double-spending attacks, their efforts are likely to be futile against the superior computational power of the honest majority. Eventually, the honest chain would overtake any malicious chains due to its cumulative weight of references.
