Drift Protocol, a prominent derivatives trading protocol within the Solana ecosystem, has announced a new reward program for its users titled 'Drift Points.' The program, which runs through to the end of March 2024, is set to distribute points on a weekly basis starting from February 2.
As per Cindy Leow, co-founder of Drift Protocol, approximately 100 million points will be issued monthly based on users' trading volume and engagement with ancillary activities on the platform, such as market making and liquidity provision. Additional points will be allocated to long-time users, based on the snapshot results of their activity.
Furthermore, Leow mentioned the possibility of releasing a platform-specific token shortly after the incentive program concludes. However, she refrained from confirming whether Drift Points would be connected to any potential airdrops.
This is not the first instance of such reward programs being launched within the Solana ecosystem. Prior platforms like Jito, the second-largest liquid staking protocol in the Solana system, successfully implemented a similar program, leading to significant growth within the Solana ecosystem and contributing to the price surge of SOL and other relevant tokens.
Established in 2021, Drift Protocol secured backing from Polychain Capital and Solana Labs founders Anatoly Yakovenko and Raj Gokal, raising $23.5 million in a Series A funding round in October 2023.
