While many protocols announce their intention to reward their users, the Drift Protocol project is attracting the attention of many airdrop hunters.
In addition to launching a lottery system that distributes cryptocurrencies to traders with the most tickets each week, the project is likely to conduct an airdrop in the coming months upon the launch of its native token.
Find out in this guide how to be eligible for the Drift Protocol airdrop.
Key points about the Drift Protocol airdrop
- Project: Drift Protocol
- Difficulty: Medium
- Token: ?
- Cost: Paid
- Duration: Starting from 1 minute
What is Drift Protocol?
Drift presents itself as an extremely comprehensive decentralized protocol on Solana, offering its own spot and perpetual trading, swapping, lending, borrowing, and staking services. It is the ideal place for traders or investors who want to exchange their tokens in a fully decentralized manner.
The protocol currently has over $44 million in locked liquidity (TVL), placing it among the top 10 Solana protocols in the ecosystem.
How to be eligible for the Drift Protocol airdrop?
As with all protocols deployed on the Solana blockchain, you will need a wallet compatible with this network.
We have prepared a list of the most widely used Solana wallets on the market:
- [Install Phantom Wallet] – Recommended
- [Install Solflare]
- [Install Backpack]
Once you have installed your Solana wallet, go to Drift Protocol: [click on this link]
Now, here are some details about the Drift airdrop/reward program:
- Each traded dollar (as a taker) earns you up to 10 tickets
- The more tickets you have, the greater your chances of being selected in the lottery
- A lottery draw takes place every week, with a total of 3 winning prizes
- No token airdrops have been announced at this time
0.1 – Deposit USDC to your Drift account
Before you can interact with the protocol, you need to deposit USDC into your account. To do this, simply click on the “Deposit/Withdraw” section next to your profile.
1 – Trade on Drift Protocol
As mentioned earlier, Drift has a spot market and a perpetual market where you can trade a variety of cryptocurrencies. To access the spot market, click on the “Trade” section, then “Spot”.
You will be redirected to the Drift trading interface, where you will find various statistics and information, such as the selected cryptocurrency’s chart, the order book, or the section to configure your orders.
Focus on the order configuration. First, select the trading pair you want to exchange from the 8 available pairs at the top of the interface.
Once the pair is selected, click on “Buy” to go long or “Sell” to go short. Specify the order type (only limit orders make you eligible for tickets), the price at which your limit order will trigger, and the amount/size of your position.
Once you confirm the transaction from your Solana wallet, your order will appear in the section below the chart.
If you want to close your position, simply click on the small cross on the right side of the interface.
To access the perpetual market of Drift Protocol, click on “Trade”, then “Perpetuals”, and you will be directed to the perpetual contract trading interface.
The process for trading perpetual contracts is very similar to the spot market. The main difference is in selecting the leverage, which can be set between 0 and 20. However, keep in mind that high leverage exposes you to significant liquidation risks in the event of major market fluctuations.
To increase your chances for the airdrop, you can also interact with Drift’s swap feature at https://app.drift.trade/swap. Simply select the tokens you want to exchange and enter the transaction amount.
2 – Lend/Borrow cryptocurrencies on Drift
Go to the “Earn” section, then click on “Lend/Borrow”. Choose the cryptocurrency you want to lend and click on the “Deposit” tab. Enter the amount you want to deposit and finalize the transfer.
Once your tokens are added to the lending pool, you will see the amount of your deposit and the associated APR (Annual Percentage Rate).
To borrow cryptocurrencies, click on the “Borrow” section on the same page. Select the token you want to borrow, specify the transaction amount.
Note that the tokens you have lent will serve as collateral, which you can monitor using the “Account Health” indicator. Make sure this percentage remains relatively high.
3 – Stake cryptocurrencies on Drift
Drift Protocol also allows you to stake your tokens in insurance fund vaults, which are similar to staking pools that generate passive income. Go to the “Earn” section, then click on “Insurance Fund Staking” to access the available staking pools on Drift.
Each pool is associated with a certain APR (e.g., 3.57% for Solana), indicating the expected rate of return for allocating your cryptocurrencies to the pool. Once you have decided, click on “Stake” and enter the amount of tokens you want to deposit in the staking pool. Confirm the transaction.
4 – Provide liquidity on Drift
Another way to increase your chances of being rewarded in an airdrop is to provide liquidity on one of the available perpetual markets on Drift. In exchange for their contribution, liquidity providers (LP Providers) receive a share of the trading fees.
To do this, go to the “Earnings” section and visit the “DLP” page. Then, choose one of the perpetual markets where you want to provide liquidity and click on “Add Liquidity”. Enter the amount of your allocation in the liquidity pool and finalize the transaction.
Activate ticket collection (+ get 1 ticket for free)
To officially enter the draw (not related to the airdrop), click on “Enter Draw”. Accept the terms and conditions, then confirm the signature from your wallet. You will receive a welcome ticket.
From now on, the number of your tickets will increase every time you trade on the market as a taker.
Important details about the Drift Protocol airdrop
Although the Drift Protocol airdrop has not yet been officially announced, it is beneficial to position yourself before the general wave. Your current interactions with the protocol are recorded. If an airdrop is announced in the coming months, you will have a significant advantage over the rest of the ecosystem.
To stay updated on any major announcements regarding Drift Protocol, we recommend following the project on Twitter: https://twitter.com/DriftProtocol
For assistance, you can join the project’s Discord server: https://discord.com/invite/fMcZBH8ErM
