Everything you need to know about $DRIFT

Current price: $ fetching data...

Contract Address: DriFtupJYLTosbwoN8koMbEYSx54aFAVLddWsbksjwg7

Ticker: $DRIFT

Blockchain Network: Solana

Apr 11, 2024

What is $DRIFT?

$DRIFT is the governance token of Drift Protocol, a decentralized perpetual futures exchange built on the Solana blockchain. Launched by the Drift Foundation, $DRIFT plays a crucial role in empowering users to become stewards of the protocol and guide its future development.

With a total token supply of 1 billion, $DRIFT is distributed to the community, ecosystem development, and strategic participants. The community allocation includes a Launch Airdrop, recognizing early users and catalyzing on-chain governance participation. This airdrop, comprising up to 12% of the total supply, rewards users for their contributions to the protocol's growth and encourages them to actively shape its future.

The introduction of $DRIFT coincides with the creation of the Drift DAO, which includes Realms DAO for protocol development, a Security Council for monitoring fees and upgrades, and Futarchy DAO for funding ecosystem projects. $DRIFT token holders can participate in the governance process, voting on key decisions such as listing new tokens or implementing protocol upgrades. This decentralized governance structure ensures that the Drift Protocol remains community-driven and responsive to the needs of its users.

This chart visualizes the current price of $DRIFT to the US dollar.

Here's a step by step guide on how you can buy $DRIFT.

Option 1: Download Tori Wallet.

Tori is the simplest self custodial mobile wallet that allows you to access crypto opportunities. Instead of buying crypto on a centralized crypto exchange (like Kraken, Coinbase, or Crypto.com), setting up a self custody wallet (like Phantom, Metamask, or Coinbase Wallet), and the 5+ other steps with accessing the world of crypto, Tori simplifies the entire experience into one simple app.

Step 1: Setup Your Account

With Tori, you'll have to do the following:

  1. Create your account with passkeys.

  2. Upload your ID to authenticate your account.

  3. Connect your bank account.

Tori Wallet is currently available on IOS and Google Play Store, but only limited to U.S residents at the moment.

Step 2: Deposit money into your trading wallet.

Once you've connected your bank account, you're able to deposit up to $50,000 USD with no fees.

It takes approximately 1-3 days for your money to settle. From there you can start accessing the world of crypto!

Step 3: Select $DRIFT to trade.

Once you have money in your trade balance, you can click trade.

Select $DRIFT.

*Token prices in the screenshots below are outdated*

Step 4: Buy $DRIFT.

Once you select $DRIFT, you can now swipe to confirm your purchase.

*Token prices in the screenshots below are outdated*

Step 5 (Optional): Sell $DRIFT whenever you want.

Whenever you're ready to sell, you can sell $DRIFT and get USDC, which you can withdraw right into your bank account.

*Token prices in the screenshots below are outdated*

Option 2: Use a centralized exchange, self-custody wallet, and DEX's.

To buy $DRIFT as a crypto beginner, you can follow these steps:

1. Get a Crypto Wallet: You'll need a digital wallet to store your $DRIFT tokens. Popular options include Phantom, Solflare Wallet, or Coinbase Wallet. Download and set up your chosen wallet.

2. Purchase Solana (SOL): $DRIFT is a token on the Solana blockchain. You'll need to buy some SOL to cover transaction fees and to swap for $DRIFT. Use a reputable exchange like Coinbase, Binance, or Kraken to purchase SOL with your local currency.

3. Transfer SOL to Your Wallet: Withdraw your SOL from the exchange to your wallet. Make sure to double-check the wallet address before confirming the transfer.

4. Choose a Decentralized Exchange (DEX): You can use a DEX like Raydium, Orca, or Serum to swap your SOL for $DRIFT. These platforms are like marketplaces where you can trade cryptocurrencies directly with other users.

5. Connect Your Wallet to the DEX: Follow the DEX's instructions to connect your wallet. This usually involves clicking a "Connect Wallet" button and selecting your wallet type.

6. Swap SOL for $DRIFT: Once your wallet is connected, you can swap your SOL for $DRIFT. Enter the amount of SOL you want to trade, and the DEX will calculate how much $DRIFT you'll receive. Review the details and confirm the transaction.

7. Wait for the Transaction to Complete: The swap might take a few seconds to a few minutes to complete. Once it's done, you should see the $DRIFT tokens in your wallet.

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