Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
The biggest and most established global hub for everything crypto, blockchain and Web3.Drift Protocol is conducting an airdrop of 100 million tokens and spinning up a token-based governance structure.
Airdrops, within the world of cryptocurrencies, refer to the distribution of free tokens or coins to individuals. Drift protocol's developers plan for the trading service to become a one-stop venue for crypto investors on Solana. Its main product is perpetuals trading for price speculators to long and short cryptos with up to 20x leverage.
Some of those were stress tested during last week's crypto market crash. Lenders to Drift's insurance fund, a high interest-paying USDC vault that protects the protocol against bad debt, saw $11,600 in socialized losses during crypto's biggest multi day liquidation event since November 2021.
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