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Floki Inu Restricts Access to Staking Programs in Hong Kong: Regulatory Concerns Addressed

In a recent development, Floki Inu has made the decision to block users in Hong Kong from accessing its staking programs. This action follows a warning from the Securities and Futures Commission of Hong Kong, which raised concerns about the staking programs being labeled as suspicious investment products due to the high annualized return targets ranging from 30% to over 100%. Despite the regulatory scrutiny, the Floki team has come forward to defend the elevated Annual Percentage Yield (APY) by explaining that it is a result of allocating the majority of TokenFi's token supply to stakers. Key Points: Floki Inu has restricted access to its staking programs for users in Hong Kong. The Securities and Futures Commission of Hong Kong issued a cautionary warning regarding the staking programs' high annualized return targets. The Floki team justified the high APY by attributing it to the allocation of the majority of TokenFi's token supply to stakers.

Unlocking Rewards: Drift Protocol Launches Points Program for Community Engagement

Drift Protocol, the largest perpetual swap futures exchange on Solana, has recently unveiled a points program that sets the stage for an upcoming airdrop. This strategic move by Drift aims to distribute its governance token to community members, ultimately decentralizing the protocol. As of now, Drift has witnessed impressive metrics, including over $5 billion in volume generated by approximately 90,000 users, resulting in over $120 million in total value locked in the protocol. Notably, the company successfully secured a $23.5 million Series A funding round last October, with notable contributions from Polychain Capital and Solana Labs co-founder Anatoly Yakovenko, among others.

Key Points about Drift's Points Program:

  • Drift will be distributing points to users on a weekly basis, with 100 million points allocated per week.
  • The total number of tokens to be distributed through the points program remains undisclosed by the protocol's team.
  • Points will primarily be earned through a user's trading activity, based on their prorated trading volume, and potentially other actions like providing liquidity.
  • The program is set to run for three months, with assurances from the Drift team that past contributions will also be acknowledged and rewarded.
  • Team members, including X on Twitter, have hinted that the program could conclude before the three-month mark, but not beyond that.

When analyzing how different actions are weighted in a points program or airdrop, understanding the underlying goals of the protocol is crucial. At its current stage, Drift Protocol seems to prioritize four main metrics: total volume, user count, cumulative trades, and total value locked (TVL). This focus underscores the protocol's commitment to growth and community engagement through incentivizing active participation and rewarding loyal users.

By aligning incentives with key protocol objectives, Drift's points program not only encourages user engagement but also lays the groundwork for a more decentralized governance structure. As the program unfolds and users actively participate, the protocol's evolution towards broader community involvement and empowerment becomes increasingly apparent.

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