Drift Protocol Introduces On-Chain Referral Codes and Launches a $5,000 Referral Competition

In the rapidly growing decentralized finance (DeFi) sector, platforms need to continuously innovate and offer incentives to attract and retain users. Drift Protocol, a leading Solana-based DEX, has recently introduced on-chain referral codes to enhance user experience and encourage community engagement. To celebrate the launch of this new feature, Drift Protocol is hosting a referral competition with a $5,000 prize pool.

On-Chain Referral Codes on Drift Protocol

Referral links are now live on Drift Protocol, offering users the opportunity to boost their earnings by inviting friends to trade on the platform. When users refer others, they earn a 15% commission from their referral's trading fees, while the referred users receive a 5% fee discount on every trade. This incentive system not only encourages user growth but also promotes a sense of community within the Drift Protocol ecosystem.

$5,000 Referral Competition

To mark the launch of the referral links, Drift Protocol is hosting a referrals competition that runs through the end of May. The competition offers a $5,000 prize pool, consisting of $2,500 in USDC and $2,500 in [REDACTED]. The top referrer by the end of the month will take home the entire prize pool, creating an exciting opportunity for users to earn rewards for their referrals.

How to Participate in the Referral Competition

To participate in the referral competition, users need to follow these simple steps:

• Create a referral link on the Drift Protocol platform.
• Start referring friends to trade on Drift Protocol.
• Track their position on the competition leaderboard.

For full contest details and leaderboard information, users can visit the official announcement at https://www.drift.trade/updates/referral-links.

Conclusion

Drift Protocol's introduction of on-chain referral codes and the $5,000 referral competition demonstrates the platform's commitment to improving user experience and fostering community engagement. The referral program incentivizes users to invite friends to trade on Drift Protocol, driving growth and promoting a sense of community within the DeFi ecosystem. As the DeFi landscape continues to evolve, innovative features and incentives like these will play a crucial role in attracting and retaining users on DeFi platforms.