DriftXChange June Update
Greetings, DriftXChange Community! Here are your key updates for the month of June 2022. Get ready for some exciting updates!
June Parrot Game
The way to earn $DRIFTX tokens during the month of June has just got a little more exciting, with multiple opportunities to win $DRIFTX rewards.
Here’s how the game works:
Each day, two parrot NFTs will be up for auction for a low reserve price. A minimum of one Parrot each day will be a winning Parrot. Winners are announced within 24 hours of the second ending auction.
Each winning Parrot comes with prizes, which may include:
6 Grand Prize Winners — 10 $DRIFTX tokens* (Subject to adjustment based on $DRIFTX Price)
12 Medium Prize Winners — 5 $DRIFTX tokens* (Subject to adjustment based on $DRIFTX Price)
24 Low Prize Winners — 2 $DRIFTX tokens* (Subject to adjustment based on $DRIFTX Price)
42 total Winners out of 60 Parrots = 70% chance of winning
Get DriftXChange Official Blog’s stories in your inbox
Join Medium for free to get updates from this writer.
Similar to the Smug Pup NFT prizes from May 2022, as the price of $DRIFTX fluctuates with market activity, DriftXChange may need to make minor adjustments to the prize amounts to ensure appropriate ratios of benefits are received by winners throughout the month. Any adjustments to rewards will be announced on Twitter, Telegram, and Discord.
$DRIFT Token Going Chain Agnostic
DriftXChange is planning on expanding its presence to multiple blockchains to become a “chain agnostic” token. Due to the under emissions of roughly 30,000,000 $DRIFT tokens to this point (meaning roughly 30 million fewer $DRIFT tokens have been expended than originally budgeted — reduced unnecessary spending to further benefit the community), DriftXChange plans to use the surplus of budget savings, burn specified amounts from the Stellar Network supply, and will launch those specified burned tokens on the other networks. This means that the total combined amount of $DRIFT tokens will remain the same, even after launching $DRIFT on multiple blockchains.
The goal of DriftXChange is to become chain agnostic and educate users around the crypto space about the benefits and ease of use of multiple network chains. This includes educating users of other Networks about how to come over to the Stellar Network. Different chains can be intimidating, but DriftXChange will assist community members familiarize themselves with these networks.
More information regarding the specific networks and tokenomics will be provided in a separate announcement as DriftXChange sets up the next blockchain token, so stay tuned for future announcements.
DRIFTX02 Phaseout
After feedback from community members, and analysis of declining participation, the DRIFTX02 digital collectible multi-mint that has been used to exchange for artwork and lucky dip opportunities will be phased out by the end of Summer 2022. DriftXChange was designed to be a 2-token ecosystem, and with the launch of the $DRIFTX token in May, the community has shown overwhelming support for both $DRIFT and $DRIFTX.
The DRIFTX02 multi-mint was set as a placeholder within the community to try out various systems of gamefi, but has since been outdated and community excitement around the multi-mint has dwindled. For the month of June, here’s what to expect:
No further weekly/monthly digital collectibles to be purchased and exchanged for DRIFTX02.
DRIFTX02 multi-mints will remain usable each week for the next 2–3 months to bid on weekly auctions for a chance at a lucky dip.
By Fall 2022, unused DRIFTX02 may be utilized in a voluntary “burn” event to enter a raffle for lucky dips and prizes. More information will be provided later this year, based on community feedback.
Should anyone wish to buy/sell DRIFTX02 on the secondary market via Litemint sales, the community reserves the right to do what they wish with their unused DRIFTX02 multi-mints.
What’s Ahead
As there are plenty more announcements and news for the month of June, DriftXChange hopes you’re having fun with the new collections, games, and $DRIFTX token. One thing to look out for is the rewards program for holders of $DRIFTX tokens, which will be announced later this month. For more information, check the official Twitter, Website, Telegram, and Discord.
Note: Crypto projects and digital assets by their nature are inherently risky and speculative, as broader market forces may impact prices at any given time. Nothing in this article should be taken as financial advice and is for information purposes only. Before making decisions about whether to participate in crypto-related activities, please do your own research.
