A Solana (SOL)-based decentralized exchange (DEX) altcoin soared more than 5x on Friday after South Korea’s largest crypto exchange rolled out trading support for the asset.
Traders on Seoul-based Upbit can now do that purchase and offload DRIFT, the native asset for the Drift Protocol, an open-source DEX that enables transparent and non-custodial trading.
Explains the project whitepaper,
“Drift is designed with the goal of being capital efficient, but also protecting your assets. We achieved this by building a sophisticated multi-margin risk engine – a system of tools with comprehensive protection against excessive risk. For example:
- In the lending/borrowing markets, you can also collateralize perpetual futures and trade more efficiently with spot assets.
- Each token you deposit can earn you more by borrowing and can also serve as collateral for perpetual swaps.
- Borrowers can only borrow if they have more collateral than necessary, with multiple security measures followed for added protection.”
DRIFT rose to a new all-time high of $2.60 on Friday, up 400% in just 24 hours when it traded at $0.51 on November 8. The altcoin has since recovered and is trading at $1.98.
The sign launched in May and has witnessed multiple bullish catalysts this year. Coin base rolled out support for DRIFT days after launch, and crypto investment firm Multicoin Capital announced a significant position in the asset in September.
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Generated image: DALLE3