The Solana (SOL)-based decentralized exchange (DEX) altcoin surged more than five-fold on Friday after South Korea’s largest cryptocurrency exchange launched trading support for the asset.
Traders at Seoul-based Upbit can now purchase and unload DRIFT, the native asset of Drift Protocol, an open-source DEX that enables transparent, non-custodial trading.
Explain the project white paper,
“Drift was designed with the goal of protecting assets while increasing capital efficiency. We achieved this by setting up a sophisticated cross-margin risk engine, a system of tools that provides extensive protection against excessive risk. for example:
- In the lending/borrowing market, you can use collateral for perpetual futures and trade more efficiently through spot assets.
- Every token you deposit can be borrowed to earn more and can also act as collateral for perpetual swaps.
- Borrowers can only borrow if they have more collateral than they need, subject to a number of safeguards for additional protection.”
DRIFT surged to an all-time high of $2.60 on Friday, a 400% increase in just 24 hours when it was trading at $0.51 on November 8. The altcoin has since rebounded and is trading at $1.98.
The token was launched in May and has witnessed several bullish catalysts this year. Coinbase launched support for DRIFT just days after launch, and cryptocurrency investment firm Multicoin Capital disclosed a sizable position in the asset in September.
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