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Home»ALTCOIN NEWS»Solana decentralized exchange altcoin surges more than 400% on Friday after listing on new exchange
ALTCOIN NEWS

Solana decentralized exchange altcoin surges more than 400% on Friday after listing on new exchange

By Crypto FlexsNovember 10, 20242 Mins Read
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Solana decentralized exchange altcoin surges more than 400% on Friday after listing on new exchange
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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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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

Image created: DALLE3

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