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A Solana (SOL)-based decentralized exchange (DEX) altcoin surged by more than 5x on Friday after South Korea’s largest crypto exchange rolled out trading support for the asset.
Traders on the Seoul-based Upbit can now purchase and unload DRIFT, the native asset for the Drift Protocol, an open-source DEX that enables transparent and non-custodial trading.
Explains the project’s whitepaper,
“Drift was designed with a goal to be capital-efficient but also protective of your assets. We achieved that by setting up sophisticated cross-margined risk engine – a system of tools with an extensive protection from over-extending risk. For instance:
- In the lend/borrow markets, you can also use collateral for perpetual futures and trade more efficiently with spot assets.
- Every token you deposit can earn you more through borrowing and also act as a collateral for perpetual swaps.
- Borrowers can only borrow if they have more collateral than needed, following multiple safety measures for extra protection.”
DRIFT surged to a new all-time high of $2.60 on Friday, a 400% increase in just 24 hours when it traded at $0.51 on November 8th. The altcoin has retraced since and is trading at $1.98.
The token launched in May and has witnessed multiple bullish catalysts this year. Coinbase rolled out support for DRIFT days after its launch, and the crypto investment firm Multicoin Capital disclosed a sizable position in the asset in September.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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