A Solana (SOL)-based decentralized alternate (DEX) altcoin surged by greater than 5x on Friday after South Korea’s largest crypto alternate rolled out buying and selling help for the asset.
Merchants on the Seoul-based Upbit can now purchase and unload DRIFT, the native asset for the Drift Protocol, an open-source DEX that permits clear and non-custodial buying and selling.
Explains the undertaking’s whitepaper,
“Drift was designed with a purpose to be capital-efficient but additionally protecting of your belongings. We achieved that by organising refined cross-margined danger engine – a system of instruments with an intensive safety from over-extending danger. For example:
- Within the lend/borrow markets, you can too use collateral for perpetual futures and commerce extra effectively with spot belongings.
- Each token you deposit can earn you extra via borrowing and in addition act as a collateral for perpetual swaps.
- Debtors can solely borrow if they’ve extra collateral than wanted, following a number of security measures for additional safety.”
DRIFT surged to a brand new all-time excessive of $2.60 on Friday, a 400% improve in simply 24 hours when it traded at $0.51 on November eighth. The altcoin has retraced since and is buying and selling at $1.98.
The token launched in Might and has witnessed a number of bullish catalysts this yr. Coinbase rolled out help for DRIFT days after its launch, and the crypto funding agency Multicoin Capital disclosed a large place within the asset in September.
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