A decentralized exchange (DEX) altcoin based on Solana (SOL) surged more than 5 times on Friday after South Korea’s largest crypto exchange rolled out trading support for the asset.
Traders at Seoul-based Upbit can now purchase and offload DRIFT, the native asset of Drift Protocol, an open-source DEX that enables transparent, non-custodial trading.
Explains the project white paper,
“Drift was designed to be capital efficient but also protect your assets. We achieved this by implementing a sophisticated cross-margin risk management engine – a system of tools providing extensive protection against excessive risk. For example:
- In lending/borrowing markets, you can also use collateral for perpetual futures contracts and trade more efficiently with spot assets.
- Each token you deposit can earn you more through borrowing and also serve as collateral for perpetual swaps.
- Borrowers can only borrow if they have more than necessary collateral, following several security measures for additional protection.
DRIFT hit a new 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 retraced and is trading at $1.98.
The token launched in May and has seen several bullish catalysts this year. Coinbase rolled out support for DRIFT within days of its launch, and crypto investment firm Multicoin Capital disclosed a large position in the asset in September.
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