A Solana (SOL)-based decentralized alternate (DEX) altcoin is rallying after a significant crypto funding agency disclosed a big stake within the undertaking.
In response to a brand new Multicoin Capital announcement, the agency with $1.4 billion in belongings below administration (AUM) has constructed up a large position in Drift Protocol (DRIFT).
Drift is an open-source DEX that permits clear and non-custodial buying and selling.
Says Multicoin Capital,
“Multicoin has amassed a big place throughout our funds – each liquid and enterprise – in DRIFT, the native token of Drift, a derivatives decentralized alternate (derivatives DEX) on Solana. We constructed the place over the previous few years by way of non-public and public markets.”
On the identical day because the agency’s announcement, which doesn’t reveal the greenback determine of the funding, Drift soared by double digits reaching a excessive of $0.56.
Drift is buying and selling for $0.55 at time of writing, up almost 19% within the final 24 hours.
Multicoin’s evaluation of Drift suggests the digital asset might soar to $3.58.
“We expect the Drift protocol is poised to develop additional as customers and liquidity proceed emigrate to Drift and Solana. Moreover, we expect individuals all around the world in growing nations need artificial entry to each asset, and DeFi (decentralized finance) derivatives are probably the most progressive and inclusive merchandise for them.
Based mostly on our valuation framework and market assumptions, which we define within the report, we worth DRIFT in our base case at $3.58, greater than 7x above its present market worth.”
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