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 property. We achieved that by establishing subtle cross-margined threat engine – a system of instruments with an intensive safety from over-extending threat. As an example:
- Within the lend/borrow markets, you may also use collateral for perpetual futures and commerce extra effectively with spot property.
- Each token you deposit can earn you extra by borrowing and likewise 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 further safety.”
DRIFT surged to a brand new all-time excessive of $2.60 on Friday, a 400% enhance 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 12 months. 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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