A Solana (SOL)-based decentralized trade (DEX) altcoin surged by greater than 5x on Friday after South Korea’s largest crypto trade rolled out buying and selling assist 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 mission’s whitepaper,
“Drift was designed with a aim to be capital-efficient but additionally protecting of your property. We achieved that by organising subtle cross-margined danger engine – a system of instruments with an intensive safety from over-extending danger. As an example:
- Within the lend/borrow markets, you too can use collateral for perpetual futures and commerce extra effectively with spot property.
- Each token you deposit can earn you extra by means of 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 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 yr. Coinbase rolled out assist for DRIFT days after its launch, and the crypto funding agency Multicoin Capital disclosed a large place within the asset in September.
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Examine Price Action
Observe us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Day by day Hodl usually are not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal danger, and any losses it’s possible you’ll incur are your accountability. The Day by day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please observe that The Day by day Hodl participates in affiliate marketing online.
Generated Picture: DALLE3