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 venture’s whitepaper,
“Drift was designed with a purpose 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 in depth safety from over-extending danger. For example:
- Within the lend/borrow markets, you may as well 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% 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 12 months. 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
Verify Price Action
Observe us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Every day Hodl will not be funding recommendation. Buyers 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 individual danger, and any losses chances are you’ll incur are your accountability. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please notice that The Every day Hodl participates in online marketing.
Generated Picture: DALLE3
