As a seasoned crypto investor with over a decade of experience under my belt, the recent announcement by Upbit to list DRIFT trading pairs on their platform has piqued my interest significantly. Having closely followed the rise and fall of numerous altcoins, I’ve learned to spot promising projects that have potential for exponential growth.
On November 8th, South Korea’s largest cryptocurrency platform, Upbit, plans to introduce DRIFT trading pairs involving the Korean Won, Bitcoin, and Tether (USDT).
Beginning November 8 at 6 PM (Korean Standard Time), the governance token for Drift Protocol, DRIFT(DRIFT), can now be traded on the Upbit cryptocurrency exchange. Drift Protocol is a significant open-source project in the realm of perpetual futures decentralized exchanges (DEXs) operating on Solana. It has already been listed on notable platforms such as Coinbase and Bybit in the past.
On Upbit, you’ll find that DRIFT trading pairs are available against Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). It is important to note that once the announcement has been made, traders will be able to deposit or withdraw DRIFT tokens within a timeframe of approximately three hours.
On Upbit, the trading limit price will be set based on data from CoinMarketCap. Traders should note that buy orders can only be placed approximately 5 minutes after the trading support has been provided. Additionally, sell orders with prices lower than 10% of the previous day’s closing price may be restricted.
Based on information from crypto.news, DRIFT is experiencing a significant surge, climbing over 81% in the last 24 hours. At present, the token is being exchanged at around $0.88. In the past seven days, the value of the DRIFT token has increased by approximately 92.96%. It currently holds a market capitalization of about $211 million and has seen a 24-hour trading volume of roughly $74 million.
Currently, as I pen this down, Drift Protocol ranks 296th on crypto.news’ listings based on market capitalization. The current supply of DRIFT tokens amounts to approximately $246 million.
In May of 2024, the Drift Foundation, which operates a decentralized exchange on the Solana blockchain, introduced their new governance token called DRIFT. This introduction took place via an airdrop that distributed a total of 120 million tokens, representing 12% of the initial one billion DRIFT supply.
Additionally, the distribution featured a bonus of 20 million tokens, exceeding the originally proposed amount.
In her own words, Cindy Leow – one of the co-founders at Drift – stated that the purpose behind this bonus is twofold: it aims to discourage excessive network traffic and early transactions, while simultaneously improving user experience and acknowledging the loyalty of dedicated traders by offering them a reward.
Drift Protocol serves as an exchange for continuous future contracts on the Solana network. By holding the platform’s native token, DRIFT, users can participate in decision-making processes related to improving the protocol by proposing and voting on proposals using a staking mechanism.
Read More
- PYTH PREDICTION. PYTH cryptocurrency
- The Final ‘Gladiator II’ Trailer Has Arrived
- Solana L2 Sonic includes TikTok users in airdrop
- DC’s ‘Clayface’ Movie From Mike Flanagan Lands 2026 Release
- IMX PREDICTION. IMX cryptocurrency
- Aamir Khan says India would go ‘ballistic’ if Laapataa Ladies wins Oscars; ‘We have been dying to…’
- ‘Fast and Furious’ Star Paul Walker Remembered 11 Years After His Death
- POL PREDICTION. POL cryptocurrency
- Crypto VC funding roundup: Riot snags over $594m, BVNK raises $50m
- XRP price slips as RLUSD market cap hits $53m, liquidations rise
2024-11-08 11:03