DRIFT Surges 5x After South Korea's Upbit Rolls Out Trading Support
A Solana (SOL)-based decentralized exchange (DEX) altcoin surged by more than 5x on Friday after South Korea's largest crypto exchange rolled out trading support for the asset.
A Solana (SOL)-based decentralized exchange (DEX) altcoin surged by more than 5x on Friday after South Korea’s largest crypto exchange rolled out trading support for the asset.
Traders on the Seoul-based Upbit can now purchase and unload DRIFT, the native asset for the Drift Protocol, an open-source DEX that enables transparent and non-custodial trading.
Explains the project’s whitepaper,
“Drift was designed with a goal to be capital-efficient but also protective of your assets. We achieved that by setting up sophisticated cross-margined risk engine – a system of tools with an extensive protection from over-extending risk. For instance:
DRIFT surged to a new all-time high of $2.60 on Friday, a 400% gain in just 24 hours from trading at $0.51 on November 8th. The altcoin has since retraced and is trading at $1.98.
The token launched in May and has seen several bullish catalysts this year. Coinbase added support for DRIFT days after its launch, and crypto investment firm Multicoin Capital disclosed a large position in the asset in September.
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