Solana Decentralized Exchange Altcoin Skyrockets by More Than 400% on Friday After New Exchange Listing

A Solana (SOL)-based decentralized change (DEX) altcoin soared greater than 5x on Friday after South Korea’s largest crypto change rolled out buying and selling help for the asset.

Merchants on Seoul-based Upbit can now try this purchase and offload DRIFT, the native asset for the Drift Protocol, an open-source DEX that permits clear and non-custodial buying and selling.

Explains the venture whitepaper,

“Drift is designed with the purpose of being capital environment friendly, but in addition defending your property. We achieved this by constructing a classy multi-margin danger engine – a system of instruments with complete safety in opposition to extreme danger. For instance:

• Within the lending/borrowing markets, you can even collateralize perpetual futures and commerce extra effectively with spot property.
• Every token you deposit can earn you extra by borrowing and may function collateral for perpetual swaps.
• Debtors can solely borrow if they’ve extra collateral than obligatory, with a number of safety measures adopted for added safety.”

DRIFT rose to a brand new all-time excessive of $2.60 on Friday, up 400% in simply 24 hours when it traded at $0.51 on November 8. The altcoin has since recovered and is buying and selling at $1.98.

The signal launched in Might and has witnessed a number of bullish catalysts this 12 months. Coin base rolled out help for DRIFT days after launch, and crypto funding agency Multicoin Capital introduced a major place within the asset in September.

Do not miss a beat – Subscribe to obtain e mail alerts straight to your inbox

Examine worth motion

Comply with us additional X, Facebook And Telegram

Surf to the Day by day Hodl combine

Generated picture: DALLE3