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According to Coingecko, Drift Protocol has reached a trading volume of over $30 million in the last 24 hours. The platform’s most traded pair is SOL/USDC, with a volume of $19 million in the last 24 hours.

What does Drift Protocol do?

The project developers aim to provide the best possible decentralized (DEX) futures trading experience. They also have a mission to be a fully state-of-the-art and fast platform for traders.

In addition, Drift Protocol offers low transaction fees, transparency, and is open to everyone. This means that any user can run a Liquidator Bot on the platform.

What is Drift V0?

The project achieves its low transaction fees and speed by offering high bandwidth and sub-1 second block times. This also makes it possible to obtain real-time data. The following image shows the Devnet version of Drift Protocol, as explained by Drift Protocol:

In addition, some of the features on the platform are as follows:

Trading: Drift allows users to easily cancel their orders.

Cross Margin: Distributes the margin as needed to all positions, thus trying to prevent liquidations.

Liquidations: Drift has developed a Liquidator Bot and created an Insurance Fund to prevent users from being completely liquidated.

In addition, after successfully passing the Devnet stage, the project also achieved significant success in the Mainnet stage, reaching a platform volume of over $30 million per day.

Investors

The project raised $3.8 million in its Seed Round. Investors include companies such as Multicoin Capital, LedgerPrime, JumpCapital, QCP Capital, and Dom Tsang (Solana), Zhuoxun Yin (Coinbase/dydX), and Julian Koh (Ribbon Finance).

Drift Protocol Platform Data

The platform offers 25 perpetual futures pairs. The volume percentages by market pair are as follows:

• SOL-PERP (%61.15)
• BTC-PERP (%18.29)
• ETH-PERP (%17.55)
• SUI-PERP (%0.98)
• Others (%1.32)

You can also access the platform’s current data from the Coingecko website by clicking here.

Where to buy Drift Token? Is there an Airdrop opportunity?

There is no official statement from the project on this matter. However, there is a possibility that Airdrop will be given to platform users in the future, similar to the dydX platform.

The post Drift Protocol Project: What is it and what does it do? appeared first on Coin Engineer.