Upbit to Launch Solana-Based DRIFT Trading Pairs on Nov. 8

South Korea’s largest cryptocurrency exchange, Upbit, has announced that it will list DRIFT trading pairs starting on November 8, 2024. DRIFT, the governance token of the Drift Protocol, will be available for trading in three pairs: Korean Won (KRW), Bitcoin (BTC), and Tether (USDT).

The listing is set to go live at 18:00 KST on November 8, and traders will be able to begin depositing and withdrawing DRIFT tokens within three hours of the announcement. DRIFT has been gaining significant traction in the market, and its availability on Upbit will offer wider access to users in South Korea and beyond.

Drift Protocol is a decentralized exchange (DEX) built on the Solana blockchain that specializes in perpetual futures trading. It is one of the largest open-source platforms of its kind on Solana and has already been listed on major exchanges such as Coinbase and Bybit.

Trading Rules and Limitations

Upbit will determine the initial trading limit for DRIFT based on the latest price data from CoinMarketCap. The exchange also reminds traders that buy orders will be restricted to approximately five minutes after trading begins. Additionally, sell orders priced more than 10% below the previous day’s closing price will be blocked to prevent unusual market movements.

As of the latest data, DRIFT has seen impressive growth, soaring 81% in the past 24 hours and 92.96% over the past week. The token is currently trading at $0.88, with a market capitalization of $211 million and a 24-hour trading volume of $74 million. DRIFT ranks at #296 in the market capitalization standings

About DRIFT and the Drift Protocol

The DRIFT token is the governance token of Drift Protocol, which allows token holders to participate in protocol decisions, including voting on upgrades and other governance proposals. Drift Protocol enables users to trade perpetual futures on Solana with low fees and high performance.

In May 2024, Drift Protocol launched its DRIFT governance token with an airdrop of 120 million tokens, representing 12% of its total 1 billion token supply. Additionally, the airdrop included 20 million bonus tokens to help prevent network congestion and discourage early sell-offs. The bonus allocation aims to reward loyal users and enhance the overall trading experience.

Looking Ahead for DRIFT

With the recent surge in DRIFT’s value and its upcoming listing on Upbit, the token is poised for further growth and adoption. Drift Protocol’s innovative model for perpetual futures trading on Solana, combined with its expanding ecosystem and strong community backing, positions it as one of the leading decentralized exchanges in the market.

As Upbit’s new DRIFT trading pairs go live, the token is likely to see increased attention and trading volume, offering new opportunities for both retail and institutional investors.