Key Points
- Upbit introduced the launch of DRIFT’s KRW, BTC, and USDT buying and selling pairs.
- The trade’s announcement triggered a surge of over 100% in DRIFT’s value.
Earlier right now, the biggest crypto trade in South Korea, Upbit introduced the launch of Drift (DRIFT), supporting the KRW, BTC, and USDT markets.
The itemizing time is scheduled at 18:00 Korean time, and, purchase orders might be restricted for about 5 minutes after buying and selling help begins, based on the official announcement of the trade.
Upbit’s announcement triggered a notable surge for the token, sending its value to a brand new ATH.
DRIFT Reaches a New ATH Above $0.95
At the second of writing this text, DRIFT is buying and selling above $0.91, up by greater than 100% up to now 24 hours.
Earlier, following Upbit’s itemizing announcement, the token reached a brand new ATH above $0.95, after starting an increase in value from ranges of round $0.51.
The token now has a market cap of over $225 million.
Drift’s Latest Announcement
On November 7, the workforce at Drift announced that the undertaking welcomed cbBTC, Coinbase’s wrapped Bitcoin on Solana. cbTBC went dwell as a spot asset as collateral on Drift.
Coinbase additionally revealed the information by way of its X account, highlighting that cbBTC is an SPL token backed 1:1 by BTC held in custody by the crypto trade.
This is the primary token Coinbase has issued on Solana, and with it, the trade brings quick access to BTC.
What is Drift (DRIFT)?
Drift is an on-chain perpetual and spot DEX constructed on Solana. The trade affords merchants the flexibility to commerce pre-launch markets and launched tokens with as much as 10x leverage.
According to the workforce behind the undertaking, past stablecoins, merchants can use a variety of property as collateral, permitting for higher capital effectivity.
One of probably the most notable options of Drift is its use of cross-margined buying and selling accounts. Drift additionally employs a digital automated market marker (vAMM) for value discovery.
