Drift Protocol Launches Mainnet & Reveals Alpha Trading Statistics

One month after the alpha launch, Drift has $100 million in cumulative volume leading up to the open mainnet launch.

By
Anirudh Tiwari
on
December 3, 2021
Category:
Breaking News

$100 Million Traded in a Month

Drift Protocol launched its open mainnet on Dec. 2 for all traders to be able to execute on-chain perpetual swaps on Solana (SOL), Bitcoin (BTC), and Ethereum (ETH) tokens.

Earlier on the same day, the protocol revealed the Alpha Mainnet trading statistics of the first month since the alpha launch. The exchange has witnessed trading volumes of over $100 million despite having deposit limits and a capped user base at the time. The average daily volume is $3.33 million, with 230 partial liquidations and two full liquidations.

“The team has also been relentlessly shipping updates based on immediate user feedback (and ~1,000 Canny feedback posts). We’ve improved the deposit USDC flow, made funding rate payments more intuitive, and optimized TradingView chart on the platform,” stated the official blog revealing the trading statistics on Dec. 2. 
Source: Drift Medium

In the month following the alpha launch, the protocol has:

  • Open-sourced codebase and SDK
  • Bug and Liquidator Bounty Launch
  • Launched BTC and ETH markets
  • Alpha deposit caps raised from $1,000 per wallet to $100,000 per wallet

The blog post revealed further:

  • Daily trade count reached an all-time high of nearly 12,000 on Nov. 30.
  • SOL trading volumes averaged $3 million per day
Source: Drift Medium

What is Drift Protocol?

Drift is a decentralized, fully on-chain perpetual swap exchange built on the Solana network. Users can utilize the protocol’s perpetual swaps to speculate on cryptocurrency assets with up to 5x leverage and earn yields from collecting funding rate payments. The swap exchange is the first to use Dynamic Automated Market Maker (DAMM) based on vAMM. This enables users to take cross-margined long and short positions with up to 5x leverage and minimal slippage.

Find more about Drift here:

Website | Twitter | Documentation | Github | Discord |

Check out the DeFi Direct Linktree for all the access links to crypto news and events!

Tags:
Anirudh Tiwari

Anirudh is a cryptocurrency analyst and writer who specializes in derivatives, DeFi, regulations and CBDCs. He has a Master’s degree in Finance. Before delving into crypto, he worked with a leading U.S. based investment bank. Apart from work, he is a music connoisseur and likes to play the drums.