South Korean Exchange Upbit Launches Solana Trading Pairs for DRIFT Token
Date: 2024-11-08 Author: Gabriel Deangelo Categories: BUSINESS
The governance token of Drift Protocol, known as DRIFT, will be available for trading on the Upbit platform starting November 8 at 6:00 PM KST. Drift Protocol is one of the largest decentralized perpetual futures exchange protocols on the Solana blockchain and is already listed on major exchanges such as Coinbase and Bybit.
Upbit will support DRIFT trading with the Korean won, Bitcoin, and Tether. Users will be able to start depositing and withdrawing funds for DRIFT three hours after the notification is published. The price limit for trading on Upbit will be based on CoinMarketCap data, and the exchange warns that buying will be limited to about five minutes after the opening of trading support, while selling tokens at a price 10% lower than the previous close will also be limited.
The DRIFT token has seen an impressive gain of over 81% in the last 24 hours, trading at $0.88. Its price has risen nearly 93% in the past week, with a market cap of $211 million and a 24-hour trading volume of $74 million. DRIFT is ranked 296th in crypto.news by market cap, and its current supply is 246 million tokens.
In May 2024, the Drift Foundation, a Solana-based decentralized exchange, airdropped 120 million DRIFT tokens, representing 12% of the total supply of 1 billion tokens. The distribution also included a bonus of 20 million tokens, which was more than the original planned amount.
Cindy Leov, co-founder of Drift, explained that the bonus was added to prevent network congestion and curb early sales. She emphasized that the bonus airdrop will improve the user experience on the platform and will serve as a reward for loyal traders.
Drift Protocol supports perpetual futures trading on the Solana blockchain, and its governance token, DRIFT, allows holders to participate in the governance of the protocol by voting on the development of the platform.
