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.

$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 |

Source : solana.news

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