Upbit, Korean Crypto Exchange, Introduces DRIFT Trading Pairs
In the dynamic world of crypto exchanges, Upbit, South Korea’s most significant player, has announced its plans to launch the DRIFT trading pairs for Korean Won, BTC, and USDT. This decision by Upbit marks a significant step in promoting DRIFT Protocol’s governance token as it makes its debut on Upbit’s trading platform on November 8 at 18:00 KST.
DRIFT protocol has been on the watch list of leading crypto exchanges for its remarkable potential. The token is already listed on renowned exchanges such as Coinbase and Bybit. The open-source perpetual futures DEX on Solana enjoys a significant market cap and soaring trade volume, making it an attractive coin for traders and investors.
DRIFT Trading Assets to be Launched
Enabling exchange-wide trading of DRIFT, Upbit supports trading pairs with DRIFT for Korean Won, Bitcoin (BTC), and Tether (USDT). Crypto enthusiasts should expect this trading support with a window to make deposits or withdrawals of the DRIFT tokens only after three hours from the announcement of this notice.
As for trading regulations, Upbit is set to determine the trading limit price based on the data provided by CoinMarketCap. Buyers will have a limited order window restricted to approximately around 5 minutes post-trading support. Simultaneously, sell orders at prices less than 10% of the previous day’s closing price will undergo restrictions.
Revolution in the Crypto Market
Recent data indicates that DRIFT is performing exceptionally well in the crypto market. Its value surged by a whopping 81% in the last 24 hours. At present, the token is being traded at a price of $0.88. In the past week, DRIFT tokens have seen an increase of 92.96%. It has a market capitalization of $211 million, coupled with an impressive 24-hour trading volume of $74 million.
According to the market cap rankings, Drift Protocol firmly stands at the 296th spot in the crypto world. Currently, the total token supply of DRIFT marks a value of $246 million.
Origin of Drift Protocol
Drift Protocol was born in May 2024, with the Solana-based Decentralized exchange Drift Foundation launching its governance token, DRIFT. The launch was expedited by an airdrop of an astounding 120 million tokens, making up 12% of its initial supply of 1 billion DRIFT tokens.
The allocation outstripped the original plan, incorporating a bonus of 20 million tokens. The objective behind this bonus was to mitigate the risk of network congestion and premature sales. Cindy Leow, the co-founder of Drift, underlined that the bonus would elevate the user experience and reward the loyal traders.
Understanding the Drift Protocol
Drift Protocol supports perpetual futures trading on the Solana Network. The governance token of the Drift Protocol, DRIFT, is intended to empower its holders. It provides them with the right to propose and vote on governance agendas for enhancing the protocol.
In conclusion, the introduction of DRIFT trading pairs on Upbit contributes to the expansive growth of the crypto world. The dynamically soaring values of the DRIFT token pique the interest of potential investors, further consolidating the market position of Drift Protocol. Moreover, the utilitarian function of the DRIFT token, from mitigating network congestion to rewarding the protocol users, demonstrates its significant potential for future growth.
