Drift Protocol Sees All-Time High In Daily Volume On V2
Drift Protocol, a Solana-based derivatives DEX, just set a new all-time high of $8 million volume in one day on their V2 application. The volume marks a 2x increase on the previous all-time high, showing strong usage growth in the protocol
- Author: Illustrious
- Published: March 1, 2023 at 18:34
Drift Protocol, a Solana-based derivatives DEX, just set a new all-time high of $8 million volume in one day on their V2 application. The volume marks a 2x increase on the previous all-time high, showing strong usage growth in the protocol.
Solana's blazing-fast speed provides an optimal and performant experience while trading on decentralized derivatives exchanges on the network. The launch of V2 brought on larger ambitions than simply derivatives, seeking to be a one-stop shop decentralized exchange for everything DeFi can offer.
"Drift's role in the future of Solana DeFi is an innovative one. The liquidity mechanism on V2 doesn't exist in TradFi or other DeFi," said Drift's marketing lead, Damo.
Drift accounting for more than 21% of taker volume on @openbookdex 🤝 pic.twitter.com/gM9e57VsT8
— Drift Protocol v2 (@DriftProtocol) March 1, 2023
Drift is currently a leader in the Openbook DEX, making up 21% of taker volume on the order book exchange. Not only did they recently break an all-time high in volume, but have also reached all-time highs in USDC collateral deposited into the exchange.
"We're pushing the boundaries of DeFi alongside other innovators like GMX, Perp Protocol, and others," Damo added. Drift takes the stage of Solana DeFi, as after the FTX crash Solana saw many protocols go under or disappear. The DeFi ecosystem stands a lot to grow, as Solana's high performance and lows fees provide an optimal trading environment without sacrificing security or censorship resistance.