In the past 24 hours, the value of Drift Protocol has surged over 25% to $0.3553 following its listing on Coinbase.
Over the past twenty-four hours, the value of the Decentralized Exchange (DEX) platform that focuses on perpetual trading Drift Protocol has increased by more than 25 percent on the Coinbase listing.
As a result of the recent upswing, the price of the alternative cryptocurrency has unexpectedly decoupled from Bitcoin (BTC), bringing it to $0.3553 .The news that Coinbase Exchange is on track to offer the token for trading is the driving force behind the significant increase in the price of DRIFT.
Adding support for the token on the Solana Network (SPL Token) is something that the top trading platform in the United States has declared it will accomplish.
According to the exchange, support for DRIFT transfers to its platforms is open and available to traders in the jurisdictions that it supports. During the time that it was revealing the listing plans, the exchange stated that trading would begin at a later time, provided appropriate liquidity conditions were present.
If the conditions are favorable, the trading site stated that the DRIFT and USD pair will open simultaneously in stages. The exchange made its contract address public to safeguard its community from fraudulent schemes and other exploitative methods.
The fact that trading platforms have begun offering tokens is a significant confirmation of the concept. When a prominent trading platform like Coinbase, Binance, or any other leading platforms makes the listing available, it generally signals a significant bullish event for the project.
This factor is responsible for the increase in the price of DRIFT. Coinbase, on the other hand, has stated that it will be listing Drift Protocol with the appropriate experimental label. It is common practice for the exchange to act in this manner in order to safeguard its users or issuers with the required disclosures that the initiative is new.
As a reaction to the news, Drift Protocol has increased its trading volume to more than $41 million. It is possible that Coinbase will view Drift Protocol’s listing as very cautious. The highly scalable Solana network, home to a rapidly expanding ecosystem for decentralized finance (DeFi), houses this platform.
They aims to offer the Solana community a much-needed solution by enabling on-chain trading with leverage up to 20 times. To empower its users, the platform also provides cross-margin and multi-collateral options.
Although there are a great number of exchanges on Solana, only a select few show as much potential as Drift Protocol, which is why it has received support from Coinbase.
Given the lack of clarity about the regulatory environment in the United States, listing the Drift Protocol appears to be a significant gamble. Coinbase is notably conceding that DRIFTs do not fall within the securities categorization of the United States Securities and Exchange Commission (SEC) by virtue of the utility they provide.