drift protocol00
$drift
MCAP95.95M
+14.22%

what's drift protocol?

Drift Protocol is a decentralized exchange (DEX) built on the Solana blockchain, specializing in perpetual futures trading. Launched in 2021, it has grown into the largest open-source perpetual futures market on Solana, offering users the ability to trade leveraged positions on assets like SOL, BTC, ETH, and others with deep liquidity and low fees. Key features include a virtual Automated Market Maker (vAMM) for efficient pricing, Just-In-Time (JIT) auctions to optimize trade execution, and advanced risk management tools that ensure platform stability, as demonstrated by handling a record $70 million liquidation event without bankruptcies or socialized losses. The protocol supports spot and perpetual markets, with recent additions like ZEC perpetuals, and generates significant trading volume and fees, as seen in September's 39.63% token surge. Drift has adopted MetaDAO's Futarchy governance model, using prediction markets for treasury and protocol decisions instead of traditional token voting. The native DRIFT token enables staking, rewards programs for makers and takers, and participation in the ecosystem's growth incentives.

Snapshot

Drift Protocol launched Solana auto-signing for one-click trading without signature pop-ups.

contract

solana

1W ago
TECH EVENT

Launched auto-signing feature on Solana enabling one-click trading actions without signature pop-ups, using Program-Derived Addresses (PDAs) and headless signing technology.

2W ago
FINANCIAL EVENT

Completed an airdrop (referred to as "Drift S3") in 2025.

1M ago

Maple's syrupUSDC is adopted as yield-bearing perps collateral on the platform, offering mid-single-digit to high-single-digit % APY on margin.

Encifher integration enables users to trade on Drift with compliant privacy features.

A prominent trader known as "White Whale" switches from Hyperliquid to Drift Protocol as their primary trading venue in 2025.

Project 0 announces planned integrations with Drift and Jupiter to increase opportunity capture for users.

Protocol presents at Solana Breakpoint conference on December 12 at 12:35pm, listed among top DeFi projects as perps leader.

V3 operates with gasless trading by default (no per-trade gas fees eating into PnL) and supports 47 assets as collateral across 52 pairs. The mobile app launching Q1 2026 will be the first for a perpetuals DEX on Solana.

v3 becomes available on the Solana dApp Store with Seekers access code D0IS5E4C for user onboarding.

V3 delivers 85% of market orders filled within same slot (0.4 seconds), 15x faster TP/SL triggers (reduced to 0.4 seconds), and slippage reduced from 20bps to 2bps. Mobile app beta releases January 2026 and DLP launches Q1 2026 with users earning yield from market making similar to HLP/JLP.

Protocol has accumulated $42m in revenue. The BAM plugin being built enforces cancel-before-take order priority for maker protection.

UnifaiNetwork ($UAI), an AI trading agent platform, is now live on Drift Protocol, enabling users to build trading agents via natural language on the platform.

v3 introduces Drift Liquidity Provider (DLP) with pooled liquidity for both Perps and Spot markets, expands Market Maker Program, and announces upcoming Jito BAM plugin integration for maker protection.

v3 launches with gasless trading feature and support for LSTs (Liquid Staking Tokens).

V3 has launched with 10x faster trades according to CoinDesk.

A keynote presentation with multiple announcements about Drift v3 is scheduled for December 12, 2025 at 12:40 PM at Solana Breakpoint conference on the Absolute Cinema Stage.

v3 is 90% complete as shown in a development progress update.

The v3 Townhall offers payment rewards to attendees for participating in the event.

Drift v3 and the roadmap will be unveiled in an AMA on December 3rd.

Drift V3 Unveil Call is scheduled for December 2nd.

Drift wallets are now supported on Infinex Craterun, enabling users to import their perpetual trading wallets and earn bonus crates until December 31st.

$MON, $MET and $ZEC are now tradeable with up to 5x leverage on the platform.

Cushion vault manager integrates with Drift's infrastructure to deploy yield generation strategies onchain, expanding Drift's ecosystem usage among institutional vault managers.

dSOL ranks 8th in top DeFi yields at 6.60% with over $200M in TVL.

Upbit exchange suspends all deposits and withdrawals after ~$36.8M in Solana assets including DRIFT tokens are transferred to unknown external wallet on November 27, 2025.

V3 roadmap unveiling scheduled for December 2, 2025 at 10 AM EST via livestream on X, focusing on enhanced perpetual trading performance on Solana.

$CASH borrowing and lending program offers up to $25K monthly rewards for lenders and $12.5K for borrowers. Alpenglow release upcoming, positioned to compete with Hyperliquid.

Bitso Onchain builds an upcoming perp aggregator that routes orders to Drift and farms Drift points simultaneously alongside other DEXs, with zero gas fees covered by Bitso.

Launches $MON perpetuals with 5x leverage for trading Monad on Solana.

Drift will list $MON token by Monad on Day 1, enabling trading of Monad on Solana from launch.

$CASH integration launches live with borrowing and lending incentives, enabling use as trading collateral. (ID: 1991964920129458246)

Ranks 4th among Solana ecosystem projects by development activity. dSOL provides liquid staking yields on SOL exposure and functions as collateral for perpetual trading.

$CASH by Phantom will be integrated to earn lending yield while serving as trading collateral. (ID: 1991186982475821468)

USDC+ from Reflect Money currently functions as a wrapper for Drift lend, and CRT includes Drift lend among its low-risk deployment venues alongside Kamino and Jup lend.

Perpetual trading volume share collapses from 36.6% in early August to below 14% by mid-November as Pacifica captures 54% market share, though open interest leads at $516M and TVL remains stable.

Drift opens recruitment for 5 new ambassadors to join its Ambassadors Program.

White Whale's promotion is characterized as "shilling" and grouped with endorsements of failed or problematic projects, with the implication that followers face losses. The tweet positions Hyperliquid as the alternative that survives while Drift endorsers fail.

Drift V1 experienced insolvency during the May 2022 Luna collapse, resulting in approximately $20M in trader losses and 60% of TVL exiting within the first 12 hours after the protocol force-settled all markets.

Prominent trader TheWhiteWhale selects Drift as his platform of choice over competing alternatives, with the team emphasizing he is known for maintaining independence and not accepting payment for endorsements.

Solana Foundation, Multicoin, and Jito attempted to promote Drift as a dominant player in the ecosystem ("kingmake"). This is referenced in context of competitive dynamics with Hyperliquid and Ethereum-based alternatives.

A trader who lost $50M on October 10th is accused of coordinated price manipulation through posts and long positions to artificially pump the token.

V3 version referenced as coming soon with additional unspecified features.

2M ago

Platform processes $465M in average daily perpetual trading volume, positioned as the second-largest perp DEX on Solana behind Jupiter Exchange and ahead of Pacifica.

Titan integration now powers swaps on the platform, with rewards announced for early users.

Revenues increased 40% month-over-month while the token declined 55% month-over-month.

Protocol-owned liquidity exceeds $40m with annualized earnings over $40m on 4x year-over-year volume growth, trading at approximately $197m fully diluted valuation.

Protocol processed $14.6M in liquidations in the last 24 hours and $24.8M over 48 hours with zero socialized loss, up from $10M reported previously. Currently pays 38% APY on SOL deposits.

Protocol processed over $10M in liquidations in the last 24 hours with zero socialized loss and zero downtime.

Revenue grew 119% quarter-over-quarter to $8.1m, with the project trading at less than 6x revenue multiple.

Monthly revenue reaches 12-month high while token trades at 52-week low.

ZEC perpetuals are now available for trading on the platform alongside Flash.

Protocol researches Perps integration with Isolated Pools to enable cross collateral equity perps without introducing risks to the main perps pool.

Token unlock of $97M scheduled for November 14.

Platform releases new Trade Form enabling users to select maximum initial leverage for margin management, with Isolated Positions as the next planned feature.

NASDAQ-listed company DeFi Dev Corp leverages the protocol for basis trade strategies using Gauntlet's risk models. Technical webinar with Solana, DFDV, and Gauntlet representatives scheduled for November 3.

The protocol is hiring for a communications role, specifically targeting team members from Blockworks.

The protocol seeks a new security auditor willing to accept DRIFT tokens as payment with variable compensation based on vulnerability severity discovered.

Three new tokens ($MET, $ZEC, $2Z) are now available for leveraged trading up to 5x on the platform.

Listed among 36+ prediction market platforms in a competitive landscape analysis of the prediction markets sector.

Active DAO discussion underway about implementing token buybacks, with debate focused on execution method and percentage allocation.

Drift Protocol joins BAM ecosystem as a new validator.

Ranks 3rd in Solana development activity with upward movement from last month. Negative funding on SOL-PERP positions pays longs to hold.

Phantom wallet integrated Hyperliquid for perpetuals trading instead of Drift Protocol.

$MET token is live on the platform with 5x leverage trading and can be used as collateral for trading.

Platform accepts WIF as collateral at approximately 50% weight of SOL or wBTC, and accepts MOTHER token as collateral.

Platform lists $MET perpetuals trading on Day 1.

Drift Protocol has a 4.0x market cap-to-revenue ratio, ranking third most efficient among top 10 projects measured by this metric.

Gauntlet partners with DefDevCorp (DFDV), a NASDAQ-listed company, to execute an active onchain treasury strategy using Drift Protocol vaults on Solana.

DLP launches in closed beta within the next week, enabling users to deposit into the AMM and earn trading fees and PNL. Protocol researches migration from keeper orderbook (DLOB) to fully onchain CLOB and works with market makers to enable Prop AMMs.

Solana perpetuals market shows competitive shift away from the platform toward Hyperliquid, with participants choosing to build their own solutions or use competing platforms.

Drift Protocol lists ZEC with 5x leverage trading capability.

Perpetual volume TVL declines after Black Friday market event, with token reward farming cited as the mechanism driving current user metrics and retention compared to competitors without token rewards.

Hiring operations manager for aggressive expansion in Asia/Singapore region to support rapidly growing team.

Solana validators can censor liquidation transactions and price update transactions for the protocol unless paid monthly fees, presenting a potential systemic risk.

Delta-neutral vaults hJLP and WETH Plus maintained expected drawdown levels during Friday's market volatility, with SOL open interest under $200M one-sided and USDC borrow rates at 6.5%.

Annualized fees reach $56 million with strong growth rate, TVL stands at $1.3 billion, and market cap at $193 million.

DRIFT token now trading on Gemini exchange with deposits and withdrawals enabled.

Three new trading pairs ($ZEC, $MNT, and $XPL) are now available for trading on the platform.

Solana perps trading volume hits record $43.61 billion in September, led by Jupiter Exchange and the platform.

Titan_Exchange support for the platform coming soon.

A trader running a larger long/short book confirms that the platform and dYdX both protected their accounts during the recent crash, while HyperliquidX liquidated them under identical trading conditions.

During the Oct 11 weekend crash, the platform processed $70M in liquidations without downtime or bankruptcies and profited its insurance fund through time-weighted prices.

New monthly Drift Trader Rewards program launches with 2 million DRIFT allocated for both makers and takers.

Winners of the Drift Trading Rush campaign are officially announced, with the project promising more $OOE activities ahead.

3M ago

Mantle ($MNT) token goes live on the platform's perpetuals market with 5x leverage trading available.

Whale trader @TheWhiteWhaleV2 publicly advocates for the platform following the weekend flash crash event.

Governance proposal DLP-8 passes, implementing a new trading fee distribution structure that allocates 10% to the Insurance Fund, 10% to DLP holders for ecosystem risk, and 80% retained by the protocol less development costs.

$DRIFT token listed on gTrade platform alongside 11 other new trading pairs.

Insurance Fund maintains $50 million to support over $500 million in open interest, providing a 10% Insurance Fund to Open Interest ratio that successfully covered losses during the liquidation event alongside vAMM reserves.

During the liquidation event, flash-crash protection and oracle guardrails with TWAP-based liquidation windows protected 50% of at-risk users (2,303 out of 4,608 total) from being liquidated.

Protocol processed $76 million in liquidations (updated from previously reported $70M) with $18K in socialized losses (correcting earlier reports of zero losses), while Insurance Fund depositors earned $600K from the liquidation activity and the platform maintained zero downtime.

Protocol achieved zero bankruptcies and zero socialized losses during the record $70 million liquidation event, confirming platform security and performance under extreme market conditions.

SOL perpetual contracts currently paying longs 200% funding rate due to elevated short demand, creating significant incentive for long positions.

Record $70 million in liquidations occurred across perpetual and spot markets, representing the highest liquidation volume ever recorded on the protocol during a major stress test that the platform handled adequately.

ZEC perpetuals now available for trading. Protocol achieved record fee generation and sharp trading volume increases in September, with token surging 39.63%.

Drift Protocol has adopted MetaDAO's Futarchy governance model to guide treasury and protocol decisions, using market-based prediction mechanisms instead of traditional token voting.

Token shows -22% performance in 2025, outperforming most other Solana ecosystem tokens which range from -34% to -84% losses.

Zero fees end for BTC and ETH markets on October 7, 08:00 UTC. Maker Rewards adjusted to 1M DRIFT per monthly epoch with first epoch concluding with 270 participants, while additional 1M DRIFT redirected to the new Trader Rewards Program.

New token listing: $2Z by @doublezero will be available for trading on Day 1.

Drift v3 protocol upgrade announced for Q4 launch, introducing DLP (Drift Liquidity Provider) as a new liquidity source, 100% revenue buyback mechanism flowing to the community, 10x improvements in speed, liquidity and UX, new orderbook for improved trade reliability, and integration with Solana Alpenglow and Jito BAM. Market share grew 5x in the past 3 months.