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Solana-Based Drift Protocol Raised $3.8 Million –

Solana-Based Drift Protocol Raises $3.8 Million — Project Reveals Drift Alpha Ticket NFTs

While the blockchain network Solana’s native token has skyrocketed in value this week jumping 31.4%, the Solana-based perpetual swap platform Drift Protocol announced it raised $3.8 million from strategic investors. At the same time, Drift announced the launch of its alpha mainnet after several months of “grind, hard work, debugging, building security guardrails.”

Solana Perpetual Swap Exchange Launch Reveals Mainnet Launch, Raised $3.8 Million

While centralized exchanges like Binance, FTX, Bybit, and Bitmex offer crypto-based perpetual swaps, decentralized finance (defi) competitors are aiming to take the large amounts of trading volume these trading platforms command.

There is a variety of decentralized apps (dapps), that are trying to move in this direction, such as dYdX and Mango Markets. On October 25, a Solana-based perpetual swap platform called the Drift Protocol launched its mainnet.

“We successfully launched our mainnet at the Solana’s Chicago Hacker House, working with the guidance of Bartosz, Jordan, and alongside the rest of the residents (HXRO and Mango teams),” the project noted on Monday. Additionally, the project announced the “Drift Alpha Ticket” non-fungible token (NFT) collection and detailed the platform’s team raised $3.8 million from investors. Drift explained Monday:

The Drift Alpha Ticket is a collection of 1,500 NFTs exclusively released by Drift through rewarding early Discord users and its partnership with defi and NFT projects on the Solana network.

According to Drift the $3.8 million financing was managed by Multicoin Capital, a thesis-driven investment company. Jump Capital, QCP Capital and Not3Lau joined Multicoin Capital.

The project aims to support tokens stemming from SOL and ETH and aims to be a “one-way path to being Solana’s top decentralised futures exchange.” The Drift Alpha Ticket, Drift details, “is a way for the team to identify and reward its early adopters and believers.”

Solana rose .4% in value this week, .4% over the last month, and Solana jumped 31.4% in value this week, 51.4% over the last month, and 11,467% year-to-date.

What do you think about the Solana-based perpetual swaps dex Drift raising $3.8 million and launching its alpha mainnet on Monday? Please comment below to let us know your thoughts on this topic.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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