DRIFT Soars 30% as Protocol Hits Record $1B in Perpetual Volumes
Surge in Solana Perpetual Futures Volume Boosts Drift Protocol’s Market Position
Drift Protocol Achieves Record Trading Volume
Drift Protocol, a decentralized exchange (DEX) for perpetual futures on Solana, recently experienced a remarkable increase in trading activity, with volumes soaring over 230%. This surge allowed Drift to briefly secure its position as the second-largest perpetual DEX by daily trading volume across all blockchain networks.
DRIFT Token Experiences Significant Price Rally
The DRIFT token, which underpins the Drift Protocol, saw a substantial price increase of over 40% on Monday, although it later experienced a slight pullback. This price movement followed the platform’s milestone of surpassing $1 billion in daily trading volume for the first time over the weekend. The trading volume peaked at $1.089 billion on July 18, eclipsing its previous record of approximately $720 million set in April 2024.
Current Market Standing
Despite this impressive performance, Drift currently ranks fourth in daily perpetual trading volume across all chains, trailing behind edgeX, Jupiter, and Hyperliquid. Hyperliquid leads the market with a staggering $13 billion in daily volumes, while Jupiter follows closely with just under $1 billion.
DRIFT Token Trading Volume Skyrockets
In light of the recent trading surge, the DRIFT token reached a peak price of $0.73, reflecting a 40% increase. Currently, the token is up by over 33%, with its trading volume skyrocketing by more than 2,800% to approximately $323 million, according to CoinGecko data.
Total Value Locked (TVL) in Drift Protocol
Drift Protocol’s total value locked (TVL) is estimated to be around $1.13 billion. A significant portion of this value is likely attributed to the Drift Earn program, which allows users to earn yields through lending and market-making activities on the platform.
Impact of Zero-Fee ETH Perpetuals
The recent uptick in trading activity can be linked to a strategic move by Drift on July 10, when the protocol introduced zero-fee ETH perpetuals with leverage options up to 101x. This innovative offering enables traders to open substantial positions without incurring trading fees.
Response from the Trading Community
Following the launch of these zero-fee, high-leverage perpetuals, the overall trading volume for perpetual futures on Solana surged by 234%. Drift has successfully captured a significant share of this increased activity, indicating a strong response from traders eager to take advantage of the new trading conditions.
In summary, Drift Protocol’s recent achievements highlight its growing influence in the decentralized finance (DeFi) space, driven by innovative offerings and a responsive trading community.
