Altcoins
Coinbase Plans to Add New Altcoin Drift Protocol (DRIFT) to Its Cryptocurrency List
In a recent update, popular cryptocurrency exchange Coinbase included altcoin Drift Protocol (DRIFT) in its future listing roadmap. This announcement marks an important milestone for DRIFT, which is powered by the robust Solana network. Coinbase, which is a leading cryptocurrency exchange, clarified that while adding an asset to the roadmap does not automatically imply a guaranteed listing, historically, the assets mentioned tend to be officially listed on the platform.
The altcoin under discussion, DRIFT, is expected to airdrop on May 16. The team behind Drift Protocol has warned that any entity claiming to be selling the DRIFT token before this date is most likely fraudulent, urging users to exercise extreme caution. The initial launch of the token will consist of distributing 10% of its total supply.
For those unfamiliar, Drift Protocol is an open source decentralized exchange that operates on the Solana network. This project is designed to be highly capital efficient and provides robust security for user assets. Among the services offered are futures and perpetual trading with up to 10x leverage, spot trading with up to 5x leverage, and token swaps with similar leverage.
The platform uses a sophisticated cross-margin risk mechanism to maximize trading efficiency and protect against excessive risk. In Drift’s lending environment, users can also use their collateral for perpetual futures contracts and trade more efficiently with spot assets. It is important to note that posted collateral can generate additional income from lending and serve as collateral for other swaps.
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