South Korea’s Upbit will launch Solana-based DRIFT trading pairs

Upbit, South Korea’s largest crypto exchange, announced that it will launch DRIFT trading pairs for Korean Won, BTC, and USDT on November 8.

Drift Protocol’s governing token, DRIFT(DRIFT), will be available for trading on the Upbit crypto exchange as of 18:00 (KST) on November 8. Drift Protocol is one of the largest open source perpetual futures DEX on Solana and was previously listed on Coinbase and Bybit.

Trading pairs supported by Upbit for DRIFT include Korean Won, Bitcoin(BTC) and Tether(USDT). Investors can begin depositing or withdrawing DRIFT tokens within three hours of the notification being published.

Upbit’s trading limit price will be determined based on the price information available on CoinMarketCap. The exchange reminds investors that buy orders are limited to approximately 5 minutes after trading support, while sell orders at prices below 10% of the previous day’s closing price will also be restricted.

According to Crypto.news data, DRIFT is heading towards a high wave, rising over 81% in the last 24 hours. The token is currently trading at $0.88. In the past week, the DRIFT token has increased by 92.96%. It maintained its market value of $211 million with a 24-hour trading volume of $74 million.

At the time of this writing, Drift Protocol is ranked 296th in crypto.news’ market cap rankings. DRIFT’s token supply currently stands at $246 million.

24-hour trading chart of DRIFT token, November 8, 2024 | Source: crypto.news

In May 2024, Solana-based decentralized exchange Drift Foundation launched its new governance token DRIFT via an airdrop of 120 million tokens. The airdrop accounts for 12% of the initial 1 billion DRIFT supply.

The allocation also included a bonus of 20 million tokens, exceeding the originally planned amount.

Drift co-founder Cindy Leow said the bonus was designed to prevent network congestion and premature sales. He emphasized that adding bonuses will improve user experience and reward loyal investors.

Drift Protocol is an exchange that supports continuous futures trading on the Solana Network. Drift’s governance token, DRIFT, allows holders to raise and vote on governance agendas for improvement of the protocol through staking.