Upbit Lists Drift (DRIFT) for KRW, BTC, USDT Trading
Highlights:
- Upbit lists Drift (DRIFT) for KRW, BTC, and USDT trading pairs, emphasizing Solana network compatibility.
- Initial trading restrictions for DRIFT include temporary order limits to stabilize market activity and prevent volatility.
- Drift utilizes Solana blockchain with JIT auctions and AMM for efficient decentralized perpetual futures trading.
Upbit, South Korea’s largest cryptocurrency exchange, will list Drift (DRIFT) in its trading markets. Trading for this Solana-based digital asset, available in KRW, BTC, and USDT pairs, was to commence today, November 8, at 6 PM KST. The listing aims to offer expanded options for traders while emphasizing network compatibility for seamless transactions.
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BREAKING: SOUTH KOREAN CEX @Official_Upbit TO LIST SOLANA-BASED $DRIFT (@DriftProtocol) FOR SPOT TRADING – $KRW, $BTC, $USDT MARKET pic.twitter.com/AHfvBOc4zi
— DEGEN NEWS (@DegenerateNews) November 8, 2024
Users must adhere strictly to the specified Solana network, as DRIFT deposits are now open. The system does not process deposits made through non-designated networks. This precaution is necessary to ensure asset security and compliance with network requirements. Furthermore, Upbit’s adherence to the Travel Rule mandates that assets deposited from unapproved exchanges may not be credited and may undergo a complex return process.
Market Launch Restrictions and Latest Price Details for DRIFT
Certain restrictions will apply upon market launch to stabilize initial trading activity. The exchange will temporarily restrict buying orders for five minutes after trading begins. Likewise, sell orders at prices lower than 10% of the previous day’s closing value will be limited during this timeframe. Moreover, only limited orders will be supported for the first hour of trading, excluding other order types to prevent volatility.
The previous day’s closing price for DRIFT was 688.98 KRW, with a recent market value of 730.67 KRW. The corresponding values in BTC and USDT were 0.00000656 BTC and 0.499 USDT, rising to 0.00000692 BTC and 0.5279 USDT as of the latest update.
Key Investor Insights on Drift and New Memecoin Trading Options
Drift operates on the Solana blockchain, focusing on decentralized perpetual futures trading. By leveraging the Just-in-Time (JIT) auction mechanism, it ensures fast and transparent order matching, typically within five seconds. Backdrop Automated Market Maker (AMM) handles unmatched trades to keep transactions flowing smoothly. The DRIFT token lets users suggest and vote on protocol changes through staking, giving them a role in decision-making.
To ensure optimal access, Upbit advises users to refresh the webpage or update coin information in the app if visibility issues arise. Given the high volatility of digital asset trading due to market demand and regulatory changes, investors should thoroughly research and understand potential risks, including possible losses.
Upbit implements measures such as minimum order restrictions to maintain a stable trading environment, which may occasionally limit some actions for service stability. Moreover, Upbit recently added USDT trading pairs for the memecoins Brett (BRETT) and Pepe (PEPE). Meanwhile, Binance Futures plans to introduce the BRETTUSDT Perpetual Contract, offering leverage of up to 50x.
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David Pokima
David is a finance journalist with keen interest in blockchain technology and the stock market. His strengths lie in breaking news in the crypto market as well as emerging technologies. With four years experience in the space, David has reported across several areas including regulation and legal frameworks, blockchain developments, on-chain analytics, stocks, etc. He bagged a Bachelor of Laws from Rivers State University and outside web3, David enjoys polo, golf and cycling.
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