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Upbit, South Korea’s largest cryptocurrency exchange, has listed the local token DRIFT of the Solana 
$172-based decentralized exchange Drift. Following this development, the DRIFT token experienced a value increase of over 500% on Friday. DRIFT is the native token of the Drift Protocol, an open-source platform that enables users to trade without a central intermediary.
DRIFT Trading Begins on Upbit
The Seoul-based Upbit exchange has opened trading for DRIFT. Users can now buy and sell the DRIFT token, which allows it to be accessible to a wider audience. This listing facilitates the expansion of DRIFT’s reach among potential users.
Drift Protocol offers a margin management system prioritizing capital efficiency and asset protection. The protocol is designed to enable users to trade effectively with their collateral.
DRIFT Token’s Surge
Since its launch in May, DRIFT has seen significant value appreciation. Factors contributing to DRIFT’s rise include Coinbase‘s support and a substantial investment from Multicoin Capital in September. According to Drift’s whitepaper, the protocol’s advanced cross-collateral risk management system aims to enhance capital efficiency while securing users’ risks.
On Friday, the DRIFT token reached a record level, soaring from $0.51 on November 8 to $2.60 within 24 hours. Currently, it is trading at approximately $1.98.
Coinbase’s backing and significant capital investments have drawn more attention to DRIFT in the crypto market. Its listing on exchanges like Upbit, which have a broad user base, enhances the token’s liquidity and allows it to reach a larger audience.
The advanced risk management and capital efficiency features offered by the Drift Protocol are attractive elements for users. The future performance of the DRIFT token will likely be influenced by market conditions and the innovations introduced by the Drift Protocol.
