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

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

Drift Protocol’s governance token, DRIFT(DRIFT), will be available to trade on the Upbit crypto exchange starting on Nov. 8 18:00 KST. Drift Protocol is one of the largest open source perpetual futures DEXs on Solana and has previously been listed on Coinbase and Bybit.

Trading pairs supported by Upbit for DRIFT include Korean Won, Bitcoin(BTC), and Tether(USDT). Traders can begin depositing or withdrawing DRIFT tokens within three hours after the notice was posted.

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

According to data from crypto.news, DRIFT is riding a high wave, soaring above 81% in the past 24 hours. The token is currently trading hands at $0.88. In the past week, the DRIFT token has gone up by 92.96%. It has maintained a market cap of $211 million with a 24-hour trading volume of $74 million.

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

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

The allocation also included a bonus of 20 million tokens, surpassing the initially planned quantity.

Co-founder of Drift, Cindy Leow, said that the bonus is designed to prevent network congestion and early sales. She highlighted that including a bonus would enhance user experience and reward loyal traders.

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