Drift (DRIFT)

Perp exchange on Solana

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release: 2021

Audits & Exploits

• Bug bounty program can be found here (9-8-2024) up to $500.000.
• V2 got audited by Neodyme (10-5-2024).

Bugs/Exploits

During the Luna crash, the team paused its protocol, withholding users from using perps on LUNA (11-5-2024). V1 users did not get a slice of the airdrop in 2024.

Governance

DAO

• From their blog (16-4-2024):

"The Drift DAO will be a first-of-its-kind, multi-branch DAO, consisting of a Realms DAO for general protocol development, a Security Council for governing protocol upgrades, and a Futarchy DAO for funding technical grants."

Treasury

Has a Protocol Owned Insurance wallet that has been steady climbing to about ~$3M (11-2024). Also has Protocol Owned Holdings of about $20M.

Token

Launch

• Announced as a governance token (16-4-2024).

Token Allocation

• From their announcement (16-4-2024):

Technology

• Whitepaper or docs can be found [insert here].
• Code can be viewed [insert here].
• Built on Solana

Fees

• A portion of the fees collected within the protocol (denominated in a particular token: USDC, SOL, etc) go into that spot market's revenue pool.

Oracle Method

• Pyth is used (9-8-2024).

Their Other Projects

• Launched a prediction market called BET.

Roadmap

• Can be found [Insert link here].

Usage

• From their blog (16-4-2024):

"Starting with $1 million in Total Value Locked (TVL) and less than 100 daily active traders at the time of Drift's launch, Drift now has over $350 million in TVL, more than 175,000 traders, and a cumulative volume of $20+ billion."

Competition

Perp DEXs like GMX, dYdX and such. And prediction markets like Polymarket.

Team, Funding and Partners

Team

• Full team can be found [here].
• Cindy Leow and David Lu are the co-founders
• The Foundation is led by Matt Shaw and its administrator is Webslinger.

Funding

• Raised $25M in a series B (19-9-2024):

"Series B led by @multicoincap with participation from @blockchaincap, @FoliusVentures, @MaelstromFund, and @primitivecrypto."

• Announced a $23.5m Series A led by Polychain Capital with participation from the Solana founders (Anatoly Yakovenko and Raj Gokal), Ethereal Ventures (Consensys) and Folius Ventures, bringing Drift’s total funding to date to $27.3m.

(:

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