DRIFT (Drift Protocol) surged 115.72% over the past 24 hours and is now trading at $0.095

Gate News message. April 8, according to Gate market data, as of the time of writing, DRIFT (Drift Protocol) is currently trading at $0.095. Over the past 24 hours, it is up 115.72%, with a highest of $0.167 and a lowest pullback to $0.0386. The 24-hour trading volume is $549.8k. The current market cap is approximately $58.0695 million.

Drift Protocol is a decentralized exchange, open-source, and built on the Solana blockchain. At the application layer, the Drift protocol supports low slippage, low fees, and minimizes price impact on all trades. Drift offers four main products: spot trading, perpetual trading, lending, and passive liquidity provision. Users can use any token as collateral to trade permissionlessly across 50+ markets, and leverage on some assets can be as high as 101x. At the same time, Drift also offers up to a 16% deposit yield and provides customized credit solutions for institutional-level users. The platform has been audited by security firms such as Trail of Bits, OtterSec, and Neodyme, and is equipped with a real-time risk engine and a world-class clearing engine to protect the protocol and users from the impact of market volatility.

DRIFT’s recent major news:

1️⃣ Security incident triggers market volatility
Drift Protocol recently experienced a security incident of approximately $285 million, directly impacting the token price. Although after the incident the coin price fell sharply by more than 36% at one point, it was followed by a rebound, with the 24-hour gain expanding to 115.72%. This intense volatility reflects the market digesting the protocol’s risk and expectations for subsequent potential remediation.

2️⃣ Major holder sell-off pressure eases
FTX/Alameda, as an investor, quickly sold 6.94 million DRIFT (worth about $320k) through Wintermute after the security incident. While this action released some sell-off pressure, the sell size was relatively limited. The tokens held by Alameda have been greatly reduced, from a value of $6.22 million to $380k, with the investment returns suffering serious damage.

3️⃣ Exchange warning impact and liquidity aggregation
A local South Korean exchange has designated DRIFT as a trading warning project and paused deposit and withdrawal services. Meanwhile, wallets associated with the Drift Protocol team have deposited 56.25 million DRIFT (worth about $2.44 million) into major exchanges such as Gate. Liquidity has concentrated on platforms like Gate, and the market’s trading focus has shifted toward exchanges that support this coin.

This news is not investment advice. Investors should be aware of market volatility risk.