DRIFT PROTOCOL

Monthly Update Edition

Drift Protocol is a scalable, decentralized, capital-efficient derivatives exchange built on Solana.

One of the ways trust is built between a crypto project’s team and its fans/community members is the provision of feedback from the team on the latest developments, the milestones hit, the issues the team might be facing, and other necessary information about the project. This should be done occasionally to foster communication in the project’s community.

The Drift protocol team has been consistently implementing this ‘feedback’ strategy since its launch. In this article, I will give a recap of all monthly updates published on drift protocol’s official medium page.

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August 2021 Monthly Update Summary

• MoetFi was rebranded to Drift Protocol.
• New UI/UX designs were implemented on the protocol with three (arbitrage, liquidation, and funding rate) bots working correctly.

Arbitrage: A concurrent acquisition and sale of the same asset in various markets in order to profit from slight differences in the asset’s listed price.

Liquidation: Liquidation occurs when a trader fails to meet the margin condition set for a leveraged position.

Funding rate: These are recurring payments either to traders that are long or short based on the difference between perpetual contract markets and spot prices.

• Two job positions were open for full-stack engineers and trading systems and infrastructure engineers.
• v0 lite paper was released on their website.
• The first-ever drift protocol community contest; the art/emoji contest was hosted as a way to celebrate their rebrand.
• Two AMA sessions were hosted as a way to engage with community members.

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September 2021 Monthly Update Summary

• Drift Protocol’s Devnet version went live.
• The project team has a meetup in New York.
• The support of two big NFT projects on Solana; Thugbirdz and Cyber Samurai.
• Project collaboration with Stratos and Soliders.
• Announcing the early stages of creating a community-centered NFT that will grant access to a trading competition.
• Giving a hint of when Mainnet will launch (mid-October 2021).

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October 2021 Monthly Update Summary

• Announcing their $3.8 million seed round backed by big names in the crypto space.
• NFT-gated Alpha Mainnet release.

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November 2021 Monthly Update Summary

• The team was opportune to showcase its trading platform at the Solana Breakpoint event hosted in Lisbon.

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December 2021 Monthly Update Summary

• The official launch of the open Mainnet version of drift protocol.
• As of 9th December, Drift’s Open Mainnet hit a cumulative $200M in volume traded.

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January 2022 Monthly Update Summary

• On milestones, drift protocol hit $1 billion in volume trade within 39 days of going live on Mainnet and hit an all-time high of $100m traded in a single day.
• 5 new markets were listed($MATIC, $ATOM, $DOT, $ADA, and $ALGO).
• Drift protocol explained their team base by employing a head of business development, head of operations, and a full stack developer.
• UI updates: a new portfolio page, leverage slider, and a funding rates page.
• The launch of the Drift Education series targeted at retail users on YouTube and Substack.
• Two AMAs were hosted with some team members on Robot Ventures and Polychain respectively.

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February 2022 Monthly Update Summary

• The limit order feature was added to the protocol.
• Drift launched a USD$500,000 Bug Bounty Program in conjunction with Immunefi to strengthen the stability and security of Drift’s platform.
• 2 new markets were added($FTT and $LTC).
• Drift Protocol’s discord community was revamped.
• Another full stack developer and a Trading BD and Product Associate were added to the team.

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March 2022 Monthly Update Summary

• On stats(in comparison to the previous month), there was a 44.8% in the Cumulative Volume Traded, 33.3% in the Monthly Volume Traded, a 25% increase in the Twitter followings, and a 5.2% in the number of members in the discord community.
• 10x leverage was launched for all markets.
• Integration of Switchboard’s oracle to Drift Protocol.
• The shareable PNL stickers feature was integrated for traders who want to show off their positions.
• 3 new markets were added ($XRP, $DOGE, and $APE).

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OFFICIAL LINKS

Discord — Documentation — Whitepaper— Twitter — Website