As Solana perpetual futures volumes spiked over 230%, Drift briefly turned the second-largest perp DEX by each day quantity.
The DRIFT token, which powers the Solana-based perpetuals alternate Drift Protocol, surged over 40% on Monday earlier than retracing barely, after the platform crossed $1 billion in each day buying and selling quantity for the primary time over the weekend.
The token’s rally began after Drift briefly turned the second-largest perpetuals DEX by quantity throughout all chains, and claimed the highest spot on Solana, based on DefiLlama information. The amount spike on July 18 reached $1.089 billion, beating its earlier all-time excessive from April 2024, when Drift noticed round $720 million in perps buying and selling in a single day.
As of press time, nevertheless, the protocol ranks fourth in each day buying and selling quantity of perpetuals throughout chains, trailing solely edgeX, Jupiter, and Hyperliquid. Hyperliquid leads the pack with over $13 billion in each day perp volumes, with the following largest, Jupiter, seeing just below $1 billion.
Amid this inflow of on-chain buying and selling, DRIFT rose over 40% to peak at $0.73 in the present day, and is at present up over 33%, whereas buying and selling quantity for the token shot up greater than 2,800% to $323 million, primarily based on CoinGecko information.
Drift’s whole worth locked (TVL) is at present sitting at about $1.13 billion, with a superb chunk of that seemingly coming from its Drift Earn program, the place customers can earn yield by way of lending and market-making on the platform.
The newest wave of exercise appears tied to a transfer Drift made earlier this month. On July 10, the protocol launched zero-fee ETH perpetuals with leverage as much as 101x, which means merchants might open large positions with out paying buying and selling charges.
Within the days following the rollout, Solana-wide perpetual futures buying and selling volumes elevated by 234%, and Drift appears to have picked up a superb chunk of that exercise, displaying that merchants are actually responding to the zero-fee, high-leverage setup.
