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Daily Hodl Staff
4 weeks ago

Crypto Exchange Coinbase Adds Solana-Based DEX to Listing Roadmap

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Coinbase has added a new Solana (SOL)-based decentralized exchange (DEX) altcoin to its listing roadmap.

On Tuesday, the top US crypto exchange put Drift Protocol (DRIFT) on the path towards being tradeable on its platform in the future.

Drift is an open-source DEX that enables transparent and non-custodial trading.

Explains the project,

“Drift was designed with a goal to be capital-efficient but also protective of your assets. We achieved that by setting up sophisticated cross-margined risk engine – a system of tools with an extensive protection from over-extending risk. For instance:

In the lend/borrow markets, you can also use collateral for perpetual futures and trade more efficiently with spot assets.

Every token you deposit can earn you more through borrowing and also act as a collateral for perpetual swaps.

Borrowers can only borrow if they have more collateral than needed, following multiple safety measures for extra protection.”

The Drift Foundation plans to airdrop 12% of DRIFT’s supply (120 million tokens) on Thursday. The asset is not yet trading at time of writing.

Explains the foundation,

“This marks a significant step towards decentralizing Drift Protocol, acknowledging loyal users, and empowering the community with a greater voice in the protocol’s future development.”

Coinbase created its listing roadmap in 2022 to increase transparency and reduce the possibility of investors front-running new trading support announcements.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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