Upbit lists the DRIFT token, allowing traders to trade it against KRW, BTC, and USDT, boosting options and visibility for Drift ecosystem.
By Temitope Olatunji
Edited by Julia Sakovich
Updated
3 mins read
Upbit has announced trading support for DRIFT DRIFT $1.62 24h volatility: 14.7% Market cap: $427.32 M Vol. 24h: $349.79 M on its platform, allowing users to trade the token against currencies like the Korean Won, Bitcoin, and Tether. This expansion provides Upbit users with broader trading options.
DRIFT deposits and withdrawals are open for users within three hours of Upbit’s notice being released. Trading begins at 18:00 KST on November 8th, allowing users to participate in DRIFT’s markets with full support for transactions on the Solana network.
The exchange’s official release states that the limit price will be based on CoinMarketCap’s pricing data. Additionally, buy orders will be held for approximately 5 minutes after trading support begins. Similarly, sell orders priced below 10% of the previous day’s closing price will be restricted for the same duration.
Upbit further stated that all orders except limit orders are restricted for approximately one hour after trading support begins.
Upbit emphasizes strict guidelines for DRIFT deposits and withdrawals. Transactions can only occur through the guided network — DRIFT-Solana, and funds deposited through other networks are not eligible for processing. Deposits should come from wallets that have completed ownership verification, and refunds for incorrect deposits may take an extended time. Upbit may require proof of funds for large deposits from users as part of regulatory compliance. The exchange stated:
“Deposits and withdrawals are only supported through the guided network (DRIFT-Solana). Please check the network before depositing. In order to comply with the Travel Rule, if assets are deposited to Upbit through an exchange that is not included in the list of virtual asset operators eligible for deposit and withdrawal, deposits that cannot be reflected may take a long time to be refunded.”
Drift, the platform behind the DRIFT token, is a decentralized exchange focused on perpetual futures trading. Built on Solana, it prioritizes transparency through DeFi’s permissionless features while addressing the inherent processing limitations associated with blockchain technology.
The platform operates a zero-waiting-time mechanism, completing order settlements within seconds of initiating them. If there are no auction participants, the order is processed without interruption through Drift’s Backdrop Automated Market Maker (AMM), ensuring fast and reliable transaction settlement.
Holders of the DRIFT token also have the chance to participate in the project’s decision-making. This, however, can be done through staking and voting mechanisms.
Amid Upbit’s trading support, DRIFT’s price has increased substantially in the last 24 hours, reaching more than 65%.
With this new update, the price of the DRIFT token could potentially remain strong, as pairing it with other currencies may boost its trading volume. This listing could also benefit both Upbit and Drift by expanding Upbit’s digital asset offerings while also boosting the DRIFT token’s visibility among more traders and investors, potentially driving its price higher.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
