Coinbase Adds Solana-Based DEX to Listing Roadmap: Introducing Drift Protocol (DRIFT)

Unlocking Decentralized Trading: Drift Protocol Joins Coinbase’s Crypto Offerings

Coinbase, one of the leading crypto exchanges in the United States, has expanded its listing roadmap by including a new decentralized exchange (DEX) altcoin based on the Solana (SOL) blockchain. This addition marks a significant development in the crypto space, particularly for users interested in decentralized trading. Let’s delve into the details of this new addition and understand what it means for the crypto community.

Drift Protocol: A Brief Overview

Drift Protocol (DRIFT) is an open-source decentralized exchange designed to facilitate transparent and non-custodial trading. The project focuses on capital efficiency and asset protection by implementing sophisticated risk management tools. These tools aim to prevent over-extending risk and ensure the safety of users’ assets. Key features of Drift Protocol include:

  1. Cross-Margined Risk Engine: Drift Protocol employs a cross-margined risk engine to enhance capital efficiency while safeguarding users’ assets. This system allows for collateral utilization across different markets, including lend/borrow markets and perpetual futures, enabling more efficient trading with spot assets.
  2. Asset Utilization: Every token deposited on Drift Protocol can earn additional returns through borrowing and serve as collateral for perpetual swaps. This approach incentivizes users to actively participate in the protocol while maximizing the utility of their assets.
  3. Safety Measures: Drift Protocol implements multiple safety measures to protect users’ funds. Borrowers can only access funds if they maintain sufficient collateral, reducing the risk of default and ensuring the overall security of the platform.

Drift Foundation’s Airdrop Initiative

In a bid to decentralize the protocol and empower the community, the Drift Foundation has announced an airdrop of 12% of DRIFT’s total supply, equivalent to 120 million tokens. This airdrop event, scheduled for Thursday, aims to reward loyal users and give them a greater voice in the future development of the protocol. By distributing tokens to the community, the Drift Foundation acknowledges the importance of community involvement and aims to foster a more inclusive ecosystem.

Coinbase’s Listing Roadmap

Coinbase introduced its listing roadmap in 2022 to enhance transparency and minimize the possibility of investors front-running new trading support announcements. By providing visibility into its listing process, Coinbase aims to create a fairer and more predictable environment for users and projects alike. The addition of Drift Protocol to Coinbase’s roadmap reflects the exchange’s commitment to expanding its offerings and supporting innovative projects within the crypto space.

Solana (SOL): An Overview

Solana is a Layer 1 blockchain known for its high-speed and low-cost transactions. It supports smart contracts and decentralized applications (dApps), making it a popular choice for developers seeking scalability and performance. Solana’s architecture combines the Proof-of-History (PoH) consensus mechanism with Proof-of-Stake (PoS) to achieve fast transaction finality while maintaining decentralization and security.

Utility of SOL Token

As the native token of the Solana blockchain, SOL serves multiple purposes within the ecosystem:

  • Transaction Fees: SOL can be used to pay for transaction fees, also known as gas fees, when interacting with smart contracts or sending transactions on the Solana network.
  • Staking: SOL holders can stake their tokens to secure the network and earn rewards. Staking provides users with an opportunity to participate in network consensus and contribute to its security and stability.

FAQs on Solana

  • Where to Buy SOL: SOL tokens can be purchased on various centralized crypto exchanges, including Binance, Coinbase Exchange, and BitVenus.
  • Daily Trading Volume: The daily trading volume of Solana (SOL) is $3,271,075,660, indicating significant market activity.
  • All-Time High Price: The highest price recorded for Solana (SOL) is $259.96, with the current price standing at approximately 38.02% lower than the all-time high.


The addition of Drift Protocol to Coinbase’s listing roadmap and its integration with the Solana blockchain represent notable advancements in the crypto space. This move underscores the growing interest in decentralized trading solutions and the importance of blockchain interoperability. As the crypto landscape continues to evolve, initiatives like the Drift Protocol airdrop and Coinbase’s transparent listing process contribute to a more inclusive and innovative ecosystem.

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