Upbit, one of the most trusted global digital asset exchanges, announced the initial listing of Drift (DRIFT), a governance token on the Solana blockchain, in the Innovation Zone on November 8. Drift (DRIFT) will be available for trading on the KRW, BTC, and USDT markets, with deposits open three hours prior to the 18:00 listing.
Drift, a decentralized exchange, offers perpetual futures trading, distinguishing itself from centralized financial services with enhanced transparency and permissionless DeFi features.
Notably, Drift employs a Just-in-Time (JIT) auction mechanism that completes trades within five seconds, promoting a smooth on-chain trading experience. If no bids are placed during an auction, Drift’s backdrop AMM ensures seamless trade settlement, adding resilience to the trading process.
To ensure fair market conditions, Upbit is implementing temporary trading restrictions:
- Purchase Restrictions: Buying orders will be limited for the first five minutes post-listing.
- Sell Price Restrictions: For five minutes post-listing, sell orders set below 10% of the previous day’s closing price will be restricted.
- Order Type Restrictions: Only limit orders will be accepted in the first hour after listing.
With current prices at 730.67 KRW, 0.00000692 BTC, and 0.5279 USDT, DRIFT investors are advised to verify network compatibility before deposit to avoid delays. For compliance with South Korea’s Travel Rule, deposits from non-participating exchanges will require verification from a verified personal wallet.
Investment Considerations
Upbit reminds investors of the speculative nature of digital asset investments and the associated risks due to regulatory shifts and market volatility. Price discrepancies between domestic and global exchanges are common, so investors should monitor these variances.
