Background Drift Protocol is an open-sourced dynamic AMM (DAMM) and decentralised orderbook (DLOB) perpetual swap exchange built on Solana. Drift provides leveraged trading of perpetual contracts for top crypto-assets. Drift Protocol was paused on 2022/05/11 in response to a rapid increase in rate of the withdrawal of user funds. Drift successfully…

Drift’s announcement on 19 May 2022 promised an update today at 7:30pm UTC on the next steps of the resolution plan (i.e., Stage 2). In short, Drift has secured financing to cover the outstanding shortfall of $14.5mm in full. This amount, once credited to the redemption pool, will enable all…

Roadmap for Stage 1 & 2 — On 16 May 2022 we published a post outlining the Drift Settlement Plan where a new user dashboard was promised to become available no later than 19:30 UTC 20th of May 2022. This is an announcement to follow up on that promise and to launch the redemption portal. …

Drift Official Statement — 16 May 2022 — On 11 May 2022 UTC, Drift Protocol was halted for trading on discovery of a smart contract bug that enabled users to withdraw more collateral than they were entitled to. This resulted in a shortfall in the collateral vault, which at the time of writing exceeds the current insurance fund…

Drift Official Statement — 12 May 2022 — An update was promised yesterday for today at 1:30 pm PT / 8:30 PM UTC. Below is the latest on the outage and the next steps that are being taken to remedy it. At approximately 4:30PM UTC yesterday, the core developers observed unusual withdrawal behaviour on Drift. After further investigation…

Actively provide liquidity on Drift and get paid for it! — Maker Orders are now live on Drift! Two months ago, Drift Protocol launched Limit Orders and heralded the first hybrid AMM-orderbook design with a novel decentralised limit orderbook (DLOB) in DeFi. Today, we announce the launch of Maker Orders. Maker Orders allow users to actively provide liquidity to the exchange…

A review of Drift Protocol for the month of March — Hello fellow Drifters and welcome back to another monthly recap for Drift Protocol. To stay up to date with us in real-time, join us on Discord and Twitter. March Highlights Despite the prolonged crab market that was the majority of March, Drift Protocol saw an impressive increase in cumulative volume and monthly…

A review of Drift Protocol for the month of February — Welcome back to another Drift Protocol monthly recap. To stay up to date in real-time, join us on Discord and Twitter. February Highlights Stats We had some great growth in February; but we’re not stopping there — we’re even more excited for what’s to come in March. In February, we had: Cumulative Volume…

Powered by our novel hybrid Decentralised Limit Orderbook (DLOB) and our keeper bot network. — Drift Protocol is launching the most anticipated feature since our mainnet launch — limit orders! Limit orders on Drift are powered by a hybrid decentralised orderbook (DLOB) model that settles trades against our DAMM. Drift’s focus is building a feature-complete decentralised DEX, that uses crypto-native infrastructure built from the ground-up…