Drift Protocol — August 2021 Monthly Update

Welcome to our inaugural monthly update!

Each month, we will be writing an update letter to keep the community up to date with what the team has been up to. Think of it as a snapshot into the day-to-day of the Drift team! 👾

August has been a jam-packed month from us. Primarily, the team has been heads down pushing out our devnet product which is on track to be released in September. Aside from product updates, we also rebranded from MoetFi to Drift this month. We’ve also published our v0 litepaper!

Finally, we’re looking to expand the team as a few big announcements get made in September.

Drift did a big rebrand from Moet in August that we believed better captured the team’s long-term vision of a decentralized derivatives protocol.

Retro. Futuristic. Cyberpunk.

We wrote a lot about our rebrand so if you were interested to read up on the full thesis for how we arrived at Drift, you can find it here!

We’ve implemented new UI designs and UI features and have an end-to-end product working internally, with our arbitrage bots, liquidation bots and funding rate bots working correctly. We’re currently hard at work finalising and doing further integration and stress testing.

Over the next weeks, we will be opening up our platform for an exclusive invite-only alpha, where we’ll progressively open up more slots to balance the increasing load on our program. You can sign up for our private alpha here and we’ll reach out on Discord!

We’re hiring a full stack engineer alongside a trading systems and infrastructure engineer to optimise infrastructure for our arbitrage and liquidator bots.

Please see the respective JDs on Solana’s Job Board.

We released the v0 Drift Protocol Litepaper on our website. This litepaper details and walks through our v0 build, which is what the team will be launching for our Devnet. We are periodically making updates to this paper (right now we’re at Revision #2) as we continually optimise our system and will be updating it on a regular basis.

If you haven’t seen it already, please find a link to the paper here.

Moreover, we asked our community to do a TLDR thread of our litepaper and we were very impressed with what we saw!

A big congratulations to Dizzy Lizzy and Edgar for their submissions. You can find them below:

Dizzy’s winning submission
Edgar coming in just behind!

With a rebrand, comes a slew of fun community activities. A few notable campaigns:

Art/Emojis

We had a great slew of new of art and emojis that came through to celebrate the rebrand. We had a few sheets of submissions so here some we liked:

We had three rows of these!
Art Campaign. A picture is worth 1000 words.

We hosted two AMAs where we provided an open forum for our community members to engage with us. We tried two formats: the first being more structured where the team would give our updates for the fortnight, followed by questions that had accumulated over the week. The second, was a more casual format where the team simply hopped in the discord with the intention of chatting with anyone who decided to pop in.

Each format yielded its own outcome and we’ll likely alternative between the two as the product goes live to provide two different forums for people to contribute their feedback!

The Drift Closed Alpha is finally upon us! If you were curious to be a part of this early tester group, please register your interest here.

We anticipate the first group of users to be able to start jamming as early as the first week of September!

Get In Touch!

🌐 Visit us at drift.trade 🌐

📩 Email us at hello@drift.trade 📩

💬 Connect with us on Discord 💬

👾 Find us on Twitter — @DriftProtocol 👾

A scalable, decentralised, capital-efficient derivatives exchange built on Solana.