Drift Protocol — February 2022 Month-in-Review

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 Traded: $3.3b in January → $5b in February; a 51.5% increase.
  • Monthly Volume Traded: $1.51b in January → $1.68b in February; a
    11.25% increase.
  • Active Users: 3,400 in January → 6,939 in February; a 104% increase. Bringing total New Active Users in February to 3,539.
  • Total Deposits: $16.1m in January → $25.4m in February; a 57.8% increase.
  • Twitter: 20K in January → 24K in February; a 20% increase.
  • Discord: 10,450 in January → 11,127 members in February; a 6.5% increase.

Products Shipped / Smart Contract Improvements

  • Limit Orders: Drift shipped its most anticipated feature since mainnet launch — limit orders. The product update was made possible by the novel innovation of the first hybrid decentralised orderbook (DLOB) that settled limit orders against Drift’s DAMM with help from our network of Keeper Bots.
  • Bug Bounty: Drift launched a USD$500,000 Bug Bounty Program in conjunction with Immunefi to strengthen the stability and security of Drift’s platform. Anyone that identifies bugs or vulnerabilities within our smart contracts will be eligible for payment depending on the threat level of the vulnerability identified.
  • New Markets: Drift listed $FTT and $LTC in February. More to come.
  • Revamped Discord: Drift re-imaged its Discord to be better positioned for fostering a trading-centric culture.

New Hires

  • Full-Stack Developer — Richard, a former audio engineer turned full-stack dev specialising in frontend engineering.
  • Trading BD and Product Associate — HentaiAvenger, a self taught and experienced equities & crypto trader turned popular CT personality.

What to look forward to in March?

  • Increased Leverage: Higher leverage is coming for all those that have been asking! 10x leverage will be available for all assets in the first few weeks of March, with higher leverage (15x-20x) for a select few markets.
  • Mobile UI Launch: Mobile UI for Drift is releasing early March! Access Drift Protocol via the Phantom mobile app and be one of our first beta testers.
  • Revamped Platform UI: The new UI for app.drift.trade is now live!

Funny Memes

Drift Devs Shipping (circa February 2022, colourised)
@chachangnft and @marketducky after speaking with @crispheaney (circa January 2022, colourised)
gigabrains

🚨🚨 We are hiring 🚨🚨

Get in touch with us via email if any of the below roles suit you.

  • Quant Researcher
  • Frontend Engineer (Mobile)
  • Frontend Engineer
  • Smart Contract Engineer
  • Full Stack Engineer
  • Head of Community/Community Manager
  • Product Designer

View full list of available roles at Drift Protocol here.

Get in touch!

Stay in touch with us as we journey towards becoming the #1 decentralised futures exchange across all chains!

🌐 Visit us at drift.trade 🌐

📩 Email us at hello@drift.trade 📩

💬 Connect with us on Discord 💬

👾 Find us on Twitter — @DriftProtocol 👾

🧵 Check out Drift Education on Substack 🧵

📺 Watch Drift Education on Youtube 📺

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

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