Drift Protocol — October & November 2021 Monthly Update

Welcome back to another Drift Protocol monthly update! This month is a little special as we got a bit carried away with our Alpha Mainnet Launch, Lisbon and now our Open Mainnet release.

So, you’re in luck as this month’s recap comes as a two-for-one!

October

October was all about two things: (1) our $3.8m seed round backed by the biggest names in the space; and (2) our NFT-gated Alpha Mainnet release.

On the first item —

We want to take this opportunity to re-thank Multicoin Capital, Alameda Research, Jump Capital, LedgerPrime, Not3Lau Capital (Darren & Daryl Lau), QCP Capital, Robot Ventures (Tarun Chitra and Robert Leshner), ROK Capital and a group of incredible angels for participating in our seed round.

Thank you for your faith in us and we’re beyond excited for what’s to come!

On the second item —

October saw our gated Alpha Mainnet go live where holders of our Drift Alpha NFT Tickets got exclusive priority access to test the platform.

Alpha Mainnet has since closed and we’re delighted to announce the following accomplishments:

  • Cumulative volume traded: ~$100M in volume
  • Average daily volume: $3.33M
  • Highest daily trade count: ~12,000

You can find more of our Alpha Mainnet stats here.

November

November was super hectic for us at Drift.

Lisbon — Breakpoint, 7th to 10th of November

Drift got to showcase its trading platform; Cindy had the opportunity to discuss derivatives on the “Beyond Spot Market” panel; and David got to moderate the “Future of Liquidity and Market Making” with Jakob (GSR), Simon (QCP), Joe (CMS)and Yuriy (Anchorage).

David at “Future of Liquidity and Market Making

We hosted a beautiful launch party against the backdrop of Lisbon’s sunset views.

Picturesque.

We co-hosted a Happy Hour & Panel with Magic Eden (featuring a harpist as well!)

Magic Eden x Drift

All in all, it was really nice to catch a break from the conference and enjoy a couple drinks with the team and spend some quality time with the people that have been integral to Drift’s journey.

Drift Team @ Lisbon
Dom, Zhuoxun, Mable and David @ the Multicoin’s Multiverse Party
Tamar, David, Cindy and Chris @ Drift Launch Party
Can you tell how star-struck we are?

Open Mainnet Launch

We closed our gated Alpha Mainnet and officially launched our Open Mainnet on 2 December 2021. I know, I know — this isn’t technically part of November, but it was such a big milestone that we had to briefly mention it!

As of today, Drift’s Open Mainnet just hit cumulative $200M in volume traded, with $100M being added in a single week, averaging $14M trading volume a day.

We also launched our official stats page for total, daily and cumulative volume, collateral balances, open interest and active traders. Check that out here.

We’ll end this two-in-one monthly recap with some quick stats.

First day of $20m+ volume
First day of 25,000+ trades placed
2000 active traders in the last week of November

How can I get involved?

If you are interested in joining the Drift ecosystem, becoming a life-long Drifter or just want to stay up to date on all things #Drift — check out our socials below.

Get in Touch

🌐 Visit us at drift.trade 🌐

📩 Email us at hello@drift.trade 📩

💬 Connect with us on Discord 💬

👾 Find us on Twitter — @DriftProtocol 👾

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Drift Protocol

Drift Protocol

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