Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list DRIFT (Drift Protocol) on May 16, 2024. The details are as follows.
List Time
1. Deposit: 12:00 on May 16 (UTC)
2. Withdrawal: 12:00 on May 16 (UTC)
3. Trading pair: DRIFT/USDT
4. Opening method: Call Auction
a. Call Auction
12:00-12:20 May 16 (UTC)
Orders can be placed and canceled
12:20-12:30 May 16 (UTC)
Orders can be placed but cannot be canceled
b. Trading
12:30 May 16 (UTC)
About DRIFT
Drift v2 introduces a hybrid liquidity solution designed to provide more collateral and reduce the risk of the vAMM itself. For Drift v2, there are 3 types of liquidity guaranteed to provide traders with the best price when executing orders:
- Just in time (JIT) instant liquidity
- vAMM Liquidity
- Decentralized Order Book (DLOB) Liquidity
Other features:
Spot
Drift v2 provides spot trading and spot margin trading. Unlike perpetual trading, all types of spot trading are based on the real underlying asset. For example, liquidity for spot trading comes from OpenBook DEX. Additionally, spot and margin trading allow users to increase leverage on their spot by borrowing assets on Drift v2. The purpose of both methods is primarily to hedge perpetual positions.
Swap
Exchanges on Drift rely on Jupiter routing to provide users with the best prices. However, the source of liquidity comes from Drift v2 itself. Users can also use flash loans to increase the leverage of their exchanges.
Lending
Drift’s lending module is similar to Aave in that it uses an overcollateralization mechanism. When you deposit assets into Drift, these assets will automatically generate income.
About Automated Market Making (AMM)
AMM is supported for the DRIFT/USDT market. CoinEx AMM allows every user to become a market maker. By adding liquidity to the liquidity pool, users can share 50% of the trading fees earned in this market. The fee dividends are calculated daily. Learn about AMM >>
Risk Reminder
Crypto products are innovative investment products with large price fluctuations as well as high investment risks. Therefore, please evaluate and invest wisely based on your risk tolerance and financial resources.
CoinEx reserves the final interpretation of this announcement.
CoinEx Team
May 16, 2024
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