Drift

About

Drift is a Solana on-chain perpetual futures exchange with a dynamic AMM that repegs to oracle price to concentrate liquidity and reduce slippage for SOL, BTC, ETH, Solana tokens.

Mission

Drift Labs is building a fully on-chain perpetual futures exchange on Solana that aims to bring a trader-centric experience similar to centralized exchanges to DeFi. The company operates as a remote team and is co-founded by Cindy Leow. Its core product is a decentralized derivatives cryptocurrency exchange focused on perpetual futures. Drift raised $25M in a Series B to support its growth. The firm intends to use the funds to expand operations and accelerate development efforts. Drift Protocol is a decentralized exchange on Solana that specializes in perpetual swaps — futures contracts without expiry. The platform uses a ""dynamic automated market maker"" intended to align liquidity pool behavior with market demands and to be more capital-efficient than common AMMs. Co-founder Cindy Leow said Drift's mechanism repegs the core of the virtual AMM to the current oracle price to concentrate liquidity where slippage is lowest. Drift is set to launch this month with support for SOL, BTC, ETH and Solana ecosystem tokens. The team raised a $3.8M seed round led by Multicoin Capital with participation from Jump Capital, Alameda Research and others. Drift will compete for traders in Solana's still-developing ~$7B swaps landscape alongside platforms such as Mango Markets and dYdX, within a broader crypto perpetuals market that saw roughly $170B in 24-hour volume.

Quick Facts