A Solana (SOLAltcoins based on the decentralized exchange project (DEX), a crypto-investment firm with a significant stake, are rallying.
Multicoin Capital, which has $1.4 billion of assets under management built up an impressive portfolio. position Drift ProtocolDRIFT).
Open-source Drift allows for transparent, non-custodial and open trading.
Says Multicoin Capital,
“Multicoin has accumulated a large position across our funds – both liquid and venture – in DRIFT, the native token of Drift, a derivatives decentralized exchange (derivatives DEX) on Solana. We built the position over the last few years via private and public markets.”
Drift’s stock rose by double-digits on the day of the announcement. The firm did not disclose the amount of investment. It reached a peak of $0.56.
At the time this article was written, Drift traded for $0.55. This is up 19% over the past 24 hours.
Multicoin’s Drift digital asset analysis shows that it could reach $3.58.
We believe that the Drift Protocol is set to continue growing as more users and liquidity migrates to Drift. Also, people from developing countries want access to synthetic assets and we believe DeFi (decentralized Finance) derivatives will be the most inclusive product for them.
According to our report’s valuation framework, based on market assumptions and our own estimations, we valued DRIFT at $3.58. This is more than 7x its current price.
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