TL;DR
- Upbit announces the availability of Drift (DRIFT) in the KRW, BTC, and USDT markets.
- Temporary buy and sell restrictions will apply after trading starts.
- Drift operates on the Solana blockchain and offers a fast and transparent trading environment.
Upbit, a well-known digital asset exchange platform, has announced the listing of a new cryptocurrency on its platform: Drift (DRIFT).
This new asset will be available for trading in the KRW, BTC, and USDT markets starting on November 8 at 6:00 p.m. (Korea Standard Time), allowing users to access this cryptocurrency through the Solana network.
However, Upbit has implemented some initial restrictions to ensure a stable entry into the market, including temporary buy and sell limits within the first few minutes of trading.
According to the announcement on Upbit’s official website, users should be mindful of the limitations during the start of transactions.
For example, buy orders will be restricted for the first five minutes, while sell orders below 10% of the previous day’s closing price will also be blocked during this period.
Additionally, for one hour, only limit orders will be allowed, restricting other trading options in this initial phase to stabilize the cryptocurrency’s price.
Drift (DRIFT), the cryptocurrency in question, is a DeFi project operating on the Solana blockchain. Its goal is to provide a transparent and high-speed trading environment, leveraging the unique characteristics of this network to enhance user experience.
Drift uses a Just-in-Time (JIT) mechanism, which allows fast transaction finality through short-duration auctions.
This system ensures each transaction closes within five seconds, with a backup AMM solution that intervenes if there aren’t enough participants in the auction, guaranteeing uninterrupted operation on the platform.
Additional Details on Drift and Investor Warnings
Drift has a governance token called DRIFT, which grants holders the ability to actively participate in protocol decisions through a voting system and the option to stake.
This decentralized approach allows users to influence the direction of the project, adding a level of community control over the platform’s evolution.
Upbit has issued a warning about the risks associated with digital asset trading, especially given the volatility that characterizes these products.
The platform reminds its users of the importance of conducting adequate research on the project and being aware of potential market fluctuations, as cryptocurrency investments can result in significant losses due to the speculative nature of the sector and possible price differences across different exchanges.
Additionally, users must strictly comply with the specified network rules, as any deposits made outside the Solana network could result in significant delays in refunds.
Upbit emphasizes the need for users to be cautious with their investment capital and to be aware of the applicable terms and conditions, as well as the risk of potential losses when participating in highly volatile markets like cryptocurrencies.
