DeFi trading hub DriftProtocol is relaunching. realDannyNelson reports
As Solana decentralized finance staggers through the rubble of FTX, a long-absent player of its crypto derivatives trading scene is ready to take the stage once again.
The relaunch will test whether Drift’s expanded offerings can overcome the doldrums currently depressing all of Solana DeFi, where decentralized exchange trading volume has fallen 96% in a single month – the worst of any major chain in reaction to FTX meeting its doom.But it will also measure whether the traders who remain are willing to trust Drift specifically. The protocol only escaped most of the bear market because it was among the first to fail.
At the heart of the revamp is a rather complex method for keeping trades – buying, selling and liquidations of the collateral of levered users whose bets sour – moving. The key has always been limiting slippage, or the difference between a trade’s expected price and the one it actually gets. Big orders can miss their mark badly during market volatility, which is also the time when big liquidations are prone to happen.
The first step – called a “just-in-time auction” – sees market makers compete to fill orders. If they pass on a trade, Drift’s AMM will take it. Meanwhile, the protocol’s orderbook is on standby to fill trades when the price is right.
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