We are excited to announce that Drift V2 is now live on open mainnet! This is a significant milestone, and we couldn't have gotten here without the amazing support and contributions of our community members. We are so grateful to each and every one of you for being a part of this journey with us. You have been integral to our success, and we thank you from the bottom of our hearts.
We hope that Drift V2 will bring even more value and benefits to our community, and we look forward to see all that we can achieve together.
Our Journey to V2
In designing & developing Drift V2, our three main goals were to (1) increase protocol liquidity; (2) build a full-service DeFi exchange; and (3) enhance security and guardrails of the protocol. We also worked hard to improve the user experience and interface, incorporating community feedback along the way.
One of the key innovations of Drift V2 is the Liquidity Trifecta, a multi-faceted liquidity mechanism that combines Just-in-Time Auction Liquidity, AMM Liquidity, and Orderbook Liquidity. This allows us to overcome the on-chain limitations that many decentralised exchanges (DEXs) struggle with. For a comprehensive overview of the Liquidity Trifecta, read more here.
Drift V2 also introduces a full-service DeFi platform, offering traders access to perpetual trading with leverage, spot trading, and cross-collateral deposits. Additionally, users can earn yield on their deposits and staked deposits, as well as borrow and lend. All of this is achievable on Drift with just a single pool of capital.
Our Focus on Security
We have invested heavily in security, running comprehensive agent-based simulations on the exchange to ensure that it can withstand a variety of market conditions and potential exploits. Some of the security measures implemented in Drift V2 include:
- multi-step oracle validity checks
- uP&L asset weight
- settled and realised P&L
- exchange auto-settlement
- dynamic AMM bid / ask spread
- prevention of AMM toxic flow
We’ll be releasing a separate deep-dive into each of our new security parameters. In the meantime, you can check out a summary of these security measures here.
Recapping Closed Mainnet
During the initial launch, we provided exclusive access to Drift V2 to a select group of our most loyal community members. This allowed us to gather valuable feedback, make improvements to the platform, and ensure protocol robustness before gradually expanding access to the rest of the community.
What surprised us most during closed mainnet was the sheer amount of interest in trading on Drift V2. Despite launching in the deepest turmoil the crypto market has seen to date, Drift’s closed mainnet hosted more than 560 unique users.
We had some great feedback. Here are some of our favourites:
Open Mainnet and Beyond
New Markets
Drift V2 will launch with SOL-PERP, BTC-PERP and ETH-PERP markets. Launched in stealth just over a week ago, our BTC and ETH markets saw immediate interest with their OI caps maxed out for the majority for the period. On launch, these caps will be increased and everyone will be able to trade SOL, BTC and ETH.
Trail of Bits Audit
This will serve as an independent announcement. But, for now — we’re happy to announce that our Trail of Bits audit has been completed and the report will be published soon.
12 Days of Driftmas
Our 12 Days of Driftmas celebration continues! With open mainnet launch, everyone — with or without an Alpha Ticket — can participate. To get into the spirit of giving this holiday season Drift is hosting 12 challenges over 12 days and giving out a Macbook Pro, an iPhone 14, Airpods, and much more. Just complete any of the listed challenges and head over to our #competitions channel in Discord to drop your wallet address.
For a complete list of challenges, rewards, and other details visit the official 12 Days of Driftmas page.
We look forward to hearing about your experiences using Drift V2 and are thrilled to have you all on this journey with us!
Get In Touch
🌐 Visit us at drift.trade 🌐
📩 Email us at hello@drift.trade 📩
💬 Connect with us on Discord 💬
👾 Find us on Twitter — @DriftProtocol 👾
