A Solana (SOL)-based decentralized exchange (DEX) altcoin is rallying after a major crypto investment firm disclosed a large stake The project is a good example.
Multicoin Capital, which has $1.4 billion of assets under management built up an impressive portfolio. position Drift ProtocolDRIFT).
Open-ended, Drift is a slang term for drift.source DEX that allows transparent, non-custodial trade.
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 rose double-digits the same day the company announced its investment. However, the exact dollar amount was not revealed. Drift reached a maximum 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 analysis of Drift indicates that the digital currency could rise to $3.58.
“We believe the Drift protocol will continue to grow as users migrate from Solana to Drift. Also, people from developing countries want access to synthetic assets and we believe DeFi derivatives, or decentralized finance, are the best and most inclusive product for them.
“Based on the valuation framework and assumptions we present in this report, DRIFT is valued at $3.58 in our base scenario, which is more than 7x its current market value.”
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