Upbit Launches DRIFT Token Trading, Offering Pairs with KRW, BTC, and USDT

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As a seasoned analyst with over a decade of experience in the crypto market, I have witnessed numerous listings and partnership announcements, but the integration of DRIFT on Upbit piques my interest for several reasons.

Upbit is now offering DRIFT trading, enabling users to exchange this token for currencies such as KRW (Korean Won), BTC (Bitcoin), and USDT (Tether). By introducing DRIFT, the platform expands its trading possibilities for users.

As an analyst, I’m sharing that Upbit users have access to deposit and withdraw DRIFT within three hours following the platform’s announcement. Trading for DRIFT commences at 18:00 KST on November 8th, enabling users to engage in DRIFT markets while leveraging the robust transactional capabilities of the Solana network.

According to an announcement from the exchange, the limit price will be determined using information from CoinMarketCap’s pricing resources. Also, buy orders will temporarily be stored for around five minutes following the start of trading activity. In a similar manner, sell orders with prices below 10% of the previous day’s closing figure will be temporarily restricted for the same time frame.

In simpler terms, Upbit explained that most types of orders are temporarily limited for around an hour immediately following the start of trading activities. However, limit orders are exempt from this restriction.

Strict Requirements for DRIFT Deposits and Withdrawals

On Upbit, it’s crucial to follow strict rules when dealing with DRIFT deposits and withdrawals. Transactions can only be made using the designated network – DRIFT-Solana. Deposits originating from other networks will not be accepted. To make a deposit, your wallet must have undergone ownership verification. In case of incorrect deposits, refunds might take longer than usual. For larger deposits, users may need to provide proof of funds as part of regulatory requirements. Upbit explained: “Strict guidelines apply for DRIFT transactions using the DRIFT-Solana network.

“Transactions such as deposits and withdrawals can only be made via the DRIFT-Solana network. Make sure you’re using the correct network before depositing funds to avoid delays in processing. If you deposit assets through an exchange not listed as eligible, it might take a while for any unreflected deposits to be refunded, due to Travel Rule compliance requirements.

Potential Benefits for Upbit and DRIFT Token Visibility

The DRIFT token’s underlying system, simply referred to as Drift, is a specialized decentralized exchange primarily designed for continuous futures trading. Developed on the Solana network, it emphasizes transparency through the feature-rich landscape of Decentralized Finance (DeFi), all while effectively dealing with the processing constraints common in blockchain technology.

As a researcher, I can express it as follows: In my work, I oversee a system that ensures orders are settled swiftly and reliably, often within seconds of being initiated. If no bidders are present, the order is seamlessly processed by our proprietary Drift Backdrop Automated Market Maker (AMM), maintaining both speed and consistency in transaction settlement.

Owners of the DRIFT token are given an opportunity to contribute to the governance of the project. They can exercise this role by staking their tokens and casting votes on various matters.

In the context of Upbit’s trading platform, DRIFT’s price has experienced a significant surge over the past day, climbing above 65%.

With this latest update, there’s a possibility that the value of the DRIFT token may stay robust due to increased trading activity as it gets paired with other currencies. This listing could advantage both Upbit and Drift, broadening Upbit’s range of digital assets while simultaneously increasing the DRIFT token’s exposure among more traders and investors, which might lead to a price increase.

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2024-11-08 17:11