Coinbase Expands Listing Roadmap to Include Solana-Based DEX Altcoin

Coinbase, the leading US cryptocurrency exchange, has recently announced the addition of Drift Protocol (DRIFT), a decentralized exchange (DEX) altcoin based on Solana, to its listing roadmap. This move signifies Coinbase’s commitment to offering a wider range of trading options to its users.

Drift Protocol is an open-source DEX that facilitates transparent and non-custodial trading. The project aims to provide a capital-efficient trading experience while ensuring the security of users’ assets. It achieves this through the implementation of a sophisticated cross-margined risk engine, which offers extensive protection against excessive risk exposure.

One notable feature of Drift Protocol is its ability to utilize collateral for perpetual futures in the lend/borrow markets, allowing users to trade more efficiently with spot assets. Additionally, every token deposited on the platform can earn interest through borrowing and can also be used as collateral for perpetual swaps.

To decentralize the protocol and empower the community, the Drift Foundation plans to distribute 12% of DRIFT’s total supply (equivalent to 120 million tokens) through an airdrop on Thursday. This distribution aims to reward loyal users and give them a greater say in the future development of the protocol.

Coinbase introduced its listing roadmap in 2022 as part of its efforts to enhance transparency and prevent investors from front-running new trading support announcements. By providing a clear roadmap, Coinbase aims to keep its users informed about upcoming listings and ensure fair access to new assets.

It is important for investors to conduct their own research and exercise caution when engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are conducted at the individual’s own risk, and any losses incurred are their responsibility. The Daily Hodl provides information and opinions but does not offer investment advice or act as an investment advisor.