Upbit Introduces Trading for DRIFT Token Against KRW, BTC, and USDT
Upbit has announced trading support for DRIFT, allowing users to trade against the Korean Won, Bitcoin, and Tether. This expansion provides Upbit users with broader trading options.
Deposits and withdrawals for DRIFT opened within three hours of the announcement. Trading will commence at 18:00 KST on November 8th, with full support for transactions on the Solana network.
The exchange's official release indicates that the limit price will be based on CoinMarketCap's pricing data. Buy orders will be held for approximately five minutes after trading starts, and sell orders priced below 10% of the previous day’s closing price will face similar restrictions. Orders, except limit orders, are restricted for about one hour post-launch.
Strict Requirements for DRIFT Deposits and Withdrawals
Upbit emphasizes strict guidelines for DRIFT deposits and withdrawals. Transactions must occur through the DRIFT-Solana network, and funds deposited via other networks will not be processed. Deposits should originate from wallets with verified ownership, and refunds for incorrect deposits may take longer. The exchange may require proof of funds for large deposits to comply with regulatory standards. Upbit stated:
“Deposits and withdrawals are only supported through the guided network (DRIFT-Solana). Please check the network before depositing. To comply with the Travel Rule, if assets are deposited to Upbit through an exchange not included in the list of eligible operators, deposits may take a long time to be refunded.”
Potential Benefits for Upbit and DRIFT Token Visibility
Drift, the platform behind the DRIFT token, is a decentralized exchange focused on perpetual futures trading. Built on Solana, it emphasizes transparency through DeFi’s permissionless features while addressing blockchain processing limitations.
The platform operates a zero-waiting-time mechanism, completing order settlements within seconds. If there are no auction participants, orders are processed without interruption via Drift's Backdrop Automated Market Maker (AMM).
Holders of the DRIFT token can participate in project decision-making through staking and voting mechanisms.
Following Upbit’s trading support announcement, DRIFT’s price has surged over 65% in 24 hours. This listing could strengthen the token's price as pairing it with other currencies may enhance trading volume. It also benefits Upbit by expanding its digital asset offerings and increasing DRIFT's visibility among traders and investors.