In Brief:
- Drift Protocol has raised a $3.8M seed round of funding.
- The funding round led by Multicoin Capital with other participants.
- At the same period Drift announced the launch of its alpha mainnet.
A Solana-based Perpetual Swaps platform, Drift protocol has raised a $3.8M seed round of funding.
According to the announcement the round led by Multicoin Capital, a thesis-driven investment firm. Alongside Multicoin Capital, Alameda Research, Jump capital, Ledger prime, Not3Lau Capital, QCP Capital, Robot Ventures also participated in the round.
The fund is utilized towards growing the team and providing liquidity on our Dynamic Automated Market Maker(DAMM) and insurance fund.
“The decentralized nature of crypto, centralized derivatives exchange are still dominant. The DEX trading experience has lagged behind because slippage is high for large orders, and transferring funds between platforms is subject to massive gas,” said Kyle Samani, Managing Partner, Multicoin Capital.
At the same period, Drift also announced the launch of its alpha mainnet.
“We successfully launched our mainnet at the Solana’s Chicago Hacker House, working with the guidance of Bartosz, Jordan and alongside the rest of the residents(HXRO and Mango teams)!” the project noted.
The mission of the company is to make future DEXs the best way to trade. The Drift devnet was successful in attracting more than 10,000 traders with over $2B traded to date.
Over the coming weeks, the company is launching numerous campaigns and giveaways to distribute these Drift Alpha Tickets in collaboration with Solana. The Drift Alpha Ticket is collections of 1500 NFTs exclusively released by Drift “through rewarding early Discord users and its partnership with defi and NFT projects on the Solana network.”
Recently Solana based asset management protocol Synchrony Finance raised $4.2 in a strategic funding round. The round was led by Sanctor Capital. The funding will help bolster its effort at creating and developing its DeFi configurable indices.
