Upbit Launches DRIFT Token Trading

Upbit launches DRIFT Token trading (Photo; Doc. Bitcoin Wisdom)

JAKARTA - Upbit, a crypto exchange from South Korea, is expanding its trading portfolio. This time, the exchange inaugurated the listing of DRIFT tokens, which allow traders on the platform to trade these tokens in various pairs of Won's Korean currency (KRW), Bitcoin (BTC), and Tether (USDT). This move is believed to further improve the visibility and demand of DRIFT tokens among crypto investors, as well as bring positive benefits to the Drift ecosystem as a whole.

Based on information from Coinspeaker, Upbit announced that the DRIFT token trading will start on November 8, 2024, at 18:00 Korean Standard Time (KST) to be exact. Users can start depositing and withdrawing DRIFT tokens three hours before trading begins, allowing preparations for investors who want to participate in this token trade from the start.

The initial price for the trading of DRIFT tokens in Upbit will be set based on price data from CoinMarketCap. To ensure market smoothness, during the first five minutes after trading starts, only purchase orders are allowed. Meanwhile, orders selling lower than 10% of the previous day's closing price will also be limited over the same duration. This policy aims to maintain token price stability at the start of trading and provide a fairer chance for traders.

In addition, Upbit also announced that all orders other than the limit order will be limited to the first hour after trading support begins. Thus, this policy encourages transparency and security for investors.

As part of the regulations applied, Upbit asserts that DRIFT token deposits and withdrawals are only supported through the Solana network. Users must be careful not to make transactions through other networks, because deposits that do not follow these guidelines will not be processed automatically. The return process for the wrong deposit can take quite a long time, depending on the requests and evidence that users need to include.

In addition, Upbit requires deposits to come from wallets that have been verified by users. If transactions are made through other exchanges that are not registered in the list of virtual asset operators that meet the Travel Rule rules, Upbit has the right to process returns within an undetermined period of time until proof of funding can be verified. This policy shows Upbit's efforts to maintain security and compliance with international regulations, especially for large deposits that may require additional proof of ownership.

With this new listing, both Upbit and Drift have the potential to gain big profits. Drift itself is a decentralized platform (DeFi) focused on trading typical futures and supported by Solana blockchain technology. The main advantage of Drift is its ability to complete orders without waiting time, which allows traders to complete transactions in seconds.