Coinbase, the leading US cryptocurrency exchange, has announced the addition of a new altcoin called Drift Protocol (DRIFT) to its listing roadmap. Drift Protocol is a decentralized exchange (DEX) built on the Solana blockchain that facilitates transparent and non-custodial trading.

According to the project, Drift Protocol was designed to be both capital-efficient and asset-protective. It achieves this through a sophisticated cross-margined risk engine, which includes tools that provide extensive protection against overextending risk. For instance, users can utilize collateral for perpetual futures in addition to lend/borrow markets, allowing for more efficient trading with spot assets. Furthermore, every token deposited can earn additional returns through borrowing and can also serve as collateral for perpetual swaps. The protocol also implements multiple safety measures to ensure that borrowers can only borrow if they have more collateral than required.

To further decentralize the protocol and empower the community, the Drift Foundation plans to airdrop 12% of DRIFT’s supply (120 million tokens) on Thursday. However, as of now, the asset is not yet available for trading.

Coinbase introduced its listing roadmap in 2022 to enhance transparency and prevent investors from front-running new trading support announcements.

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