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Drift Protocol

Trade with leverage. Earn yield.
Category
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Finance
Blockchain
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Solana
Publisher
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Drift Protocol Team
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What is Drift Protocol?
Drift Protocol is an open sourced decentralised exchange built on the Solana blockchain, enabling transparent and non-custodial trading on cryptocurrencies.
Information
Type
Automated Market Maker
Blockchain
Solana
Platform
Windows, macOS
Publisher
Drift Protocol Team
Version
V2
FAQ
Takers enter a JIT auction, which can offer price improvement, and otherwise can fill via an external program. (e.g. Serum).
Takers can also utilise special order types such as oracle-offset limit orders, which appropriately can cap fills using slippage tolerance versus the oracle provider's fair value. This allows ordinary takers on a UI to control swapping at the fairest price, even without access to advanced infrastructure / bots.
Market makers can provide liquidity to an ongoing JIT auction, removing latency-based adverse selection.
Additionally, as an active market maker, all resting orders earn interest within the protocol's borrow / lend.
For example: on a USDT-USDC spot market one can offer deep liquidity without compromising on lending interest
Drift Protocol is also a decentralised money markets protocol that supports the borrowing and lending of assets.
As a decentralised money markets protocol, you can:
deposit assets into Drift Protocol and earn yield; or
borrow assets deposited by other Lenders at a variable interest rate.

Lenders provide liquidity to the market to earn yield on their assets, while borrowers are able to borrow from available liquidity pools in an over-collateralised fashion. Any interest earned from lending is vested immediately and automatically compounds.
Drift's Borrow and Lend products allow users that deposit collateral into the platform to automatically earn interest. Interest is calculated on the sum of all collateral deposited and settled and is continually paid into user accounts.
Users can also borrow against their collateral to initiate a withdrawal.
There is no borrow initiation fee.
Each spot market has a total_if_factor which allocates a portion of interest collected from borrows to the insurance fund.
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