The post DRIFT Surges 30% after Protocol Sees Record Perp Volumes over $1B appeared on BitcoinEthereumNews.com.

As Solana perpetual futures volumes spiked over 230%, Drift briefly became the second-largest perp DEX by daily volume. The DRIFT token, which powers the Solana-based perpetuals exchange Drift Protocol, surged over 40% on Monday before retracing slightly, after the platform crossed $1 billion in daily trading volume for the first time over the weekend. The token’s rally started after Drift briefly became the second-largest perpetuals DEX by volume across all chains, and claimed the top spot on Solana, according to DefiLlama data. The volume spike on July 18 reached $1.089 billion, beating its previous all-time high from April 2024, when Drift saw around $720 million in perps trading in a single day. Drift Protocol daily perp volume. Source: DefiLlama As of press time, however, the protocol ranks fourth in daily trading volume of perpetuals across chains, trailing only edgeX, Jupiter, and Hyperliquid. Hyperliquid leads the pack with over $13 billion in daily perp volumes, with the next largest, Jupiter, seeing just under $1 billion. Amid this influx of on-chain trading, DRIFT rose over 40% to peak at $0.73 today, and is currently up over 33%, while trading volume for the token shot up more than 2,800% to $323 million, based on CoinGecko data. Drift Protocol TVL. Source: DefiLlama Drift’s total value locked (TVL) is currently sitting at about $1.13 billion, with a good chunk of that likely coming from its Drift Earn program, where users can earn yield via lending and market-making on the platform. The latest wave of activity seems tied to a move Drift made earlier this month. On July 10, the protocol launched zero-fee ETH perpetuals with leverage up to 101x, meaning traders could open massive positions without paying trading fees. In the days following the rollout, Solana-wide perpetual futures trading volumes increased by 234%, and Drift…

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Filed under: News - @ July 21, 2025 6:33 pm