24min

FAQ

Product

Is Drift live? Where can I trade?

๏ปฟ๏ปฟ๏ปฟhttps://app.drift.trade ๐Ÿ‘พ

Features

What makes Drift Protocol different to other perpetual protocols?

1) DAMM (vs orderbook): Drift uses a virtual Dynamic AMM (DAMM) which builds upon the existing virtual AMM (vAMM) that enables instant liquidity on trades from day one without reliance on market markers. Our DAMM does this in two ways: (1) it has a a novel fee redistribution mechanism ("Drift Cover"); and (2) it has an adaptable k that adjusts market liquidity to user open interest and demand for trading.

Read this post for more information on our DAMM. 2) Cross-Margining (vs Isolated): Drift allows for multiple positions to be taken with the same pool of USDC collateral. This allows for convenience of collateral management, with profits from a single position being able to support margin for other positions.

How is the DAMM better than an orderbook?

AMMs are crypto-native and operate with full mathematic transparency. It distinguishes itself from the blackbox dynamic liquidity of traditional markets.

On vAMMs, there's:

  • no spoofing or liquidity vanishing when it's needed the most;
  • no spreads which means there's always a small sized trade direction existing on a vAMM which is cheaper than any orderbook.

vAMMs also have adaptable market liquidity which allows smaller traders to benefit on absolute slippage.

Building on the vAMM, Drift's DAMM can also adjust its virtual liquidity ("k"). This provides:

  1. lower slippage for new trades; and
  2. improved exit liquidity for current position holders.

Can you place limit orders, take profit and stop losses against the DAMM?

Drift's limit orders are now live. You can place limit orders, take profits and stop losses against the protocol's DAMM with thanks to our novel decentralised limit orderbook ("DLOB") and our Keeper system.

Read more about our limit orders here: https://docs.drift.trade/limit-orders-faq.

Where can I give product feedback or suggestions?

You can join our Discord to give feedback or start conversations around our product. For more structured feedback you can also submit feedback to our Canny board. We're constantly on the lookout for product feedback!

Tokens

Where can I trade $DRIFT tokens?

There are currently no $DRIFT tokens in circulation, please do not fall for scams.

Will there be an IDO/Public Sale?

There are currently no public plans for an IDO.

When Tokenomics Paper?

Soon.

Developers

Is the program code be open-sourced?

Program code available here: https://github.com/drift-labs/protocol-v1 The build is also verified: https://anchor.projectserum.com/build/23๏ปฟ

Will there be an audit? What other security measures are you considering?

We have signed an audit with Trail of Bits planned for Q1 2022.

Prior to that, below are some security measures implemented to ensure code safety:

  1. Deposit limits will be implement on a per-wallet basis.
  2. Drift's code based has been reviewed by seasoned Rust and Solana developers.
  3. Drift hosts a bug bounty program to encourage white hat reporting of smart contract bugs.

Will there be any grants for community to build on Drift's SDK or protocol?

Yes! Once our code is open-sourced, we will be sponsoring grants to build on top of Drift's SDK and protocol. Some examples include a statistics dashboard or automated trading strategies

Community

How can I get more involved?

Join our Discord for the time being for community events. Ambassador program is TBA. You can also check out our Drift SDK Documentation where you can learn how to build bots and trade on Drift's mainnet programmatically! We also regularly start focused research discussions on our Discord and Twitter, so feel free to join anytime.

How do I get an Alpha Drift Ticket?

You can win them in community events or participate in our partners' events! Many tickets are also being distributed to those who have been early contributers of Drift.

What's the cost to open a Drift account?

Solana blockchain + storage needs SOL to cover costs of creating necessary accounts. This is approximently 0.065 SOL to create the storage for a Drift Account.

Please refer to our Legal & Regulation section for a comprehensive guide on Drift's terms and policies.

Are there any restricted users?

All except any residents or corporate entities located in, established in or a resident of any of the following countries: United States of America, Cuba, Crimea, Mainland China and Sevastopol, Iran, Afghanistan, North Korea, Ontario, Japan, Antigua and Barbuda, non-professional investors from Hong Kong and any jurisdictions identified as having high sanction risk by the United Nations or have been identified by the Financial Action Task Force as having strategic deficiencies in their ML/TF risks (as amended and updated from time to time).

Where is Drift Protocol based?

Drift Protocol is based off-shore.

Who owns Drift Protocol?

The protocol is made up of free, public, open-source or source-available software including a set of smart contracts that are deployed on various blockchain networks, including, without limitation, the Solana blockchain.

Drift Protocol has a numerous core contributors who have made initial contributions to the protocol, but do not own or control the protocol.

๏ปฟ

Updated 14 Mar 2022
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