Drift TVL Hits $1 Billion, Adds BONK as Collateral Asset

Solana-based perpetuals trading platform Drift has surpassed $1 billion in total value locked (TVL), according to data from DeFiLlama . Shortly after achieving the milestone, in a Jan. 6 X post , it announced that users could now use BONK as collateral on the platform. Since then, over $700,000 worth of BONK has been deposited on the platform. BONK holders that deposit the token on Drift can leverage it as collateral to trade on Drift’s spot markets with up to 5x leverage. For example, a BONK token holder who wishes to trade SOL on Drift could deposit their BONK tokens and use them as collateral to buy SOL worth up to 5 times the value of their BONK. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

Drift TVL Hits $1 Billion, Adds BONK as Collateral Asset

Most Read News

Related News