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
