Drift Protocol
DRIFTThe full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
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About Drift Protocol
Analysis of 2 Jun 2026Drift Protocol is a Solana-based decentralized perpetual futures and spot trading platform that combines an automated market maker (AMM), decentralized limit orderbook (DLOB), and Just-in-Time (JIT) auction system. Founded in 2021 by Cindy Leow and David Lu, the protocol raised $51.3 million from investors including Multicoin Capital, Blockchain Capital, and Primitive Ventures.
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Before a major security incident on April 1, 2026, Drift had grown to $550 million in TVL, over 175,000 unique traders, and $150 billion in cumulative trading volume, generating approximately $47 million monthly in trading fees. The DPRK-linked exploit drained approximately $285 million through social engineering of multisig signers, not a smart contract vulnerability.
Tether subsequently announced a $147.5 million strategic collaboration to support user recovery and relaunch Drift as a USDT-based perpetuals DEX. The DRIFT token trades near $0.020 with a $12.5 million market cap, down 99.2% from its all-time high.
Circulating supply is 611.5 million of 1 billion total tokens. Development remains active with 918 GitHub commits in 2026 across 49 repositories, and the protocol targets a May-June 2026 relaunch with enhanced security measures including codebase redesign by OtterSec and operational security overhaul by Asymmetric Research.