Multicoin Capital Accumulates Significant DRIFT Positions

According to BlockBeats, on September 11, Multicoin Capital announced through a blog post that it has accumulated substantial positions in DRIFT, the native token of Drift, a Solana-based decentralized derivatives exchange (DEX). These positions have been built over the past few years through both private placements and public markets. Multicoin Capital believes that Drift is functionally superior to major centralized derivatives exchanges (CEXs), which currently drive most of the trading volume for perpetual contracts. The firm expects Drift to continue iterating on its core perpetual contract products and to expand its market share over time. Based on the valuation framework and market assumptions outlined in their report, Multicoin Capital values DRIFT at $3.58, which is more than seven times its current market price.