Solana-Based Drift Labs Secures $25M for Major Expansion

• Drift secured $25M in Series B funding to expand spot trading, derivatives, and prediction markets on Solana.
• The company plans to double its team and revolutionize on-chain financial services with innovative tools.

Drift Labs has raised $25 million in a Series B round led by Multicoin Capital, with participation from major investors including Blockchain Capital, Primitive Ventures, and Folius Ventures.

This fundraising round marks a significant milestone for the Solana-based decentralized exchange (DEX), paving the way for its ambitious expansion.

Drift intends to expand its offerings by incorporating a broad array of financial products, such as spot trading, derivatives trading, and prediction markets, all built on the fast and scalable Solana blockchain. The startup is portraying itself as the “Robinhood of Crypto,” with ambitions to transform on-chain financial services.

Drift is excited to announce a $25M Series B led by @multicoincap with participation from @blockchaincap, @FoliusVentures, @MaelstromFund, and @primitivecrypto.

Drift is building the most capital-efficient DeFi platform — a SuperApp that offers all your favorite trading… pic.twitter.com/YqcacmDviO

— BET on Drift (@DriftProtocol) September 19, 2024

Drift Labs: Doubling the Team and Expanding Product Capabilities 

This new round of funding will not only allow Drift to grow its product offerings, but it will also dramatically increase operational capacity. One of the significant results of this funding round is Drift’s pledge to double its team from 25 to 50 personnel over the next year.

This move demonstrates the company’s commitment to scaling its platform, with an emphasis on improving technical, product development, and marketing activities.

Drift’s growth trajectory is obvious from its significant total value locked (TVL), which has reached $388 million, and the astonishing $50 billion in cumulative trading volume since its inception.

The DEX’s product expansion is already taking off, particularly with the introduction of “BET on DRIFT,”  a prediction market ahead of the US elections.

This product has received a lot of attention, outperforming competitors like PolyMarket in terms of daily trading volume during the first week. Such performance not only indicates high user interest, but it also demonstrates Drift’s ability to disrupt the prediction market ecosystem.

Drift’s bigger aim involves creating a strong on-chain financial institution run by a decentralized autonomous organization (DAO) using the DRIFT token. The company’s leadership, which is particularly diverse and includes women in senior positions, is committed to providing innovative financial services that appeal to a wide range of users.

On the other hand, as we previously highlighted, Solana Mobile has announced its latest smartphone, the Seeker, which is said to be lighter, brighter, have a better camera, and have longer battery life at half the price of the previous device.

Meanwhile, as of writing, the price of Solana’s token, SOL, is trading at roughly $148.26, up 7.27% over the last 24 hours, pushing its market cap to more than $69 billion.