Founded in 2021, Drift is a decentralized derivatives exchange on Solana that offers perpetual futures, spot trading, lending, borrowing and cross-margin trading. It has more than 175,000 users and roughly $150 billion in cumulative trading volume. On April 1 the protocol was exploited for more than $270 million after attackers infiltrated the project, prompting substantial user losses and a roughly 70% drop in the DRIFT governance token. In response, Drift agreed to transition its settlement layer from Circle’s USDC to Tether’s USDT and to relaunch as a USDT-based perpetuals DEX on Solana. The company is pursuing recovery of user funds and platform reboot supported by the Tether-led funding package that includes revenue-linked repayments, grants, and liquidity support for market makers.

Total raised

$177M

Funding rounds

3

Latest round

Equity

Latest activity

Apr 2026