TechFlow news, September 11 — According to a blog post published by Multicoin Capital, the investment firm has accumulated a significant position in DRIFT tokens across its managed liquid funds and venture capital funds. DRIFT is the native token of Drift, a derivatives decentralized exchange (DEX) built on the Solana blockchain. Multicoin Capital revealed that this investment was gradually established through private rounds participation in recent years and secondary market purchases.
In the report, Multicoin Capital stated that the Drift platform has already surpassed today’s dominant centralized exchanges (CEXs) in terms of functionality for perpetual contract trading. The investment team expects Drift to continue refining its core perpetual products and anticipates it will further expand its market share over time. Notably, based on the valuation framework and market assumptions detailed in the report, Multicoin Capital values the DRIFT token at $3.58—more than seven times higher than its current market price.
