Podcast Discussion: Deep Dive Into This Article.
With the Perpetual DEX narrative heating up, it’s the right time to shine a spotlight on one of the most promising platforms: Drift Protocol. Across crypto Twitter and beyond, PerpDEXs are becoming one of the hottest themes, with projects like ASTOR on BNB Chain and Hyperliquid proving how quickly this narrative is gaining traction. In this environment, Drift stands out as one of the best positioned players on Solana, and it’s just getting started. Having tracked the project closely, I can tell you some major things are brewing.
Drift also holds a unique advantage among Solana PerpDEXs: it is the only one offering cross-collateral trading, which is especially powerful in a bull market. Traders can deposit assets like LSTs (Liquid Staked Solana) and USDC, which continue to earn yield (USDC often delivers 8–12% APY on deposits). That yield gradually improves overall margin and compounds gains over time, making Drift not just a trading venue but a capital-efficient growth engine.
Drift Protocol has rolled out some significant updates and announcements over the past month that are shaping the narrative for Solana DeFi. From a revamped referral program to tokenized equities entering DeFi, here’s a breakdown of what’s happening and why it matters.
1. Referral Program Upgrade
Drift has updated its referral system:
- 35% fee share for referrers (up from 15%)
- 5% fee discount for referred traders
- No cap on earnings potential
This is more than a typical referral program. While other DEXs offer small incentives, Drift has positioned this as a revenue-sharing model. Referrers directly participate in the platform’s growth, aligning incentives with long-term adoption.
2. Forward Industries Raises $1.65B (+$4B ATM)
Forward Industries ($FORD) has raised $1.65 billion (alongside a $4 billion ATM raise) to build a Solana-denominated digital asset treasury. The round was led by some of the biggest names in crypto:
- Galaxy Digital – the largest institutional crypto platform, also a major Solana validator
- Jump Crypto – actively building Solana’s Firedancer validator client
- Multicoin Capital – early Solana backer, with Kyle Samani now serving as Forward’s Chairman
Even Drift co-founder Cindy Leow participated as an angel. This isn’t just capital — it’s conviction from Solana’s most committed players. The inflow of billions in SOL will inevitably deepen liquidity, increase on-chain activity, and by extension, drive trading volume on Drift.
3. Kyle Samani’s Bullish Take on Drift
On a recent Crypto Banter appearance, Kyle Samani emphasized that Hyperliquid operates more like a centralized exchange. He predicted that Solana-based perpetual DEXs will compete head-to-head with Hyperliquid in Q4.
When asked if Drift could be one of them, Samani’s answer was simple: “YES.”
This endorsement carries weight. Samani led Solana’s seed round in 2018, just became Chairman of Forward Industries, and Multicoin Capital backs Drift. His confidence underscores Drift’s potential to be Solana’s flagship perps venue.
4. Tokenized Equities: $FORD as Collateral
Drift has announced plans to list $FORD, Forward Industries’ tokenized equity, as collateral. This marks a major step in bridging TradFi and DeFi:
- $FORD represents equity in a NASDAQ-listed company with billions in Solana exposure
- Tokenized shares will become usable within Solana DeFi strategies: borrowing, leveraging, and trading on-chain
While Kamino and others are also preparing to support $FORD, Drift’s integration highlights its strategy of blending real-world assets with DeFi-native tools.
5. Beyond $FORD: A Path for RWAs
The $FORD listing is only the beginning. Drift has invested in infrastructure to support real-world assets (RWAs) more broadly. With partners like Superstate Inc. tokenizing treasuries, equities, and other instruments, Drift aims to be the venue where these assets can plug into DeFi at scale.
This creates a two-way bridge:
- For DeFi: Access to regulated, yield-bearing RWAs
- For TradFi: Transparent, efficient on-chain markets for deploying capital
It’s an ambitious vision, but one that aligns with the growing trend of capital markets moving on-chain.
Closing Thoughts
Drift’s recent moves — upgrading referrals, riding Solana’s $1.65B treasury wave, earning Kyle Samani’s endorsement, and preparing to list tokenized equities — position it at the center of Solana’s next growth phase. For traders and investors, the message is clear: follow the smart money, follow Drift.
Join Drift: Save 5% on fees + earn 35% fee share from referrals (unlimited earnings potential): https://app.drift.trade/ref/kryptolytix
Disclaimer: This article reflects opinions based on available information up to September 28, 2024. It is not intended to provide financial advice. Please conduct further research or consult with a financial advisor before making investment decisions.
