Drift, one of the leading perpetual trading platforms on Solana, has introduced Drift v3, a significant upgrade designed to make on-chain trading as quick and seamless as that of a centralized exchange.
This new version boasts an impressive tenfold increase in trade execution speed due to a complete backend overhaul, representing the most substantial performance enhancement the project has achieved to date.
According to the Drift team, approximately 85% of market orders will be executed in less than half a second with v3, and liquidity will improve to reduce slippage on larger trades to around 0.02%. This upgrade aims to enhance the onboarding experience for everyday users engaging in on-chain derivatives trading.
Additional functionalities like take-profit and stop-loss orders will also see faster updates, operating within a single Solana slot as opposed to taking several seconds. Oracle prices will refresh in real time, and gas fees will continue to be abstracted, allowing users to trade without worrying about transaction costs mid-execution.
Alongside these velocity enhancements, Drift will unveil a revamped user interface, which includes a streamlined portfolio page, clearer account displays, and a more straightforward borrow-lend section.
“Drift v3 signifies our dedication to providing CEX-level performance on Solana,” stated Cindy Leow, a core contributor to Drift. “Our ambition is to create the fastest, most intuitive, and most capital-efficient perpetuals platform in crypto. With this upgrade, we’re significantly raising the expectations for what DeFi derivatives can achieve.”
Looking ahead, Drift plans to address features like auto-signing, simpler deposit processes, isolated margin options, and ultimately a mobile application. The team is also testing a new Drift Liquidity Provider Pool, which will allow users to more easily supply liquidity to perpetual and spot markets while earning yield.
Read more: Solana-Based Drift Raises $25M to Build ‘SuperApp’ for DeFi Trading
