. @VelocityDEX is back.
since drift/velocity has gone offline, there has been a gap in the market for an avenue for traders to execute on chain the long LST, short SOL basis trade strategyView quoted post on X
looking forward to this
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Today, Velocity enters Private Beta.
This is an important step on the road to public launch and another step closer to getting the exchange live, generating revenue, and directing that revenue back into the Recovery Pool.
There’s still work ahead, but we’re moving forward.
This is an important step on the road to public launch and another step closer to getting the exchange live, generating revenue, and directing that revenue back into the Recovery Pool.
There’s still work ahead, but we’re moving forward.
Velocity Private Beta is now live!View quoted post on X
Users who were whitelisted for access can now access the platform here: velocity.exchange
Seeing a lot of commentary and questions on the Drift token following the rebrand to @VelocityDEX.
Here are some preliminary thoughts:
The introduction of the DFX claim token sets up an interesting situation. With the majority of net revenue going to DFX, it's hard to envisage how the existing DRIFT token will interact or be a beneficiary of future revenues.
It's akin to debtholder v.s equityholders; with the former eating first. Unsurprisingly, the DFX holders are the senior tranche here. Thus, the DRIFT token’s core functionality remains pure governance, at least until all DFX holders have been made whole.
Moreover, a few individuals have identified the existence of new program. A new program does not default have a governance token in place. Often, the token is introduced later for projects. So there is a valid question of “does the existing token govern the new program?”
By default no.
A third party token could, but not by design, govern a separate network.
Historically, migrations have been the most common means where an existing tokens for a network becomes an another ticker. They happen for all kinds of reasons from tokenomic changes to program updates. Projects like Aave (ETHlend), Aevo (Ribbon), Derive (Lyra) all went through a migration. Closer to home, @MetaDAOProject serves as the best example - the previous token was unmintable, the DAO's treasury exhausted at the time, alongside unit bias.
My view (and this does not represent the view of the foundation) is that something has to change given the co-existence of DRIFT and DFX. What that exactly is will required more nuanced thought and discussion but ultimately a token within a network must have a reasonable pathway towards value accrual.
Right now this is unclear.
Here are some preliminary thoughts:
The introduction of the DFX claim token sets up an interesting situation. With the majority of net revenue going to DFX, it's hard to envisage how the existing DRIFT token will interact or be a beneficiary of future revenues.
It's akin to debtholder v.s equityholders; with the former eating first. Unsurprisingly, the DFX holders are the senior tranche here. Thus, the DRIFT token’s core functionality remains pure governance, at least until all DFX holders have been made whole.
Moreover, a few individuals have identified the existence of new program. A new program does not default have a governance token in place. Often, the token is introduced later for projects. So there is a valid question of “does the existing token govern the new program?”
By default no.
A third party token could, but not by design, govern a separate network.
Historically, migrations have been the most common means where an existing tokens for a network becomes an another ticker. They happen for all kinds of reasons from tokenomic changes to program updates. Projects like Aave (ETHlend), Aevo (Ribbon), Derive (Lyra) all went through a migration. Closer to home, @MetaDAOProject serves as the best example - the previous token was unmintable, the DAO's treasury exhausted at the time, alongside unit bias.
My view (and this does not represent the view of the foundation) is that something has to change given the co-existence of DRIFT and DFX. What that exactly is will required more nuanced thought and discussion but ultimately a token within a network must have a reasonable pathway towards value accrual.
Right now this is unclear.
New name. Cleaner architecture. Stronger security foundation.
Drift is becoming Velocity, and our private beta is live with select partners & traders soon.
This is the exchange we have been building toward.
Drift is becoming Velocity, and our private beta is live with select partners & traders soon.
This is the exchange we have been building toward.
Today, Drift is rebranding to Velocity.View quoted post on X
Our new name reflects the new and improved platform that we are building. Perpetual trading is a market where execution speed and directional precision determine outcomes. Velocity captures both, and signifies the momentum behind our relaunch.
The rebrand marks a deliberate line between what was and what comes next. Velocity is the exchange we have been building toward — a cleaner architecture, a stronger security foundation, and a clearer sense of what this platform is for. The name carries that intent.
As Velocity continues building towards relaunch, we are also planning to release our private Beta to select partners and traders in the coming days. This is an important step towards ensuring Velocity is rebuilt into the most robust perps exchange on Solana.
We look forward to sharing more soon.
We are in the process of changing @x handles.
Please do not interact with @DriftProtocol and report it.
Please do not interact with @DriftProtocol and report it.
