According to BlockBeats, on September 11, Multicoin Capital published a blog post stating that it has accumulated a large number of DRIFT positions in its funds (including liquidity funds and venture capital funds). DRIFT is the native token of Drift, a derivatives decentralized exchange (derivatives DEX) based on Solana. Multicoin Capital has established this position through private placements and public markets in the past few years.
Multicoin Capital believes that Drift is ahead of large derivatives centralized exchanges (CEXs) in terms of functionality, which currently drive most perpetual contract trading volume. Multicoin Capital expects Drift to continue to iterate on the core perpetual contract product and continue to expand market share over time.
Based on the valuation framework and market assumptions outlined in the report, Multicoin Capital values DRIFT at $3.58, more than 7 times its current market price.
