Multicoin Capital: A large number of DRIFT positions have been established through private placement and public market

BlockBeats news, 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 functionally ahead of large derivatives centralized exchanges (CEX), which currently drive most perpetual contract trading volume. Multicoin Capital expects Drift to continue to iterate on core perpetual contract products and continue to expand its 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.