Performances
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.88% | 8.60% | 21.92% | 16.91% | 21.44% | 29.91% |
Comparison
Fundraising not disclosed
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Details
This content is generated by RD AI and is for reference only
Velocity is a Solana on-chain asset trading center, offer Perps, Prediction Market and so on services.
Tokenomics
Open Markets
| # | Exchange | Pair | Price | +2% depth | -2% depth | Volume (24h) | volume % |
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About Velocity
Velocity is a decentralized trading hub built on Solana, operating as an independent fork of Drift Protocol v2. Its core business focuses on perpetual futures trading with cross-margin support, allowing users to deposit USDT as collateral, trade various assets, and earn interest on deposits. The platform combines three liquidity mechanisms: Just-in-Time (JIT) auction for order execution, a virtual Automated Market Maker (AMM) as a backup liquidity provider, and an on-chain limit order book managed by keeper bots.
Its competitive edge lies in leveraging Solana's high-speed, low-cost infrastructure to offer near-instant trade execution and minimal fees. The hybrid liquidity design aims to reduce slippage and improve fill rates, while the non-custodial nature ensures users maintain control of their funds. The platform also features an insurance fund to mitigate bad debt risks.
Market pain points addressed include the trust and transparency issues of centralized exchanges, high fees and slow settlement on other chains, and the liquidity fragmentation common in decentralized derivatives platforms. By providing a transparent, efficient, and self-custodial alternative, Velocity targets traders seeking a reliable on-chain derivatives experience.
Regarding recent development (March to September 2026), no reliable public information is available. However, a notable negative point within the past two years is that the platform's post-fork audit by OtterSec had not been completed as of the last review, which may raise concerns about code security and operational maturity.
Key milestones in Velocity (formerly Drift Protocol) history: April 1, 2026: suffered a $280M exploit attributed to North Korea's Lazarus Group, forcing platform shutdown and a 50% TVL drop. April 16: Tether committed $127.5M credit line, with USDT replacing USDC as core stablecoin. May 5: controversial recovery token mechanism launched, redeemable only after pool hits $5M. June 4: relaunch plan announced, appointing Noah Prince as protocol lead, with Mandiant confirming UNC6862 attribution. July 1: rebranded to Velocity DEX, signaling a full architectural rebuild and private beta. Upbit delisted DRIFT trading pairs, reflecting lost trust. These events define the platform's crisis, rescue, and rebirth trajectory.
Bearish: On April 1, a DPRK-linked hack stole ~$285M, TVL halved, and DRIFT fell ~70% from pre-attack levels; after the Velocity rebrand, community members questioned unresolved compensation.
Bullish: Tether committed up to $127.5M plus $20M from partners, shifting settlement to USDT; on July 1 the platform rebranded to Velocity, advancing a security-focused rebuild with private beta imminent; token rose ~4.18% within 24 hours of the announcement.
No substantive buyback/burn, revenue, or unlock developments in the past six months.
Velocity (formerly Drift Protocol) is a decentralized asset trading hub on Solana. Co-founders and core executives:
David Lu: Co-founder and core contributor. Involved in the creation of Drift Protocol, leading early protocol architecture and ecosystem development, driving Velocity to become Solana's leading perp and lending platform.
Cindy Leow: Co-founder. Previously worked at SoftBank Ventures in investment research and managed quantitative trend strategies at 256 Capital. Co-founded Drift (now Velocity) in 2021 and was named to Forbes 30 Under 30. Holds a background in strategic finance and data science from Minerva University.
Chris Heaney: Co-founder and Head of Engineering. Responsible for the protocol's core engine and risk system R&D, leading the engineering team to deliver high-performance on-chain trading.