Drift TVL Hits $1 Billion, Adds BONK as Collateral Asset

Solana-based perpetuals trading platform Drift has surpassed $1 billion in total value locked (TVL), according to data from DeFiLlama. Shortly after achieving the milestone, in a Jan. 6 X post, it announced that users could now use BONK as collateral on the platform.

Since then, over $700,000 worth of BONK has been deposited on the platform. BONK holders that deposit the token on Drift can leverage it as collateral to trade on Drift’s spot markets with up to 5x leverage.

For example, a BONK token holder who wishes to trade SOL on Drift could deposit their BONK tokens and use them as collateral to buy SOL worth up to 5 times the value of their BONK.

Drift’s North Star

Meanwhile, Drift co-founder Cindy Leow published an article on Jan. 6 discussing the platform's long-term goals. Some of its plans include launching a consumer-centric mobile app and building a Super Protocol to power new banking and financial interfaces.

“To achieve this mission, Drift will launch products to expand its user base — including a new consumer-facing mobile app, new vaults to capture high yields in crypto, and increased leverage. Drift will build a deep fintech ecosystem that will enable anybody to leverage the tools built by Drift,” Leow wrote.