🚀DeFi fans, get ready for a wild ride! Drift Protocol is opening up a "pre-launch market" for trading tokens that haven't even started trading yet! 😱 First up is Wormhole's W token. 🪐
💡Imagine betting on the price of tokens before they officially hit the market. That's what Drift Protocol, a crypto spot and futures exchange on Solana, is planning to do. 📈
🤔But how do you price an asset that didn't exist before? Drift's co-founder, Cindy Leow, says traders could use a pre-launch market to find the "premium" and get close to the starting price. 🎯
⚠️Of course, there are risks, like price manipulation and liquidation cascades. Drift is putting up guardrails to prevent runaway prices and requiring traders to settle debts from other risky trading products. 🛡️
🤷♂️Pre-launch markets aren't new in DeFi, but they haven't taken hold in Solana yet. Demand isn't sky-high, but people love referencing these prices on social media. 📲
🗣️What do you think about pre-launch markets? Will they take off on Solana? Share your thoughts in the comments! 🚀🌕
