We are thrilled to announce our partnership with BloXroute Labs, a prominent blockchain distribution network (BDN) service provider!
Institutional Solana Trader API
This partnership will incorporate Drift's exchange into bloXroute's innovative Solana Trader API, making it easy for DeFi algo-traders to trade on Drift through a CEX-like API environment without the need to maintain their own Solana nodes.
The cutting-edge Solana Trader API reduces the barrier to entry for trading on Solana by offering swift and low-latency connectivity, whilst removing the expensive and complicated task of running a Solana node for trading purposes. This integration marks BloXroute's first collaboration with a DEX on Solana and its first integration with a fully on-chain perpetual futures exchange.
Drift Protocol is working alongside BloXroute to provide its data streams for token prices, recent trades, order placements, and more into the Solana Trader API. The goal is to expand the offerings of BloXroute's Solana Trade API and enhance its capabilities.
User Benefits
Drift's users will benefit from improved liquidity and lower slippage on sizeable trades. With this integration, Drift will have access to the $1.5 billion in liquidity traded via BloXroute's network every day. The Solana Trader API can be accessed through various means, including Go SDK, Python SDK, TypeScript SDK, or HTTP API & Stream (WebSocket and gRPC) data feeds. For additional details, be sure to check out the bloXroute Solana Trader API Documentation.
The timing of this partnership coincides with the increased demand for safe, secure, and reliable on-chain trading following FTX and other unfortunate events of 2022. At Drift, we've seen a significant increase in on-chain activity since December 2022, with retail volume domination of around 95%, a 10x increase in daily active users (now 350 daily active traders), and a total user count of over 2,800 traders, up from 600.
Narrowing The Gap
We are incredibly excited for this integration to go live. The demand for on-chain trading has never been more apparent and the product-market fit is clear. Historically, DEXs have faced challenges in providing liquidity that's competitive with CEXs. Institutions are typically more hesitant to deploy on DeFi due to higher entry barriers and the need for bespoke infrastructural builds and committed development time. This partnership will drastically reduce friction points and narrow the gap between CEXs and DEXs from an institutional perspective.
Outlook
Overall, we are very eager to see the positive impact this partnership with BloXroute Labs will have on our users and the broader Solana DeFi landscape. By working together, we aim to facilitate more accessible and competitive on-chain trading experiences for institutions and individuals alike.
About Drift Protocol:
Drift Protocol is the leading decentralized perpetual futures exchange built on Solana, powered by a novel AMM and orderbook hybrid liquidity model. Since its launch in December 2022, Drift Protocol has transacted over $450 million in volume and is the decentralized exchange of choice for more than 2,800 traders.
Learn more about Drift Protocol on Twitter or Discord. Visit app.drift.trade to trade perpetual futures, spot markets, borrow, lend, and earn yield.
About bloXroute Labs:
bloXroute Labs is a pioneer in blockchain distribution services, offering scalable and efficient solutions to all sectors of the blockchain industry. Using bloXroute's BDN, customers gain a competitive edge by receiving critical information about pending transactions and new blocks at ultra-low latency and can send transactions at nearly light speed. As more users, traders, mining pools, validators, and DeFi projects connect to the BDN, bloXroute's network effect amplifies its technological superiority, enhancing its speed and value. The current DeFi transaction volume through the bloXroute network is over $1.5 billion per day.
For more information about bloXroute Labs and its offerings, visit www.bloxroute.com.
