Drift volume has increased 10x over the past few weeks. We’re regularly clearing over $800M a day, with open interest exceeding 2x to $400M, making us the second largest perpetual DEX by open interest. What’s been happening behind the scenes? 1. Our protocol-owned AMM is now highly competitive. There’s been a lot of work done on AMM liquidity and natively on-chain market makers, and the numbers are speaking for themselves. AMM fills have gone from under 30% to 70% of all fills on Drift. This confirms what we’ve believed for a long time: on-chain coded matching logic can outperform traditional Central Limit Order Books (CLOBs). The average fill on major pairs is now just 1–3 basis points, which is centralized exchange-level liquidity, all on-chain, all on Solana. 2. We’ve started onboarding new market makers and taker firms. We've already onboarded over 10 new trading firms and are onboarding more market makers as we speak. Even after launching our zero-fee BTC campaign, usage across fee-paying markets has grown, and protocol revenue is trending upward. All this has led to tighter spreads, better fills, and just more activity across the board. If you’re a trading desk or market maker, now’s the time to be on Drift. 3. Our open interest metrics are showing true retail activity, not just taker volumes. The strength of our Open Interest (over $400M) isn’t just driven solely by takers playing zero-fee markets. It's showing real, sticky retail demand, with a growing user base that is using the platform at scale. 4. Performance upgrades on the product. Behind the scenes, the team has been focused on product performance. We're actively testing auto-confirm on @phantom, reworking our onboarding to one step, building a cleaner mobile web user experience for @Phantom, @solflare, and other users. We have also been keeping our ears to the ground and are continuously responding to every single user's feedback. All to achieve a simple goal: make Drift the fastest, smoothest trading experience in DeFi. And there’s A LOT more coming: • Isolated perpetual positions support in a single sub-account • Take profit / stop loss upgrades • A compute-optimized market maker oracle built specifically for our AMM • Drift Builder Codes: revenue sharing for ecosystem partners • Drift Foundation’s Builder Fund: grants and support to accelerate mobile frontends • Drift Liquidity Provider (DLP) token, giving users a way to earn yield by supplying liquidity to the protocol Everything is compounding. We’re building the most performant on-chain exchange and it’s already starting to show in the numbers. We'll keep pushing because we’re not here to be second best. Floodgates will be opened. We are in wartime mode. We will be #1.