Drift volume has 10x’d over the past few weeks. We’re regularly clearing over $800M a day, with open interest >2x to $400M, making us the second largest perp DEX by OI. What’s been happening under the hood? 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 CLOBs. The average fill on majors is now just 1–3bps which is CEX-level liquidity, all on chain, all on Solana. 2. We’ve started onboarding new market makers and taker firms We've already onboarded 10+ new trading firms and are onboarding more MMs as we speak. Even after launching our zero-fee BTC campaign, usage across fee-paying markets has grown, and protocol revenue is trending up. All this has led to tighter spreads, better fills, and just more activity across the board. If you’re a trading desk/MM, now’s the time to be on Drift. 3. Our OI metrics are showing true retail activity, not just taker volumes The strength of our Open Interest ($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’s been heads down on product performance. We're actively testing auto-confirm on @phantom, reworking our onboarding to one step, building a cleaner mobile web UX for @Phantom, @solflare, and , users. We have also been keeping our ears to the ground and are continously 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 perp positions support in a single sub-account • Take profit / stop loss upgrades • A compute-optimised MM 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.