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The DRIFT token, which powers the Solana-based perpetuals exchange Drift Protocol, surged over 40% on Monday before retracing slightly, after the platform crossed $1 billion in daily trading volume for the first time over the weekend.

The token's rally started after Drift briefly became the second-largest perpetuals DEX by volume across all chains, and claimed the top spot on Solana, according to DefiLlama data. The volume spike on July 18 reached $1.089 billion, beating its previous all-time high from April 2024, when Drift saw around $720 million in perps trading in a single day.

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