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Multicoin Capital has released a detailed report on Drift Protocol, a decentralized finance (DeFi) derivatives platform. According to the report, Multicoin Capital has been accumulating DRIFT tokens through both private placements and public markets since the token's launch in May. The firm values DRIFT at $3.58, which is more than seven times its current market price. Multicoin Capital's analysis highlights Drift Protocol's strong market position and potential for substantial growth, making it the best opportunity among derivatives decentralized exchanges (DEX). Multicoin Capital has been analyzing DeFi derivatives since 2019-2020 and this is their first public asset report in a while.
Multicoin Capital published an article stating that it has accumulated a large number of DRIFT positions through private placement and public markets. Multicoin Capital values DRIFT at $3.58, more than 7x the current market price. Multicoin Capital is also the lead investor in…
“Based on our valuation framework and market assumptions, which we outline in the report, we value DRIFT in our base case at $3.58, more than 7x above its current market price.” — Multicoin They just like me fr fr— I also value [MyBags] at 7x market https://t.co/SFOTf6qvMW
Today we published our first public asset report in a while. If you are interested in DeFi it's worth the read. We dive into our thesis on @DriftProtocol and why we believe they have the best market opportunity of any derivatives DEX. https://t.co/1AMEIaPmKz