Breaking down what "capital-efficiency" means on Drift I've been trading in capital and crypto markets for nearly a decade, and the universal principles are all the same: to always be maximizing yield on holdings & minimizing your cost of capital. Since day one, Drift's core focus has been building products that are capital-efficient and can generate sustainable wealth for our users. I want to dial in on what "capital efficiency" actually means: 1. Capital never sits idle Drift automatically generates yield from its borrow/lend platform on your idle capital. When you use capital as collateral for trading, it still continues to earn yield. Take syrupUSDC as an example: deposit it to trade perps and you'll continue earning ~12% APY even while holding your BTC long. It simply maximizes returns across the board. USDC earns you 8%+, which you can benefit from whether or not you're in a trade. 2. Cross-collateral flexibility Drift is one of the few platforms in all of crypto offering any asset as collateral. Deposit any of the 40+ supported collaterals to trade in any perp market we offer. If you're long-term bullish on SOL but want to trade BTC price movements on other platforms, you'd have to exit SOL → USDC → BTC, losing your SOL upside. On Drift, you stay exposed to SOL's potential while trading market swings across other (BTC) markets. 3. Zero-fee markets Two of our leading markets, BTC and ETH are now zero fees! A trader with just $1,000 can open $100k positions multiple times daily, trading millions in monthly volume on BTC/ETH markets, and would still pay $0 in fees. 4. Up to 101x leverage We offer 101x leverage on our leading markets (SOL, ETH, BTC), giving traders flexibility to trade with massive conviction. Drift democratizes leverage for traders of all sizes -- you need less than $1,500 to trade 1 full Bitcoin on Drift. 5. Unique Trading Setups There are many unique opportunities that are enabled by our capital-efficient market structure, such as arbitraging funding rates, running delta-neutral strategies, cross-platform lending, and looping strategies. For instance, you can run a delta-neutral trade by just depositing spot BTC and short BTC-PERP against it, capturing a funding rate. Our recent syrupUSDC listing with @maplefinance perfectly illustrates this, where traders are now using syrupUSDC as collateral across 50+ markets while accessing THREE yield sources: - Underlying stablecoin yield - Lending/borrowing yield on Drift - Share of $100k incentive pool This is our broader mission: unlocking capital-efficient, yield-accretive pathways for DeFi users onchain. The Future As competition increases, users win and innovation accelerates. The Drift team is heads-down building the best trader experience, building in public from the heart of capital markets' future - on @Solana. - Cindy