Wu said that he learned that Multicoin Capital issued a statement saying that it has accumulated a large number of DRIFT positions in its liquidity and venture capital funds through private and public markets. Based on its valuation framework and market assumptions, in the basic case, Multicoin Capital values DRIFT at $3.58, which is more than 7 times the current market price. Multicoin Capital's investment thesis believes that the most successful derivatives DEX needs to be built on an L1 chain with other asset issuance; Drift has a unique exchange architecture; Drift's core indicators of derivatives, spot and swaps have increased by about 50 times year-on-year in total trading volume; the Drift team is aggressive; Solana's adoption rate is growing rapidly, and the Drift team does not have to worry about infrastructure. It is worth noting that Multicoin Capital is the lead investor in Drift's seed round.
