A Solana perp product with its own program
Velocity describes a Solana perpetual futures exchange and money market in one program. Deposited collateral can back perp positions while also supplying the lending side. Its current documentation says trading is perpetuals only; spot markets exist for collateral and borrowing, and the app may route swaps. A swap through the app is not a Velocity spot order-book fill or a perp trade.
The docs describe resting on-chain orders, just-in-time market makers and a protocol AMM as potential sources for a taker fill. They also describe funding as a payment between longs and shorts. Those mechanisms identify the execution product more precisely than a provider-directory derivatives label. They do not, by themselves, establish daily trading activity or a market-wide historical total.
Sources: Velocity product introduction ↗
Why Drift history does not carry forward
Velocity’s migration guide calls Velocity a fork of Drift v2 rather than an in-place upgrade. It states that Velocity uses a new Solana program ID, that no on-chain state moved across, and that the Drift program is paused. Velocity uses USDT as its mainnet quote asset where the Drift integration used USDC. The directory therefore needs two identities and an explicit series break, even if the two brands share recovery history.
The Drift site links its October recovery and DFX claims to Velocity net protocol revenue. DFX is a recovery claim token under that published plan; that connection is not evidence that DFX or the former DRIFT token grants a current perp trader a particular distribution. Any token rights, daily pool deposits and realized payments need their own issuer terms and transaction reconciliation. This article assigns no holder-flow amount.
Sources: Velocity migration guide from Drift ↗ · Drift DFX claims and recovery notice ↗
The adapter that would make numbers comparable
A native adapter should pin the Velocity program and market accounts, record filled perp actions rather than order submissions or collateral transfers, define treatment of partial fills and liquidations, and capture each eligible market with its quote unit. USDT-denominated notionals require a dated conversion rule before a USD comparison. A completed UTC day must have a documented start, end, pagination and completeness check.
Drift historical volume, Velocity post-fork volume, the money-market balance and routed swaps are different series. Parent and child provider rows must not be summed. A source fetch time proves when data was downloaded, not when a position was observed. PerpsAtlas has not reviewed a 30-day or 90-day Velocity series, open interest, fee revenue or token flow.
Sources: Velocity product introduction ↗ · Velocity migration guide from Drift ↗
Coverage decision and next checks
The official current product and integration docs support a verified Velocity perp identity in the expansion catalog. This is a product-status decision only. The comparable ranking still requires source-archived, completed daily history and a peer review of scope, units and version breaks.
The next reviewer should obtain a current official market inventory, pin the program and API version, test a closed UTC day against on-chain fills, and check whether the provider row includes any legacy Drift values. Until those checks are done, the metric fields remain unknown rather than zero.
Sources: Velocity product introduction ↗ · Velocity migration guide from Drift ↗
What we monitor next
- Archive a current market list and official fill endpoint with exact product IDs.
- Reconcile one closed UTC day to the new Solana program and its USDT quote basis.
- Review DRIFT and DFX rights separately against issuer terms and executed transfers.
Frequently asked questions
Compare the evidence
Related research
Source register
- Velocity product introduction · checked 2026-10-07
- Velocity migration guide from Drift · checked 2026-10-07
- Drift DFX claims and recovery notice · checked 2026-10-07
Research revisions
- 2026-10-07 — Initial independently reviewed product and series-break audit.
AI-assisted research checked against cited sources. Facts, assumptions and interpretation are distinguished; this is not a financial audit or a recommendation tailored to you. Editorial standards.
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