What it does
Velocity combines perpetual trading and lending in one Solana program. Collateral can back positions while it is available to borrowers, and orders can be filled through resting orders, just-in-time market makers and the protocol AMM.
The crucial distinction is its relationship with Drift. Velocity’s migration guide describes a new deployment, not an in-place upgrade: the old Drift program is paused, addresses differ and account balances start fresh. A trader or developer should verify the new program and quote asset rather than reuse an old deposit path.
Where it stands out
- Trading margin and lending share one collateral system.
- The migration guide explicitly documents differences from Drift.
What you can do
- 01Perpetual order books and just-in-time liquidity
- 02Collateral lending and borrowing
- 03New SDK and USDT-quoted mainnet accounts
Who’s behind it
Velocity contributors maintain a fork of Drift Protocol v2. The current docs distinguish Velocity’s program and post-fork audit from the earlier Drift codebase; the reviewed sources do not establish an unchanged legal operator.
Fees & availability
Fees and costs
Volume-based taker tiers and maker rebates apply, with possible market-specific additions. Hourly funding is separate; lending rates depend on utilization.
Eligibility and availability
The app is presented as an open beta. Old Drift accounts and balances are not carried over; the current documentation also notes that the deployed program source is not yet public.