Drift Foundation on Thursday opened claims and redemptions for DFX, a Solana token issued to users who lost funds in the April 1 exploit of the Drift perpetuals exchange.
Under the terms laid out by Drift, every 1 USDT of verified loss entitles a wallet to 1 DFX. Redeeming at the current rate returns about 0.0104 USDT per token, according to the project, or roughly one cent for each dollar lost.
That redemption value is calculated by dividing the balance of the Recovery Pool by the amount of DFX outstanding. The pool started with about 3.1 million USDT, and the per-token value rises as more money enters it. Total DFX supply is fixed at about 299.5 million.
Losses topped $290 million
In a Sept. 30 update, the foundation said more than $290 million had been taken from users. It also said forensic firm Mandiant identified the attacker as a North Korean group.
How the Recovery Pool is funded
The main recurring source of funding comes from the rebuilt exchange, which rebranded as Velocity in July.
At midnight UTC each day, Velocity sends part of its net protocol revenue to the Recovery Pool. The contribution rate increases with revenue:
- 60% of net protocol revenue up to 30,000 USDT;
- 70% of the next 70,000 USDT;
- 90% of every USDT above 100,000.
Those deposits stop once the pool has collected the full amount of verified losses.
Drift also listed commitments of up to 127.5 million USDT from Tether and up to 20 million USDT from strategic partners. Those commitments were part of the support package arranged in April.
Any stolen funds that are recovered will also be directed into the pool. The foundation said about $9.2 million has been frozen so far.
As of Friday morning, Drift’s recovery dashboard showed that nearly all of the pool balance came from a one-time deposit of the protocol’s remaining assets.
Users can claim, redeem, trade, or hold
Users must submit claims from the same wallet that owned their Drift account on the day of the April 1 exploit. Once claimed, DFX can be redeemed from any wallet, traded on venues including Raydium, or held.
Each redemption burns the tokens and pays out USDT in a single final transaction.
Drift gave an example to explain the mechanics: if 10% of supply is redeemed, each remaining token would receive about 11% more of every future deposit.
Claims close at midnight UTC on Jan. 1, 2028. Any unclaimed DFX will be burned.
Drift said, “These figures illustrate the mechanics. They are not a projection or a promise.”