Drift Foundation said on Oct. 5 that DFX is not pegged to 1 USDT, pushing back on confusion around how the token should be valued in the recovery process. The foundation said users receive 1 DFX for every 1 USDT in verified losses, but the actual redemption value depends on the asset balance in the recovery pool at the time of redemption. At present, the pool covers only about 1% of total claims.
The foundation added that redemption is optional. Users can keep holding DFX and retain their claim on the recovery pool as more funds are deposited and DFX supply declines, or they can trade the token on secondary markets such as Raydium. It also said Tether has committed up to 127.5 million USDT to support the Velocity restart and user asset recovery, but the funding is matched against Velocity’s net protocol revenue and has not been delivered in a lump sum. The deadline to claim DFX is Jan. 1, 2028. Already claimed DFX will not be burned, and users whose earlier claim attempts failed can try again after the website wallet warning issue was resolved.
Drift Foundation said on Oct. 5 that DFX is not pegged to 1 USDT.
The foundation said users receive 1 DFX for every 1 USDT in verified losses, but the amount they can actually redeem depends on the asset balance in the recovery pool at the time of redemption. Right now, the recovery pool covers about 1% of total claims.
Redemption is not mandatory, according to the statement. Users can continue to hold DFX and keep their claim on the recovery pool as funds are deposited into the pool and DFX supply declines. They can also trade DFX on secondary markets including Raydium.
On funding, Tether has committed up to 127.5 million USDT to support the Velocity restart and user asset recovery. The foundation said that money will be matched based on Velocity’s net protocol revenue, rather than being paid in full upfront.
The deadline to claim DFX is Jan. 1, 2028. DFX that has already been claimed will not be burned. If a user previously failed to claim, the allocated amount remains safe and they can try again. The website wallet warning issue has been resolved, the foundation said.
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