Drift, the decentralized exchange now operating as Velocity, opened claims and redemptions for its compensation token DFX on Oct. 1 after the platform’s earlier hack led to nearly $300 million in user losses.
The project’s disclosed initial redemption price puts DFX at about 0.0104 USDT per token. At that rate, a user with 10,000 USDT in approved losses would receive only about 104 USDT if they choose to redeem the full amount right away.
1 DFX per 1 USDT in losses does not mean a $1 cash value today
Drift previously said the April 1 attack caused about $295 million in user fund losses. Under the latest plan, affected users receive 1 DFX for every 1 USDT in approved losses, with total supply set at about 299.5 million tokens.
That ratio represents a recognized compensation claim. It does not mean each DFX can currently be redeemed for $1.
Users must choose between immediate recovery and waiting
The central trade-off for affected users is whether to take back a small amount now or wait for a higher recovery rate later. According to the arrangement, redeemed DFX will be permanently burned, and the redeemed portion will no longer be eligible for future distributions.
Users can also redeem only part of their allocation, keep holding the rest, or sell DFX on the secondary market. Any market sale price will be determined by trading.
The structure is not a staged payout in which users receive 1% now and the remaining 99% later as a fixed obligation.
Future recovery pool depends on protocol revenue, partner support, and recovered assets
Velocity said future funds for the recovery pool are expected to come from protocol revenue, partner support, and any stolen assets that are recovered.
That leaves users who decide to wait exposed to uncertainty tied to platform operations and the pace of asset recovery. Full recovery should not be treated as a guaranteed outcome under the current plan.
DRIFT and DFX are separate assets
On the market side, CoinGecko data cited in the report showed that early on Oct. 3 Taiwan time, the governance token DRIFT was trading at about $0.01919, down about 6.2% over 24 hours, with roughly $2.1 million in trading volume.
The report added that DRIFT and the compensation token DFX are different assets, and DRIFT’s market price cannot be used to calculate how much affected users can redeem.