According to ChainCatcher, the Velocity Foundation, formerly associated with perpetuals protocol Drift, has opened claims and redemptions tied to the April 1 security incident.
Affected users can receive newly issued compensation token DFX at a rate of 1 token for every $1 in verified losses. DFX is a Solana-standard SPL asset with a fixed supply of about 299.5 million tokens, corresponding to roughly $295.4 million in verified losses. No additional issuance is planned.
Users can burn DFX through the official portal and redeem it for USDT at the prevailing redemption price, or trade the token on secondary markets such as Raydium. The redemption price is calculated by dividing the recovery pool balance by the amount of DFX that has not yet been burned.
The pool currently holds about 3.11 million USDT, putting the redemption price at around $0.0104. At that level, every $100 in losses would currently return only about $1, covering roughly 1% of losses. That result has triggered dissatisfaction in the community, with criticism centered on the large gap versus expectations of full compensation.
The plan also lists several potential future sources for the recovery pool: up to $127.5 million in support commitments from Tether, up to $20 million from partners, revenue sharing from the new Velocity trading platform, and any funds recovered from the theft. Most of those items are caps or phased arrangements, and they had not entered the pool on the day claims opened.
After DFX began trading, the redemption price remained around $0.0104. On secondary markets, the token changed hands from about $0.01 to about $0.03, a 24-hour gain of roughly 210%, while liquidity stood at about $200,000 at the time.
DFX is freely transferable, so its market price does not have to match its redemption price. Buyers are mainly watching for later capital injections, protocol revenue, recovered funds, and the effect of early redemptions as well as the destruction of unclaimed tokens after the claim window closes on Jan. 1, 2028.