WuBlockchain
Drift Foundation has opened DFX claims and redemptions for users with verified losses from the April 1 incident. Users receive 1 DFX for every 1 USDT lost, but each DFX is currently redeemable for only about $0.01.
Why it matters
DFX is a claim on the Recovery Pool, not an immediate dollar-for-dollar repayment. The pool holds about 3.11 million USDT. Its funding sources include a share of Velocity’s daily net protocol revenue, up to 127.5 million USDT from Tether, up to 20 million USDT from strategic partners, and any recovered funds.
Market impact
The USDT redemption rate equals the pool balance divided by outstanding DFX supply, so it can change as the pool is funded. Redeemed DFX is burned, and redemptions are final. The claim window closes at 00:00 UTC on January 1, 2028; unclaimed DFX will then be burned.
Frequently asked questions
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Who can claim DFX?
Users with verified losses from the April 1 incident can claim DFX through Drift Foundation's claims process.
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How much DFX is issued for a verified loss?
Eligible users receive 1 DFX for every 1 USDT lost. That issuance rate is separate from the amount of USDT currently available per DFX at redemption.
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How is the DFX redemption rate calculated?
The USDT redemption rate equals the Recovery Pool balance divided by outstanding DFX supply. Each DFX is currently redeemable for about $0.01.
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What funds the DFX Recovery Pool?
The pool currently holds about 3.11 million USDT. Funding sources include a share of Velocity’s daily net protocol revenue, up to 127.5 million USDT from Tether, up to 20 million USDT from strategic partners, and recovered funds.
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What happens when DFX is redeemed or left unclaimed?
Redeemed DFX is burned, and redemptions are final. The claim window closes at 00:00 UTC on January 1, 2028, after which unclaimed DFX will be burned.
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