WuBlockchain
Drift Foundation has opened DFX claims and redemptions for users with verified losses from the April 1 incident. Eligible users receive 1 DFX for every 1 USDT lost. Each DFX is a claim on a Recovery Pool that currently holds about 3.11 million USDT.
Why it matters
The number of DFX issued matches a user's verified USDT loss, but the redemption value is calculated separately. Each DFX can be redeemed for USDT at a rate equal to the Recovery Pool balance divided by outstanding DFX supply. Redeemed DFX is burned, and redemptions are final.
Market impact
The pool is funded by a share of Velocity's daily net protocol revenue. It may also receive up to 127.5 million USDT from Tether, up to 20 million USDT from strategic partners, and any recovered funds. Those potential contributions are distinct from the pool's current balance.
The claim window closes at 00:00 UTC on January 1, 2028. Any DFX left unclaimed after that deadline will be burned.
Frequently asked questions
-
Who can claim DFX?
Drift Foundation has opened claims to users with verified losses from the April 1 incident. Eligible users receive 1 DFX for every 1 USDT lost.
-
Does 1 DFX redeem for 1 USDT?
Not necessarily. DFX is issued at 1 per USDT lost, but its USDT redemption rate equals the Recovery Pool balance divided by outstanding DFX supply.
-
How much USDT is currently in the Recovery Pool?
The Recovery Pool currently holds about 3.11 million USDT. That balance is used to calculate the DFX redemption rate.
-
What sources can add funds to the Recovery Pool?
The pool receives a share of Velocity's daily net protocol revenue. It may also receive up to 127.5 million USDT from Tether, up to 20 million USDT from strategic partners, and any recovered funds.
-
When do DFX claims close, and what happens to redeemed DFX?
Claims close at 00:00 UTC on January 1, 2028, after which unclaimed DFX will be burned. Redeemed DFX is also burned, and redemptions are final.
Glassnode
Altcoin Daily
CoinDesk
Crypto News
Lookonchain