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DRIFT Drift opens DFX loss claims channel, and Solana Perpetual Contract Exchange launches user compensation plan.
Drift, a perpetual contract exchange based on the Solana Network, officially opened the DFX loss claims channel on October 1. The move aims to provide a way for users who suffered a protocol vulnerability on April 1 to collect tokens tied to their losses.
According to the Drift Foundation, the first redemption will only cover about 1% of verified losses. Currently, the recovery pool holds approximately 3.1 million USDTs, while the fixed supply of DFX tokens is 299,500,810.998.
DFX claim mechanism explains in detail
Each DFX token represents a USDT loss suffered from the April 1 vulnerability incident. As a standard SPL token on the Solana network, DFX can be freely transferred and traded on Raydium, and no new coins will be issued in the future. DFX and DRIFT governance tokens are independent of each other, so their upper supply will not be diluted due to subsequent issuance.
Users need to connect to the wallet that controls their Drift account on April 1 to make claims. The portal system will use a Merkle Proof to compare the address with a loss snapshot and display the precise allocation limit. Holders can then choose to convert DFX to USDT, sell tokens, or retain them as proof of claim against the restoration pool. In addition, insurance fund claims exist concurrently with DFX, but follow separate terms.
Restoring sources of funds
The recovery pool is replenished daily at 00:00 UTC and is funded from Velocity's net network income. According to the tiered rate, the top 30,000 USDT of daily income is injected at a rate of 60%, the portion between 30,000 and 100,000 USDT is injected at a rate of 70%, and the portion above 100,000 USDT is injected at a rate of 90%. The Drift Foundation said Tether has committed up to 127.5 million USDT, and strategic partners have committed 20 million USDT to support re-launch and user recovery. Deposits will continue as long as the total investment does not reach the total amount of verified losses.
This incident occurred against the backdrop of severe challenges to DeFi security. Recent security incidents, including the NEAR Intention cross-chain vulnerability, have exacerbated industry unrest.
Impact and Significance of Early Redemptions
Holders redeemed in the initial stage will receive approximately 0.0104 USDT per DFX, and the token will be destroyed. Since the redemption amount is equal to the current pool balance divided by the outstanding supply, the ratio will never decrease if the supply only decreases. Future deposits will be shared among remaining holders: if 10% of the supply is redeemed, each remaining DFX holder will receive approximately 11% more return on each subsequent deposit. This design allows each holder to opt out early or wait for pool growth to resume.
All redemption operations are final settlements and rounded down to the nearest 0.000001 USDT. The claims window will close on January 1, 2028, when any DFX that has not been claimed will be permanently destroyed.
