Drift opens DFX recovery token claims for April exploit victims

Drift has launched DFX, a recovery token designed to compensate users affected by its April incident, giving each eligible holder one token for every verified USDT lost.

The token has a fixed supply of 299.5 million DFX and runs as a standard SPL token on Solana. No additional tokens can be minted, while holders can transfer or trade DFX on secondary markets including Raydium.

Each DFX represents a claim on a Recovery Pool that currently holds about 3.1 million USDT.

The amount available for redemption is calculated by dividing the Recovery Pool balance by the outstanding DFX supply. At launch, that gives each token a redemption value of roughly 0.0104 USDT.

Holders can burn DFX at any time to receive USDT from the pool at the prevailing redemption amount. Because the token and corresponding USDT are removed proportionally during a redemption, the redemption value for remaining tokens does not decline.

The Recovery Pool will receive additional funding from several sources.

A portion of Velocity’s Net Protocol Revenue will be deposited into the pool every day at 00:00 UTC. The contribution rate increases alongside daily revenue, ranging from 60% of the first 30,000 USDT to 90% of revenue above 100,000 USDT.

Tether has also committed up to 127.5 million USDT to support the relaunch and user recovery, while strategic partners have committed up to another 20 million USDT.

Any assets recovered from the attacker through freezes, bounty efforts or law enforcement will also be directed into the pool.

The structure means the Recovery Pool can only increase through new deposits, while outstanding DFX supply can only decline through redemptions or burns.

Early redemptions therefore increase the share of future deposits attributable to the remaining tokens. Drift said that if 10% of DFX supply were redeemed and burned, each remaining token would receive roughly 11% more of subsequent Recovery Pool deposits.

Users affected by the April incident already have their allocations fixed according to a loss snapshot. Eligible users must connect the wallet that controlled their Drift account on April 1, 2026, with allocations calculated at one DFX per verified USDT of loss.

The claim window will remain open until January 1, 2028. Any DFX left unclaimed after the deadline will be permanently burned.

Once claimed, holders can redeem DFX for USDT, sell it on secondary markets or continue holding it as additional capital enters the Recovery Pool.