Drift Protocol secures $148M from Tether for USDT relaunch after exploit

Drift Protocol has secured $148 million from Tether to relaunch with USDT, and the Polymarket contract on Solana’s price being above $30 by April 19 now sits at 99.8% YES, up from 99% a day ago.

Market reaction

The funding follows a massive exploit by North Korean hackers. The move has reduced bearish sentiment and pushed confidence higher on the April 19 price contract. Meanwhile, the market predicting Solana will be below $40 on April 15 remains at 100% YES. That contract hasn’t moved, which suggests traders expect the hack’s effects to linger through mid-April even as they price in recovery by April 19.

Why it matters

Daily face value on the Solana above $30 (April 19) contract is $3,164, with $3,131 in actual USDC traded, showing real activity rather than stale positions. The largest single move was a 33-point drop, which points to high sensitivity around major news events like the Drift exploit and relaunch.

The gap between the two markets is telling. At 100¢, a YES share on Solana below $40 on April 15 pays $1, meaning there’s zero upside left in that contract. The April 19 market is where traders are actually placing recovery bets.

What to watch

Statements from Anatoly Yakovenko or Austin Federa on Solana’s stability and Drift’s relaunch progress. Any new institutional backing or partnerships could move the April 19 odds further.

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