Drift opens DFX recovery token claims for users hit by April incident
In brief
- Drift issues one DFX per verified USDT lost in its April incident.
- DFX runs as an SPL token on Solana with a fixed 299.5 million supply.
- Each DFX was redeemable for roughly 0.0104 USDT at launch, per Drift.
- Tether committed up to 127.5 million USDT to the relaunch and recovery, Drift says.
- DFX claims stay open until January 1, 2028; unclaimed tokens get burned afterward.
How DFX works
DFX is a standard SPL token on Solana with a fixed supply of 299.5 million, according to Drift's design as reported by Crypto Briefing. No more can be minted. Holders can transfer it or trade it on secondary markets (Raydium included).
So what's each token actually worth? Redemption value is the pool balance divided by outstanding DFX supply, which put each token at roughly 0.0104 USDT at launch. When someone redeems, tokens and the matching USDT leave the pool proportionally, so a redemption doesn't drag down the value of the tokens that remain.
That's the core of the design.
The pool can only grow through new deposits, and supply can only shrink through redemptions or burns. Drift said that if 10% of DFX supply were redeemed and burned, each remaining token would receive roughly 11% more of later Recovery Pool deposits.
Where the money comes from
A portion of Velocity's net protocol revenue is set to be deposited into the pool every day at 00:00 UTC. The contribution rate rises with daily revenue, from 60% of the first 30,000 USDT to 90% of revenue above 100,000 USDT.
Drift's announcement, as reported by Crypto Briefing, says Tether has committed up to 127.5 million USDT to support the relaunch and user recovery. Strategic partners have committed up to another 20 million USDT, according to Drift. Repayments draw on protocol revenue and recovered assets, plus up to $147.5 million in partner commitments.
Any assets recovered from the attacker are also directed into the pool, Drift said.
Claiming DFX
Allocations for users affected by the April incident are already fixed by a loss snapshot. To claim, eligible users connect the wallet that controlled their Drift account on April 1, 2026, and receive one DFX per verified USDT of loss.
The window stays open until January 1, 2028. Any DFX left unclaimed after that date will be permanently burned, per Drift.
Once they've claimed, holders can redeem DFX for USDT or sell it on secondary markets. They can also keep holding it while additional capital enters the Recovery Pool, and it's that daily revenue stream that's meant to lift the per-token payout over time.
Frequently asked questions
How is the redemption value of a DFX token calculated?
According to Drift, the redemption amount equals the Recovery Pool balance divided by the outstanding DFX supply. At launch, that put each token at roughly 0.0104 USDT. Because tokens and matching USDT leave the pool proportionally during a redemption, the remaining tokens don't lose redemption value.
Who is eligible to claim DFX and how?
Users affected by Drift's April incident have allocations fixed by a loss snapshot. They must connect the wallet that controlled their Drift account on April 1, 2026, and receive one DFX per verified USDT of loss.
What is the deadline to claim DFX?
Drift said the claim window stays open until January 1, 2028. Any DFX left unclaimed after that date will be permanently burned.
How does money get into the DFX Recovery Pool?
Drift said a portion of Velocity's net protocol revenue will be deposited daily at 00:00 UTC, at rates from 60% to 90% depending on daily revenue. Assets recovered from the attacker also go to the pool, and Drift cited up to $147.5 million in partner commitments, including up to 127.5 million USDT from Tether.
