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DeFi · 1 min read

Drift Launches DFX Token Claims and USDT Redemptions After April Incident

Users can claim from a fixed supply of 299.5M SPL tokens backed by an initial 3.1M USDT recovery pool and partner commitments.

Editorial oversight: Julian Mercer, Chief Editor
Neutral
$USDT $0.9987 −0.0% $SOL $104.39 −0.9%

At a glance Announced

What happened
Drift opened claims for DFX, a recovery SPL token distributed to users who lost funds during an April security incident.
Why it matters
The program creates an on-chain recovery model funded by trading fees and 147.5M USDT in external backstops to repay roughly 299.5M USDT in losses.
Who is affected
Drift users with verified losses on the April 1, 2026 snapshot and secondary market DFX traders on Solana.
Takes effect
2026-10-20
What's next
The claims window will remain open until 00:00 UTC on Jan. 1, 2028, when unclaimed tokens will be burned.
Primary source
drift.trade: DFX Claims and Redemptions are now open | Drift Updates

Key points

  • Drift opened DFX claims for affected users based on an April 1, 2026 loss snapshot, allocating 1 DFX per verified USDT lost.
  • DFX supply is capped at 299,500,810.998 tokens, with claims remaining open until Jan. 1, 2028, before unclaimed tokens are burned.
  • The Recovery Pool holds 3.1M USDT at launch and is backed by protocol revenue, up to 127.5M USDT from Tether, and 20M USDT from partners.

Solana-based decentralized exchange protocol Drift opened claims and redemptions for its DFX recovery token on Oct. 20, 2026, aimed at reimbursing users affected by its April security incident 1. Affected users receive one DFX token for every verified tether ($USDT) lost 1.

DFX is an SPL token issued with a fixed supply of 299,500,810.998 tokens, with no mint function enabled 1. The tokens are freely transferable and tradable on decentralized platforms such as Raydium, allowing holders to exit on secondary markets or redeem tokens directly for USDT 1. The claims portal relies on a snapshot taken on April 1, 2026, using Merkle proofs to verify eligible wallet addresses 1. Drift set a deadline of 00:00 UTC on Jan. 1, 2028, after which all unclaimed tokens will be burned permanently 1.

Pool Funding and Tokenomics

Redemptions draw from a dedicated Recovery Pool that launched with approximately 3.1 million $USDT 1. The per-token payout is calculated by dividing the pool's USDT balance by the total outstanding DFX supply, meaning that an immediate redemption returns roughly 0.0104 USDT per burned token 1.

The pool is scheduled to receive daily capital injections at 00:00 UTC, sourced from tiered contributions of Velocity's Net Protocol Revenue 1. Net protocol revenue is defined as 70% of total trading fees, with the remaining 30% split evenly between an Insurance Fund and virtual automated market maker (vAMM) capital 1. Recovery pool contributions scale from 60% of the first 30,000 USDT in daily net revenue up to 90% of revenue exceeding 100,000 USDT 1.

In addition to organic revenue, the pool will be supplemented by outside funding and any recovered assets 1. Tether committed up to 127.5 million USDT to back user restitution, alongside up to 20 million USDT pledged by strategic partners 1. Redemptions permanently burn the submitted DFX, progressively shrinking the total token supply and increasing the proportion of future deposits distributed among remaining holders 1.

Sources

  1. [1] DFX Claims and Redemptions are now open | Drift Updates — drift.trade, October 20, 2026

Written by Basis Desk's newsroom system from the primary sources above and machine-verified against them before publication. Market figures marked "at the time of writing" come from live exchange data. Report an error: corrections@basisdesk.news · corrections policy.

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