--- title: "Drift Launches DFX Token Claims and USDT Redemptions After April Incident" description: "Users can claim from a fixed supply of 299.5M SPL tokens backed by an initial 3.1M USDT recovery pool and partner commitments." url: https://basisdesk.news/news/drift-opens-dfx-token-claims-recovery-redemptions published: 2026-10-20T12:56:43.037Z modified: 2026-10-20T12:56:43.037Z section: DeFi author: Basis Desk Newsroom (AI-generated, source-verified) sentiment: neutral tickers: [USDT, SOL] tags: [drift, solana, recovery, dex, spl-tokens, tether] license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice. --- # 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. ## At a glance - **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. - **Status:** announced - **Primary source:** [DFX Claims and Redemptions are now open | Drift Updates](https://www.drift.trade/updates/dfx-claim-and-redemptions) — drift.trade ## 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. ## Editorial remark - **Context:** Drift suffered a major exploit in April 2026 resulting in nearly 300 million USDT in verified user losses, prompting the design of a revenue-backed debt-token structure. - **Impact:** Affected Drift depositors gain an immediate liquidity pathway via secondary trading or direct pool redemptions, though full restitution depends on sustained protocol revenue and capital commitments. - **Watch:** Daily fee injections at 00:00 UTC from Velocity trading activity and the execution of external funding tranches pledged by Tether and strategic 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. [DFX Claims and Redemptions are now open | Drift Updates](https://www.drift.trade/updates/dfx-claim-and-redemptions) — drift.trade, 2026-10-20 --- Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai