Drift Foundation opens DFX claims with initial 1% recovery payout

The Drift Foundation has launched its DFX token portal, allowing users to claim allocations based on their recorded balances during the April 1 incident. Each token serves as a claim against the recovery pool, with the initial redemption rate set at approximately 0.0104 USDT. For a user who lost 1,000 USDT, this equates to an immediate return of about 10.40 USDT. The foundation notes that redemptions are final, with the token burn and USDT transfer occurring in a single transaction.

Funding for the recovery pool relies on a tiered revenue-sharing model from Velocity, alongside a 127.5 million USDT commitment from Tether and 20 million USDT from strategic partners. While the foundation aims for a cumulative funding target of 295.4 million USDT, early redemptions permanently remove a holder’s claim to future deposits. Users have until Jan. 1, 2028, to claim their tokens; any remaining supply after this deadline will be burned. While the DFX tokens are tradable on platforms like Raydium, the foundation emphasizes that the pool payout remains tied to the official redemption formula rather than secondary market prices.