Drift Opens DFX Claims for Affected Users
Drift Foundation has opened claims and redemptions for DFX, a recovery token created for users who suffered verified losses during the April 1, 2026 exploit involving the Solana perpetuals exchange. According to Drift's official DFX claims and redemption announcement, each verified USDT of loss corresponds to one DFX token.
DFX has a fixed supply of approximately 299.5 million tokens. Users can claim the tokens based on their verified losses and subsequently redeem, transfer or trade them. Drift says the recovery mechanism is designed to distribute funds that enter the Recovery Pool among outstanding DFX holders.
At launch, the Recovery Pool contained approximately 3.1 million USDT. Based on the pool balance and DFX outstanding, the initial redemption rate was approximately 0.0104 USDT per DFX, meaning one token represented roughly one cent at launch.
How the DFX Recovery Pool Works
The Recovery Pool is designed to grow over time as additional funds become available. The main recurring source is revenue generated by the rebuilt exchange, which now operates under the Velocity brand.
According to Drift, Velocity transfers a portion of its net protocol revenue to the Recovery Pool every day at 00:00 UTC. The contribution rate is tiered: 60% of the first 30,000 USDT, 70% of the next 70,000 USDT, and 90% of revenue above 100,000 USDT.
Drift has also disclosed financial commitments of up to 127.5 million USDT from Tether and up to 20 million USDT from strategic partners. Any funds recovered from the stolen assets are also intended to flow into the pool. Drift's recovery update outlines the broader recovery framework following the exploit.
DFX Supply Falls When Users Redeem
DFX uses a fixed-supply structure. New tokens cannot be minted, while redeemed tokens are burned. Any DFX that remains unclaimed after the claim period also will be burned.
Users must claim their allocation from the same wallet that controlled their Drift account when the April 1 exploit occurred. After the initial claim, however, DFX can be transferred to another wallet and redeemed from there.
Drift's DFX recovery portal allows eligible users to check their allocation and participate in the recovery process. The system uses the recorded loss allocation to determine how many DFX tokens each affected user can claim.
Users Can Redeem, Trade or Hold DFX
Once claimed, DFX holders can choose how to use their tokens. They can redeem DFX for USDT from the Recovery Pool, trade the token on supported secondary markets such as Raydium, transfer it to another wallet or continue holding it.
When a holder redeems DFX, the corresponding tokens are burned and USDT is paid from the Recovery Pool. Drift says the redemption occurs in a single transaction, making the token burn and payment part of the same process.
The redemption rate can change as the Recovery Pool receives additional funds and as the amount of outstanding DFX changes. For example, Drift explains that if 10% of the DFX supply is redeemed, each remaining token would have a larger proportional claim on future deposits because fewer tokens would remain outstanding.
Recovery Pool Can Grow Through Exchange Revenue
The structure means the initial redemption amount is not necessarily the final amount available to DFX holders. Future deposits into the Recovery Pool can increase the amount available for redemption.
Velocity's daily revenue contribution is particularly important to this mechanism. As the exchange generates more qualifying net protocol revenue, a larger percentage is directed toward recovery under Drift's tiered structure.
The Recovery Pool can also benefit from additional recovered assets. Drift has reported that approximately $9.2 million worth of assets had been frozen as part of recovery efforts. Those assets, if ultimately recovered for the affected users, are intended to contribute to the recovery pool.
DFX Claims Remain Open Until January 2028
Affected users have until 00:00 UTC on January 1, 2028, to claim their DFX allocation. After the deadline, unclaimed tokens will be burned according to Drift's recovery mechanism.
The Drift updates page provides the foundation's ongoing announcements concerning the recovery process and the rebuilt exchange. Users can also monitor the recovery system through the DFX portal as the pool balance and outstanding token supply change.
Drift has emphasized that the initial redemption figures describe the mechanics of the system rather than guaranteeing a future recovery amount. The value received per DFX depends on the Recovery Pool balance and the number of tokens outstanding when redemption occurs.
What the DFX Recovery Means for Affected Users
The DFX system gives users affected by the April exploit a blockchain-based mechanism for participating in future recovery proceeds. Instead of distributing only the assets available at launch, the system links recovery to future exchange revenue, partner commitments and potentially recovered stolen funds.
The fixed supply also means the number of outstanding DFX tokens can decline as users redeem their allocations. This can change the amount represented by each remaining token as additional funds enter the Recovery Pool.
For now, the key figures are clear: approximately 299.5 million DFX were created, the initial Recovery Pool contained around 3.1 million USDT, and the opening redemption rate was approximately 0.0104 USDT per DFX. Claims remain open until January 1, 2028, giving affected users a defined window to participate in the recovery process.
