Drift Protocol opened claims and redemptions for its DFX recovery token on Oct. 1, paying victims of its April exploit an initial rate of about 0.0104 USDT per DFX — roughly 1.04% of verified losses, according to the protocol's launch announcement and recovery dashboard.

The Recovery Pool held approximately 3.1 million USDT at launch. Because Drift issues one DFX for each USDT of verified loss, the fixed allocation stands at 299,500,810.998 DFX, corresponding to nearly 299.5 million USDT in verified losses. The redemption rate quoted on Oct. 1 is not locked in: each transaction pays the rate at execution time.

DFX is a transferable token on Solana, separate from the DRIFT governance token. Outstanding supply falls as tokens are burned.

What does redemption cost holders?

The USDT payment and the DFX burn execute in a single transaction — either both succeed or neither does. Drift says completed redemptions are final. Holders who redeem only part of their balance keep their remaining tokens' participation in future deposits.

That tradeoff defines the recovery's structure. Cashing out locks in the quoted amount for the burned tokens while forfeiting any share of later revenue or recovered funds. Holding preserves that claim, but the size and timing of future deposits remain uncertain.

Selling on a secondary market such as Raydium is a different transaction — it transfers tokens to another holder rather than redeeming them against the pool.

The redemption price is defined as the pool balance divided by outstanding DFX. Under the stated design, redemption removes cash and burns tokens in the same proportion, leaving the ratio unchanged; only new deposits raise the amount redeemable per remaining token.

How much backing sits behind the commitments?

Drift's Oct. 1 update restated the support plan announced in April 2026: up to 127.5 million USDT from Tether for relaunch and user recovery, plus up to 20 million USDT from strategic partners. These are commitment ceilings, not cash currently available for redemption.

In its April 16 announcement, Tether said capital would be introduced progressively and aligned with platform performance. Drift's April recovery framework described a package including a revenue-linked credit facility, an ecosystem grant and market-maker loans — financing that can support a relaunch without the headline amount becoming immediately redeemable by DFX holders.

A share of net protocol revenue from the Velocity trading platform enters the pool daily at 00:00 UTC, alongside any recovered stolen funds. Drift states plainly that the commitments do not promise each victim full recovery of their loss.

When does the claim window close?

The DFX claim window closes Jan. 1, 2028, at 00:00 UTC, when unclaimed tokens will be permanently burned. That deadline applies to claiming tokens, not to redeeming them. Insurance Fund claims follow separate terms.

Until then, DFX holders face a continuous calculation: redeem near one cent on the dollar now, or hold for a recovery rate that depends entirely on future deposits arriving in the pool.