Wu Blockchain (@WuBlockchain): Drift Launches DFX Redemptions, Issuing 1 DFX per $1 Lost but With Each Token Currently Redeemable for Only About $0.01

Drift Launches DFX Redemptions, Issuing 1 DFX per $1 Lost but With Each Token Currently Redeemable for Only About $0.01 Drift Foundation said DFX claims and redemptions are now live for users with verified losses from the April 1 incident, with 1 DFX issued for every 1 USDT lost. Each DFX represents a claim on the Recovery Pool, which currently holds about 3.11 million USDT and is funded by a share of Velocity’s daily net protocol revenue, up to 127.5 million USDT from Tether, up to 20 million USDT from strategic partners, and any recovered funds. DFX can be redeemed for USDT at a rate equal to the Recovery Pool balance divided by outstanding supply. Redeemed DFX will be burned and redemptions are final. The claim window closes at 00:00 UTC on January 1, 2028, after which unclaimed DFX will be burned.