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Drift opens claims and redemptions for DFX recovery tokens

Drift said the Recovery Pool payout is set at about 0.0104 USDT per DFX, with redeemed tokens burned and removed from future deposits.

Reported · Written up by our desk · Market Structure

Drift Protocol opened claims and redemptions for its DFX recovery token on Oct. 1, giving victims of an April exploit a way to receive USDT stablecoin from the Recovery Pool, according to CryptoSlate.

The exit comes with a permanent tradeoff: when holders redeem DFX, the tokens are burned and no longer share in future deposits, while any DFX not redeemed continues participating in the pool.

Drift described a launch payout of about 0.0104 USDT per DFX from a pool holding roughly 3.1 million USDT, with a redemption rate tied to the quoted rate at the time the transaction is made.

Drift also said the USDT payment and DFX burn occur in a single transaction, and completed redemptions are final; it set a fixed allocation of 299,500,810.998 DFX, corresponding to nearly 299.5 million USDT of verified losses.

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