Drift Foundation: DFX is not anchored to 1 USDT, and the current recovery pool only covers about 1% of claims

According to BlockBeats news, on October 5, the Drift Foundation made a statement on DFX-related issues, saying that DFX is not anchored to 1 USDT. Users can receive 1 DFX for every verified loss of 1 USDT, but the actual redemption proceeds depend on the asset balance of the recovery pool at the time of redemption. Recovery pools currently cover only about 1% of total claims.

Redemption is not mandatory. Users can continue to hold DFX and retain the right to claim on the recovery pool as funds are deposited into the recovery pool and the supply of DFX decreases; they can also trade in secondary markets such as Raydium.

Tether has committed to provide up to 127.5 million USDT to support the restart of Velocity and the recovery of user assets, but the funds will be matched based on Velocity’s net protocol income and have not been received in one go. January 1, 2028 is the deadline for claiming DFX, and DFX that have been claimed will not be destroyed. If the user has failed to claim before, their allocated quota is still safe and they can try again. The website wallet warning issue has been resolved.