727 FinanceBlockBeats News, October 2, earlier today, the Drift Foundation opened claims and redemptions in response to the April 1 security incident. Affected users can receive the newly issued compensation token DFX at a ratio of 1 USD to 1 coin based on verified losses.
DFX is a standard SPL asset on Solana. The total amount is fixed at approximately 299.5 million pieces, corresponding to a verified loss of approximately US$295.4 million, and no additional issuance will be performed. Users can destroy it on the official portal and exchange it into USDT at the redemption price, or transfer it to secondary markets such as Raydium for trading. The redemption price is determined by the redemption pool balance divided by the amount of DFX that has not been burned.
It is reported that there are approximately 3.11 million USDT in the pool, and the corresponding redemption price is approximately US$0.0104. That is, for every US$100 lost, approximately only US$1 can be redeemed. This ratio immediately triggered strong dissatisfaction in the community. Some users pointed out that the nominal "full certificate" will only cover about 1% of losses after it is implemented, which is equivalent to a 99% shrinkage, which is far from the full compensation expected in advance. Although the plan also lists support commitments of up to US$127.5 million from Tether and up to US$20 million from partners, as well as follow-up sources such as new trading platform Velocity fee sharing and recovery of stolen funds, most of the above funds are capped or arranged in installments and did not enter the pool on the opening day.
Notably, DFX has seen a significant price increase since opening for trading. Although the redemption price remained around US$0.0104, the transaction price in the secondary market rose from approximately US$0.01 to approximately US$0.03, a 24-hour increase of approximately 210%. This round of increase reflects the expectation of subsequent income, rather than the enlargement of the recovery pool balance. The token is freely transferable and the transaction price does not have to be equal to the redemption price; current liquidity is only about $200,000, and a small amount of buying can drive the price.
From the perspective of the community, there are two main game points for buyers: First, if Tether, capital injections from partners, agreement income, and recovered funds are received one after another, the redemption price can theoretically be significantly higher than the current 1 cent; second, early redemption and the unclaimed portion after the application window closes on January 1, 2028 will be destroyed, and each subsequent receipt will be shared by fewer tokens.