Drift Launches DFX Claims and Redemptions for April 1 Losses; Each DFX Redeemable for USDT Based on Recovery Pool Balance and Outstanding Supply 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.

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drift's $285m exploit freed up ~$775m in weekly solana perps volume. 70% already migrated to hyperliquid. phoenix (ellipsis labs, $44m paradigm/electric series A) is fighting for the remaining 30% with 0.005%/0.035% fees, 7x cheaper than hyperliquid. sounds like a winner until you check orderbook depth. hyperliquid has 10-100x more liquidity at every price level. fees save you $550 per $1m traded. slippage on a thin book costs you multiples of that. if you're running sub-$100k positions on solana and don't want bridge risk, phoenix is the rational venue. if you're sizing up past that, the fee discount is a rounding error next to the spread. no token yet so you can't trade the narrative directly. but the broader lesson from every perps war in crypto history is the same. liquidity compounds and fees compress. you need to go read the intelligent investor by benjamin graham if you think a 7x fee advantage beats a 100x liquidity gap.