Today, Drift is rebranding to Velocity. Our new name reflects the new and improved platform that we are building. Perpetual trading is a market where execution speed and directional precision determine outcomes. Velocity captures both, and signifies the momentum behind our relaunch. The rebrand marks a deliberate line between what was and what comes next. Velocity is the exchange we have been building toward — a cleaner architecture, a stronger security foundation, and a clearer sense of what this platform is for. The name carries that intent. As Velocity continues building towards relaunch, we are also planning to release our private Beta to select partners and traders in the coming days. This is an important step towards ensuring Velocity is rebuilt into the most robust perps exchange on Solana. We look forward to sharing more soon.

Clarification: Users are able to redeem at any time after redemption opens; however, early redemption occurs at a discount to the full claim value as users receive a pro-rata share of the current pool. Holders who wait may benefit from a higher recovery price as the pool continues to grow.

Redemption will open once the pool exceeds $5M. Redemption Price = Recovery Fund Value ÷ Outstanding Recovery Token Supply Users are able to redeem at any time; redeeming early means that a user forfeits their remaining claim. Holders who wait may benefit as the pool grows.

When the industry faces challenges, Tether steps up. 🛡️ We are leading an up to $150M recovery plan alongside the @SolanaFndn to support user recovery and safely relaunch @DriftProtocol Watch the video to see how we're protecting the community and expanding $USDT on Solana. 👇

Today, Drift is announcing a collaboration with @tether and other partners totaling up to nearly $150 million to support our commitment to a relaunch with USDT at the center, and a path to user recovery. These funds encompass a $100M revenue-linked credit facility, an ecosystem grant, and loans to market makers, designed to fund a dedicated user recovery pool. Learn more 👇

We are observing unusual activity on the protocol. We are currently investigating. Please do not deposit funds into the protocol while we investigate. This is not an April Fools joke. Proceed with caution until further notice. We’ll provide additional updates from this account.

Witness the Perp Battle at the Drift Booth @ TOKEN2049 Traders go head-to-head in real-time with a funded account. Who will claim the highest PnL victory? Oct 1 11AM: @cindyleowtt v @sandraleow 3PM: @Elizabethofyou v @VictorCheng7 Oct 2 11AM: @hhjacks v @howdymerry 3PM: @sanlsrni v @viperr