Drift compensation plan causes dissatisfaction, with a loss of about 1 dollar for every 100 dollars

The perpetual contract protocol Drift Foundation has opened claims and redemptions for the security incident on April 1. Affected users can claim newly issued compensation tokens DFX at a rate of 1 dollar for 1 token, based on verified losses. DFX is a Solana standard SPL asset, with a fixed total supply of approximately 299.5 million tokens, corresponding to about 295.4 million dollars in verified losses, and no further issuance will occur.

Users can destroy DFX on the official portal and redeem it for USDT at the redemption price, or trade it on secondary markets such as Raydium. The redemption price is determined by the balance of the recovery pool divided by the number of DFX tokens that have not yet been destroyed. Currently, there are about 3.11 million USDT in the pool, with a redemption price of approximately 0.0104 dollars, meaning that for every 100 dollars lost, users can redeem about 1 dollar, covering roughly 1% of the loss, which has caused dissatisfaction in the community, as they believe it falls significantly short of the expected full compensation.

The plan also lists a maximum support commitment of 127.5 million dollars from Tether and 20 million dollars from partners, as well as subsequent sources such as transaction fee sharing from the new trading platform Velocity and the recovery of stolen funds, most of which are upper limits or installment arrangements, and were not included in the pool on the opening day. After the launch of DFX, the redemption price remains around 0.0104 dollars, while the secondary market transaction price rose from about 0.01 dollars to approximately 0.03 dollars, with a 24-hour increase of about 210%, and liquidity at that time was about 200,000 dollars. The tokens can be freely transferred, and the transaction price does not have to equal the redemption price; buyers are mainly concerned with subsequent funding, protocol income, recovered funds, as well as the impact of early redemptions and the destruction of unclaimed portions after the redemption window closes on January 1, 2028.