Tracy retweeted
DFX Claims and Redemptions are now live.
If you had a verified loss from the 1 April incident, you can claim 1 DFX for every 1 USDT lost.
Claim: dfx.drift.trade
How it works: drift.trade/updates/dfx-clai…
The claim window closes at 00:00 UTC on 1 January 2028. Unclaimed DFX will be burned.
Tracy retweeted
This week, Velocity Beta opened to everyone.
→ ZEC-PERP went live at up to 10x, and ZEC joined SOL, wBTC, wETH, and USDT as collateral.
→ Every account at 2 bps for a limited time, and referrers earn 20% of their referrals' fees.
Trade Now → app.velocity.exchange
Tracy retweeted
Signed up for the Velocity Beta yet?
For a limited time only: 2 bps fees and a 20% referral bonus.
docs.google.com/forms/d/e/1F…
Tracy retweeted
Velocity Private Beta is now live!
Users who were whitelisted for access can now access the platform here: velocity.exchange
Tracy retweeted
Update on Insurance Fund:
Insurance Fund claims are now live.
Eligible IF depositors can now connect their wallet and claim here: dfx.drift.trade/
Thank you for your patience.
Tracy retweeted
Seeing a lot of commentary and questions on the Drift token following the rebrand to @VelocityDEX.
Here are some preliminary thoughts:
The introduction of the DFX claim token sets up an interesting situation. With the majority of net revenue going to DFX, it's hard to envisage how the existing DRIFT token will interact or be a beneficiary of future revenues.
It's akin to debtholder v.s equityholders; with the former eating first. Unsurprisingly, the DFX holders are the senior tranche here. Thus, the DRIFT token’s core functionality remains pure governance, at least until all DFX holders have been made whole.
Moreover, a few individuals have identified the existence of new program. A new program does not default have a governance token in place. Often, the token is introduced later for projects. So there is a valid question of “does the existing token govern the new program?”
By default no.
A third party token could, but not by design, govern a separate network.
Historically, migrations have been the most common means where an existing tokens for a network becomes an another ticker. They happen for all kinds of reasons from tokenomic changes to program updates. Projects like Aave (ETHlend), Aevo (Ribbon), Derive (Lyra) all went through a migration. Closer to home, @MetaDAOProject serves as the best example - the previous token was unmintable, the DAO's treasury exhausted at the time, alongside unit bias.
My view (and this does not represent the view of the foundation) is that something has to change given the co-existence of DRIFT and DFX. What that exactly is will required more nuanced thought and discussion but ultimately a token within a network must have a reasonable pathway towards value accrual.
Right now this is unclear.
Tracy retweeted
We are in the process of changing @x handles.
Please do not interact with @DriftProtocol and report it.
Tracy retweeted
On this checker, users can view:
• DFX allocation
• Insurance Fund claim eligibility
Checker: dfx.drift.trade
Tracy retweeted
I've been deep in the trenches getting @DriftProtocol relaunched and can't wait to show you all the exciting changes we've been making so here's a brief high level update:
1) every risk parameter on perp and spot market (what you know as borrow/lend), is being empirically derived. nothing is being left for eyeballing/guess work, instead being measured from book's past behavior during crashes and size around that. plan is to start relatively conservative and loosen incrementally as TVL rebuilds, more than happy to go deep on the methodology per metric but keeping that for dedicated posts.
2) OI caps are sized to what we can actually liquidate. more than just a demand forecast, it's also worst-case absorption limit. we stress every market against an instant ~40% adverse move (harsher than oct 10-11 realized) and size so that even with makers fully withdrawn there's no bad debt. I'm aware this might be more aggressive than needed so it's not the final caps, which will still account for backstop liquidity/IF.
3) I spend a lot of time working on vAMM (our internal market maker + fallback liquidity), some major changes: did a big refactor that decoupled it off the PerpMarket struct into its own quoter interface, which makes the whole thing far cleaner to reason about and to audit. alongside ex-gauntlet researchers, lot of modeling and formalization (which I'd love to release publicly at some point in future) is being done to improve quoting/spread logic so you get the best price with good liquidity. this will continue improving post launch.
4) on funding rate mechanism, we've added clamps to reduce extreme spikes, updated the base funding rate in dead zone, and there's ongoing modeling to reduce volatility with the goal of funding that's smoother and more predictable to trade against.
5) a big part of the relaunch is lowering the attack surface, so been removing legacy code paths that don't need to exist anymore. this is the same tech debt @redacted_noah has been posting a lot about lately
6) more soon..
we will also release a detailed changelog at relaunch so you can go through entire list yourself. meanwhile, I want to be as transparent as I can so will post more and please feel free to ask/tag me with any questions around exchange's economics/mechanism 🫡
Tracy retweeted
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 👇
Tracy retweeted
Drift is actively working with @asymmetric_re, and @osec_io to consolidate a coordinated recovery plan.
Our immediate focus is to stabilize the situation and provide protocol-level assurance to all affected users and partners.
Drift will also be participating in the STRIDE program by @SolanaFndn as part of strengthening our long-term security posture.
We’re aligning closely with leading ecosystem security teams to ensure a structured and thoughtful path forward.
Further updates will be shared soon.
Tracy retweeted
And as you well know the legal bar involves industry standards and unfortunately for everyone in this goddamn ecosystem, Drift was operating more securely that the majority of this industry.
They actually used hardware wallets and multisigs.
Unlike. The. Majority. Of. This. Industry.
That’s why it took 6 months instead of LITERALLY 2 FUCKING DAYS like the last fucking 28 hacks I’ve fucking cleaned up.
This industry needs to get serious but giving people unreasonable direction and threatening liability where none exists (BECAUSE THATS HOW DEFI LAWYERS DESIGN IT TO FUCKING BE BTW) is not gunna fly.