The Drift Foundation responded to the community, stating that DFX is not pegged to 1 USDT. Users receive 1 DFX for every 1 USDT confirmed as a loss, and the redemption value depends solely on the balance of the Recovery Pool divided by the unredeemed supply at that time.

The foundation stated that the recovery pool currently covers only about 1% of total claims. At launch, the pool contained approximately 3.1 million USDT, with a fixed supply of 299,500,810.998 DFX, and no further issuance will occur. Based on this, the immediate redemption is approximately 0.0104 USDT per DFX, equivalent to recovering about 1 cent for every 1 dollar lost. Redemption will destroy tokens and distribute USDT in the same transaction, and once redeemed, rights to subsequent funds entering the pool are forfeited.

This batch of tokens corresponds to verified losses after the theft from the perpetual contract exchange on April 1. The foundation's recovery update on September 30 recorded user losses at approximately $295.4 million, while the token supply is locked based on approximately $299.5 million in verified losses. Claims must be made using wallets that controlled Drift accounts on the day of the incident, with the portal verifying snapshots using Merkle proofs, and the deadline is January 1, 2028, at 00:00. DFX that is not claimed by the end of the window will be destroyed, while claimed tokens will not be burned due to the deadline.

Users can redeem, continue to hold, or trade on secondary markets like Raydium. Holding retains the right to claim future inflows into the recovery pool, and as the supply decreases, the corresponding share per token increases. The foundation makes no statements about secondary prices, which can be above or below the redemption amount. There is also a separate insurance fund claim, with terms distinct from DFX.

Funds are injected daily. The rebuilt exchange was renamed Velocity in July, and at each UTC midnight, a portion of net protocol revenue is allocated to the recovery pool: 60% of daily revenue up to 30,000 USDT, 70% from 30,000 to 100,000 USDT, and 90% for amounts exceeding 100,000 USDT. Tether has committed up to 127.5 million USDT to support the restart and user recovery, with strategic partners committing up to 20 million USDT, but the foundation clarified that this is not a total amount already received, but a commitment matching Velocity's net income. Contributions to the pool will continue until the total amount received covers all verified losses.

This is a pricing clarification following the launch of the compensation tool, not a new payment being received. Sellers are users who choose to redeem immediately or sell on the secondary market, while buyers are secondary traders willing to bet on future income and committed funds entering the pool. Immediate redemption takes about 1% of cash from the pool and cancels the claim, while continuing to hold concentrates the remaining claim rights onto fewer tokens. Beneficiaries are those who can wait for Velocity's income and committed funds to materialize, while those under pressure need to recover their principal immediately but can only redeem at about 1 cent for 1 dollar.

Source: Public Information