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Drift
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Drift
@DriftProtocol
Trade perps on Solana with ultimate performance:
Deep liquidity, multi-asset collateral and yield on all deposits.
- Drift reposted
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 - Drift reposted
A common question we're getting on the Drift relaunch is: why is it taking so long? Why do you even need a 'relaunch' when it was already live? One of the biggest decisions early on was: new program or reuse the old one? We decided to launch with an entirely new program/program - Drift repostedWhile it's been an epic few years at Helium, I couldn't resist the call of another migration-level challenge. Those of you who know me know I can't resist chewing some glass. As such, I am going to join @DriftProtocol team and help them relaunch. Why? Because I genuinely believe
Today we are sharing an update on Drift recovery and relaunchReplying to @DriftProtocolWe are also providing an update on the Mandiant investigation, which has conclusively attributed the attack to UNC6862, a North Korean threat group with direct ties to other state-sponsored actors involved in similar attacks on other platforms.Our priority remains relaunching Drift as a security-first, perps-native exchange, and accelerating the path to user recovery through performance. We will continue to share updates - including detail on recovery mechanics and timing - as they become available. The work- Drift reposted
CLARIFICATION: DIP-10 is unrelated to the Insurance Fund. It is specifically about the remaining spot assets in the Borrow/Lend pool, and proposes to authorise Drift Foundation to convert those assets into stablecoins to seed the recovery pool at launch. Affected users willVote for DIP-10: Treatment of Remaining Asset in Borrow Lend is currently live.
- Drift reposted
Vote for DIP-10: Treatment of Remaining Asset in Borrow Lend is currently live. - Update: Insurance Fund depositors will be able to withdraw their Insurance Fund stake when the protocol goes live. Drift’s documentation and code demonstrates that the Insurance Fund exists to maintain protocol solvency in the event of bankruptcies. Given that the protocol was
- Drift repostedNew Discussion: Treatment of Remaining Assets in Borrow/Lend The new discussion covers: • Converting remaining borrow/lend spot assets into USDT for the recovery pool • Settlement methodology and treatment of user balances post-incident • Improving transparency, reporting,
- 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 poolReplying to @DriftProtocolRedemption 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.
- We told our community we would find a path to recovery. This is that path. Today’s update covers: how users will be compensated and how the exchange is being rebuilt.Replying to @DriftProtocolNote that key decisions won’t be made unilaterally: Major changes will be subject to a DAO vote, because your voice matters in how we rebuild. Drift will publish updates as more progress is made. Follow @DriftProtocol for the latest updates.Read the full Recovery Plan for Affected Users here:
