The latest update on the Drift recovery is now live here: https://t.co/E6PDdVlEFo
As we work towards relaunch, we’re glad to have the right people around the table with @redacted_noah and former members of the @gauntlet_xyz team.
We’re focused on taking the necessary steps to build Drift into a market-leading perps exchange, and the largest USDT-based one on Solana, allowing us to deliver the recovery our users deserve. Relaunch will mark the start of the recovery engine, but this process began with our collaboration and support package from @tether and has been a 24/7 effort from day one.
The work continues.
there'll be one last crash in crypto, due to macroeconomics and geopolitical news, we'll likely trade sideways for 2 months on that period, and that's exactly where you want to scale in with size
all crypto related fud will release and etfs will flow negative at record high, saylor blowing up expectations etc
my bids will be on doge, solana, btc, eth, drift and hype.
Exchanges still letting this trade run, after @zachxbt’s crime thread $LAB went %312 higher.
@star_okx@heyibinance@cz_binance good job on milking your users, no wonder why people pivot to dexes
corrupted space
1/ An investigation into the opaque private loans/OTC, unilateral vesting changes, market maker coordination, unknown float, and >95% supply control behind $LAB's recent pump to $6B FDV.
Here's why @LABtrade_ represents everything wrong with the current meta of retail extraction on major centralized exchanges.
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 paused before losses resolved through the ordinary liquidation or bankruptcy paths, the Insurance Fund was and remains unaffected by the exploit. Users will be able to withdraw their Insurance Fund stake when the protocol goes live.
Any protocol-owned Insurance Fund assets will be allocated to support a healthy relaunch for all users. Relevant program addresses will be publicly disclosed so the community can track how protocol-owned capital is deployed.