Drift

Trade perps on Solana with ultimate performance:
Deep liquidity, multi-asset collateral and yield on all deposits.

[Drift @DriftProtocol]

https://t.co/qYBMCup9i6

[Noah 🎈 @redacted_noah]

While 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 that Drift provides a valuable set of primitives to the ecosystem and is worth saving. This is also the best path to funding user recovery; we must build something so useful it can generate the revenue needed for the recovery pool. Tall order.

The landscape has shifted. Trust is eroded. Things that are worthwhile are rarely easy, and this is no exception. I fully acknowledge I could be applying for a job at Wendy’s in 6 months.

Everyone has forks in the road in their careers, easier paths vs harder paths. I have chosen the harder path at every turn; and it has paid off. Not every swing hits, but even in failure you massively level up your skillset.

My focus is on improving the security stance of Drift, getting it relaunched, then turning it into the best perps exchange in existence:

First, that means working with STRIDE to ensure we're following the best multisig and opsec practices. I won’t be taking this endeavor alone, the chads at @asymmetric_re and @osec_io have been incredibly helpful and continue to be deeply involved in auditing both new code and new operational practices. Security does not come from one individual, it comes from cultivating a culture of security and having outside professionals continuously verify that work.

Second, I am overhauling the codebase (within reason). Over the years it has picked up a large set of features, many of which no longer need to be used. The protocol has solid bones, but tight coupling has led to a buildup of tech debt that is easier to fix during this downtime.

Third, I want to build multiple levels of security and circuit breakers into the protocol. DeFi protocols must be structured to limit the ability of a single incident or contagion to create havoc. I will be thinking from the perspective of defense-in-depth; there should be layers of protection to prevent incidents like the April 1st hack. The program should reject suspicious changes even if they come from an operational multisig.

Lastly, and more long term, I want Drift to become the most compelling perps exchange on the market. I am very much looking forward to entering the arena that is perps on Solana. It is an honor to be competing with the chads on all the other teams (Phoenix, Bulk, Gm, Imperial, Pacifica, etc). Steel sharpens steel, and I eagerly await the firehose of knowledge over these next few months.

Solana needs as many shots on goal as it can get. One (or many) of us will win.

[Drift @DriftProtocol]

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 continues.

[Drift @DriftProtocol]

Today we are sharing an update on Drift recovery and relaunch

https://t.co/pn4121cUp3

[Drift @DriftProtocol]

We 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.

[Tracy | drift @tracybbd]

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 will receive recovery tokens representing their verified loss, which can be claimed against the recovery pool as it grows.

[Drift Foundation @DriftFDN]

Vote now:
https://t.co/s6RmXpKNTo

[Drift Foundation @DriftFDN]

Vote for DIP-10: Treatment of Remaining Asset in Borrow Lend is currently live.

[Drift @DriftProtocol]

Reference: https://t.co/TC4sgkRVnv

[Drift @DriftProtocol]

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.

[Drift Foundation @DriftFDN]

Read the full draft and join the discussion:
https://t.co/HTU68mMya1

[Drift Foundation @DriftFDN]

New 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, and governance oversight around implementation and recovery processes

The objective is to support long-term protocol sustainability while improving transparency and governance standards following the April 1, 2026 incident.

[Drift @DriftProtocol]

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 pool continues to grow.

[Drift @DriftProtocol]

Redemption 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.

[Drift @DriftProtocol]

Read the full Recovery Plan for Affected Users here:

https://t.co/YM09GInV9s

[Drift @DriftProtocol]

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.

[Drift @DriftProtocol]

Note 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.

[Drift @DriftProtocol]

Redemption 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.

[Drift @DriftProtocol]

The recovery pool is seeded with ~$3.8M in protocol remaining assets, converted to USDT.

The pool will continue to grow every quarter through a substantial portion of the exchange's net exchange revenue, additional partner capital, and Tether's matched deployment (up to $127.5M committed)