Drift Launches Repayment Process with 1% Initial Payout Rate

Crypto platform Drift has launched a claim and repayment process for users who suffered losses in an incident on April 1. The initial payout amounts to about 1% of verified losses, with users able to claim 1 DFX (a token representing a claim on the Recovery Pool) for every 1 USDT in verified losses.

However, there is a significant gap between the number of tokens issued and the payout available today. The current payout rate is about 0.0104 USDT per DFX, which means that if all 1,000 DFX issued for a verified loss of 1,000 USDT are redeemed at this rate, the payout would be about 10.4 USDT.

The payout amount depends on the funds available in the pool, which currently holds around 3.11 million USDT. The reimbursement amount per DFX is calculated by dividing the pool balance by the remaining DFX supply. This means that the current payout level could change as new funds are added to the pool.

Drift has stated that planned funding sources include a portion of Velocity's daily net protocol revenue, up to 127.5 million USDT from Tether, and up to 20 million USDT from strategic partners. Recovered funds will also be added to the pool.