Drift published a relaunch roadmap on local time May 3 after an April 12 hack caused $209.58 million in abnormal fund movements. The Solana-based decentralized derivatives exchange stated its priority is launching a security-focused USDT perpetual futures exchange and using revenue to compensate affected users. Drift operates in the Solana DeFi ecosystem, where security incidents have prompted platforms to enhance protocol safeguards and establish user recovery mechanisms.
Drift Plans USDT Perpetual Futures Exchange and Revenue-Funded Recovery Pool
Drift stated on its website that accelerating user recovery through a secure, high-performance exchange relaunch is the current top priority. The protocol announced it will establish a compensation framework for affected users using revenue from the relaunched exchange.
The foundation stated that launching a security-first perpetual futures exchange is a key objective. Drift plans to operate a Recovery Pool funded by relaunched exchange revenue to cover long-term unrecovered losses from the hack.
Drift Hires Noah Prince as Head of Protocol and Rebuilds Security Infrastructure
Drift disclosed it is conducting a full protocol rebuild prioritizing security. The foundation hired Noah Prince, who previously led protocol engineering at Helium, a blockchain-based decentralized wireless network, as Head of Protocol.
Drift Enhances Risk Management Systems with Liquidation and Monitoring Upgrades
Drift stated that additional experts are reviewing the liquidation engine, adjusting funding rates and market parameters, optimizing the liquidator system, and building risk monitoring infrastructure.
Drift stated that detailed information on user recovery methods and compensation schedules will be announced later.
FAQ
What did Drift announce on local time May 3?
Drift published a platform relaunch roadmap following an April 12 hack that caused $209.58 million in abnormal fund movements. The protocol stated it will launch a USDT-based perpetual futures exchange and use exchange revenue to establish a Recovery Pool for compensating affected users.
Who did Drift hire as Head of Protocol?
Drift hired Noah Prince, who previously served as protocol engineering lead at Helium, a blockchain-based decentralized wireless network. Prince was brought on to oversee the full protocol rebuild prioritizing security.
