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Solana-Based Drift Protocol Announces $150M Recovery Fund, New Token Following Tether Collab
TL;DR
Drift Protocol, a Solana-based DEX, has announced a $150 million recovery fund in collaboration with Tether after a $285 million exploit. The recovery plan aims to support affected users and relaunch with USDT as a central component.
Key points
- Drift Protocol is a decentralized exchange on Solana.
- The recovery fund is backed by Tether and other collaborators.
- $285 million was lost due to a recent exploit.
- The fund includes a $100 million credit line and ecosystem grants.
- USDT will be central to the relaunch of Drift Protocol.
Mentioned in this story
Drift ProtocolTether
Solana
Solana-based decentralized exchange (DEX) Drift Protocol has shared the highly anticipated user recovery plan alongside Tether and other collaborators. This move follows the major exploit that drained $285 million from the project’s vaults two weeks ago.
Drift Protocol Secures $150M Recovery Fund
On Thursday, Drift Protocol, the largest decentralized perpetual futures exchange on the Solana blockchain, announced a collaboration with Tether and other partners to establish a “structured recovery plan backed by up to nearly $150 million in combined support” and relaunch with USDT “at the center.”
According to the announcement, the funds include a $100 million revenue-linked credit line, an ecosystem grant, and loans to market makers, all intended to finance a dedicated user recovery pool.
Drift Protocol reveals recovery plan. Source: Drift on X
As NewsBTC reported, the Solana-based DEX suffered an exploit that stole hundreds of millions of dollars from its vaults on April 1. The attack took around $285 million in multiple crypto assets and became the largest exploit of 2026 to date.
During the initial phase of the collaboration, a significant portion of exchange revenue, together with committed support capital, will be intended to fund this recovery pool, Drift explained, noting that any stolen funds recovered would be contributed to the pool.
In addition, Drift revealed that it will issue a new token for the affected users to “streamline distribution of recovery assets as well as provide liquidity opportunities for impacted users.”
The token will be a dedicated recovery token, separate from the DRIFT governance token, that is intended to represent a claim on the recovery pool and will be transferable.
Solana DEX Eyes Hardened Security Framework
The Solana-based project shared that it will harden its security, passing each component through independent audits by OtterSec and Asymmetric Research before relaunching the protocol.
It will also introduce a new community-governed multisig to manage core protocol assets, requiring all multisig signers to operate on dedicated signing devices with transaction content independently verified outside the primary signing interface before any signature is executed.
Q&A
What is the purpose of Drift Protocol's $150 million recovery fund?
The recovery fund aims to support users affected by the recent exploit and finance a dedicated user recovery pool.
How much was drained from Drift Protocol's vaults in the exploit?
$285 million was drained from Drift Protocol's vaults during the exploit two weeks ago.
Who are the collaborators involved in Drift Protocol's recovery plan?
Drift Protocol's recovery plan involves collaboration with Tether and other partners.
What components make up the $150 million recovery fund?
The recovery fund includes a $100 million revenue-linked credit line, an ecosystem grant, and loans to market makers.
