Drift: Backed byTether, and others, plans to establish a $147.5 million recovery fund
Svmuu News: Drift announced on its official website that Drift Protocol has secured support from Tether and other partners. Tether plans to contribute $127.5 million, while other partners plan to contribute $20 million, to jointly support user recovery efforts following the April 1 attack.The support plan includes a $100 million revenue-backed credit facility, ecosystem grants, and loans to market makers. Drift will establish a dedicated user recovery pool aimed at gradually resolving the $295 million in outstanding user losses as trading revenue grows.Additionally, Drift will distribute separate recovery tokens to affected users; these tokens represent transferable claims against the recovery pool.Drift is currently undergoing a protocol restart, has engaged Ottersec and Asymmetric to conduct audits, and is migrating its settlement layer from USDC to USDT. The attack resulted in the theft of approximately $295 million in assets; the insurance fund’s assets were not affected.
Source:Odaily · Source Link
Disclaimer: This content reflects only the author’s personal views and does not constitute any investment or financial advice. If you discover any content that violates regulations,Click to Report
24H Trending
-
1
Saudi Arabia adopts new, pricier route to export oil via Mediterranean port
-
2
An Analysis of the Multiple Meanings of ODA: Different Project Backgrounds and Investment Risk Assessments
-
3
FALQOM Token Analysis: A Closer Look at the Falcon Finance (FF) Project and Its Future Prospects
-
4
Investors Rotate Out of Chip Stocks
-
5
Analysis of the Investment Value and Future Prospects of the LAMBO Token: An Examination of Multiple Projects
-
6
A Complete Guide to OKX (OKX) Account Registration and Identity Verification
-
7
DUO Network Token (DUO) Value Analysis: Project Status and Investment Considerations
-
8
A Selection of USDT Trading and Exchange Platforms: An Analysis of the World’s Leading Stablecoin Trading Channels
-
9
What Is SSV Coin? An Analysis of the SSV Network’s Core Technology and Trading Platform
-
10
PRARE (Polkarare) Project Overview and Market Performance Analysis
Markets Today
Recommended Reading










