What it is
Drift was exploited for about $285M in April 2026, then rebuilt and relaunched as Velocity with a Tether credit line and new audits. Part of trading revenue goes to a recovery pool for affected users.
What you can do
PerpsBTC, ETH and SOL to 20x; HYPE and ZEC to 10x; settles in USDT.
DFX claimsFormer Drift users can claim at dfx.drift.trade until Jan 1, 2028.
How to get started
- Read the post-incident security notes first.
- Deposit USDT or supported collateral.
- Trade small while the venue rebuilds liquidity.
Fees
0.06% taker stepping down with volume; small maker rebate on post-only orders.
Risks to know
- Recently exploited protocol rebuilding trust.
- Few markets and thinner liquidity than older venues.
- Smart contracts can have bugs. Only deposit what you can afford to lose, and check you're on velocity.exchange before connecting.
Recent updates
Relaunch; co-founder Cindy Leow stepped down.
Public beta opened to all traders.
Exploited for about $285M; Tether committed up to $127.5M.
Numbers from DefiLlama, snapshot Oct 18, 2026. Facts checked Oct 19, 2026. This page is educational, not financial advice.
