Collaboration establishes clear, structured path toward recovery through ecosystem grants and credit facility to support Drift’s relaunch with USDT used for settlement
NEW YORK--(BUSINESS WIRE)--Drift Protocol (“Drift”) today announced a collaboration with Tether and other partners, through which Tether is proposed to contribute up to $127.5 million and other partners are proposed to contribute $20 million. The structure is intended to support user recovery following the April 1 exploit and facilitate Drift’s relaunch as the largest USDT-based perpetual DEX on Solana.
The proposed support package by Tether and other partners is structured around a clear, revenue-driven recovery mechanism designed to prioritize users from day one. It contemplates a revenue-linked credit facility, an ecosystem grant, and loans to market makers. During the initial phase of the collaboration, a substantial portion of exchange revenue, together with committed support capital, is intended to fund a dedicated user recovery pool. This structure is designed to support recovery of the $295 million in outstanding user losses over time.
“We made a commitment to our users that we would find a path to recovery, and this collaboration with Tether is intended to give us the resources to deliver on that on an accelerated timeline,” said Cindy Leow, Co-Founder of Drift. “This collaboration reinforces confidence in Drift as a critical trading platform on Solana and demonstrates Tether’s confidence in Drift’s technology and growth. This framework is intended to accelerate user recovery while giving Drift a path to relaunch and grow sustainably.”
“Our decision was grounded on the understanding that Drift’s underlying protocol, team, and market position remain intact,” said Paolo Ardoino, CEO of Tether. “This proposed facility is intended to align incentives from the outset – prioritizing user recovery while supporting Drift’s ability to operate and grow. We believe Drift can re-emerge as one of the most important trading platforms on Solana, and this collaboration reflects that conviction.”
In addition to the credit facility, Tether intends to provide an ecosystem grant to fund reduced trading fees and other user incentive programs to support Drift Protocol’s relaunch with USDT used for settlement. Tether also proposes to extend a USDT support facility to designated market makers to reinforce deep, liquid markets from day one.
In addition to the collaboration, today Drift also published an Incident Recovery Update that outlines a user recovery framework and hardened security measures to be implemented upon relaunch. The full Incident Recovery Update is available here: www.drift.trade/updates/incident-recovery-update-april-16-2026-now
About Drift Protocol
Drift Protocol is the largest decentralized perpetual futures exchange on the Solana blockchain, serving more than 175,000 traders with ~$150 billion in cumulative trading volume. Founded in 2021, Drift offers perpetual futures, spot trading, borrowing and lending and cross-margin trading.
About Tether
Tether is a pioneer in the field of stablecoin technology, driven by an aim to revolutionize the global financial landscape. With a mission to provide accessible and efficient financial, communication, artificial intelligence, and energy infrastructure. Tether enables greater financial inclusion, communication resilience, fosters economic growth, and empowers individuals and businesses alike.
As the creator of the largest, most transparent, and liquid stablecoin in the industry, Tether is dedicated to building sustainable and resilient infrastructure for the benefit of underserved communities. By leveraging cutting-edge blockchain and peer-to-peer technology, it is committed to bridging the gap between traditional financial systems and the potential of decentralized finance.
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