AleksVictus

@tracybbd @VelocityDEX It would be nice if you could accept my Discord request.

@AleksVictus @VelocityDEX Hey! Could you join our discord server and open a ticket? Our team will be answering any issues you're facing and take feedbacks from there. Link to join: discord.gg/zPpydg7EK

Velocity Private Beta is now live! Users who were whitelisted for access can now access the platform here: velocity.exchange

@DriftProtocol Twitter's Drift protocol appears to have been hacked. Do not click any links here.

@0xahzam @DriftProtocol You need to include real assets (stocks, metals, oil, etc.) in your trading – see how hyperliquidity is growing? If RWA are available on Drift, this will make it popular and help those affected compensate their losses more quickly.

I've been deep in the trenches getting @DriftProtocol relaunched and can't wait to show you all the exciting changes we've been making so here's a brief high level update: 1) every risk parameter on perp and spot market (what you know as borrow/lend), is being empirically derived. nothing is being left for eyeballing/guess work, instead being measured from book's past behavior during crashes and size around that. plan is to start relatively conservative and loosen incrementally as TVL rebuilds, more than happy to go deep on the methodology per metric but keeping that for dedicated posts. 2) OI caps are sized to what we can actually liquidate. more than just a demand forecast, it's also worst-case absorption limit. we stress every market against an instant ~40% adverse move (harsher than oct 10-11 realized) and size so that even with makers fully withdrawn there's no bad debt. I'm aware this might be more aggressive than needed so it's not the final caps, which will still account for backstop liquidity/IF. 3) I spend a lot of time working on vAMM (our internal market maker + fallback liquidity), some major changes: did a big refactor that decoupled it off the PerpMarket struct into its own quoter interface, which makes the whole thing far cleaner to reason about and to audit. alongside ex-gauntlet researchers, lot of modeling and formalization (which I'd love to release publicly at some point in future) is being done to improve quoting/spread logic so you get the best price with good liquidity. this will continue improving post launch. 4) on funding rate mechanism, we've added clamps to reduce extreme spikes, updated the base funding rate in dead zone, and there's ongoing modeling to reduce volatility with the goal of funding that's smoother and more predictable to trade against. 5) a big part of the relaunch is lowering the attack surface, so been removing legacy code paths that don't need to exist anymore. this is the same tech debt @redacted_noah has been posting a lot about lately 6) more soon.. we will also release a detailed changelog at relaunch so you can go through entire list yourself. meanwhile, I want to be as transparent as I can so will post more and please feel free to ask/tag me with any questions around exchange's economics/mechanism 🫡

@redacted_noah It would be nice if at least an approximate timeframe for the restart was announced.

A common question we're getting on the Drift relaunch is: why is it taking so long? Why do you even need a 'relaunch' when it was already live? One of the biggest decisions early on was: new program or reuse the old one? We decided to launch with an entirely new program/program ID. Why? 1. The existing program's state was in limbo after the hack. It didn't fully resolve the liquidations because the exploiter's collateral was never marked to 0. We wouldn't want to muddy that state, because it is needed to snapshot what everyone is owed. 2. Security is not something you can just strap on - it takes thoughtful design from the outset. Adding extra security means making breaking changes to on-chain state. Making these changes while providing a migration path for existing state is 10x harder. An analogy - code is like a Jenga tower. Security is at the bottom of the tower. It is very hard to change the blocks at the bottom without toppling the tower. If the code is not in production, though, you can simply put the top part of the tower off to the side and fix the bottom. Next. Why is it taking so long? Part of making a program more secure is lowering the attack surface. Over the years, Drift developers were forced to make less-than-ideal design decisions in order to not change existing code in a non backwards compatible way. In tech circles, we call this accumulating 'tech debt'. Now that the program needs to be completely re-audited from scratch, that debt not only adds heaps of time and cost to the audit schedule, it also increases the attack surface and makes the code hard to reason about. Is this a complete rewrite? No. That would take far too long, and would be unproductive as it would lose all of the hard-fought lessons built into the existing code. Think of it more as mowing the lawn. It's overgrown, and there are weeds everywhere. I'm whacking the legacy problem sections I can find, and trying to make the code easier to audit. I'm not going to catch everything, or have time to fix all tech debt, but I'm fixing all of the top offenders. I'll share more in later tweets of specific changes I've been making, as I want to be as transparent as possible.

@redacted_noah I'm really looking forward to the Drift restart! Thank you for taking on this challenge! Best of luck!

Solana programs accumulate tech debt uniquely badly, because there’s no level of abstraction. Your data model and handlers _are_ your interface. If people are constructing their own instructions or interacting with on-chain data, you’re paralyzed to making changes to data/instructions without breaking backwards compatibility. It’s a real problem. As I go through Drift’s code, I think it would be easy to get mad at the previous devs and declare “why would you do such things!” But the answer is they were smart, and they squeezed jenga blocks in where they fit to keep the protocol moving. That hustle is why Drift was the best on Solana. The code isn’t bad, it’s just an old man that’s seen some shit. And if you refactor said shit, you better be damned sure you understand the lessons the old man learnt long ago. Wrinkly code accounts for more edge cases than a rewrite, it has institutional memory that’s hard to reproduce.

@DriftProtocol When is the relaunch planned? When will the debt token be available for claiming?

Today we are sharing an update on Drift recovery and relaunch drift.trade/updates/drift-…

@DriftFDN What's new with the launch of Drift itself? When do you plan to open trading? P.S. I think if traditional assets (oil, gold, stocks, etc.) are available on the platform, Drift could become a Solana-like Hyperliquid. This could yield decent profits and speed up the recovery.

Vote now: v2.realms.today/dao/FVVXu18aNU…

Vote for DIP-10: Treatment of Remaining Asset in Borrow Lend is currently live.

@DriftProtocol @DriftProtocol Please approve Discord requests!

We told our community we would find a path to recovery. This is that path. Today’s update covers: how users will be compensated and how the exchange is being rebuilt.

@davijlu @tether @davijlu @cindyleowtt @DriftProtocol It's been over two weeks since we last heard from you! I'd appreciate some comments on how the restart is going and details on the compensation mechanism!

Identifying a path towards recovery has been the sole focus since April 1. The collaboration with @tether and other partners gives us the resources to find that path on an accelerated timeline. businesswire.com/news/home/2026… The structure matters: in 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 collaboration is the first major step in rebuilding stronger than before. We’ve outlined important details in an Incident Recovery Update here: drift.trade/updates/incide…

@DriftProtocol @DriftProtocol Please approve Discord requests.

@DriftProtocol @DriftProtocol. I was hoping to hear at least some news from you today, May 1st. This is simply disrespectful to the people whose money was stolen from your project!

@DriftProtocol @tether @DriftProtocol Two weeks have passed! Respect your users! Share news, even if it's small or not very good!

Today, Drift is announcing a collaboration with @tether and other partners totaling up to nearly $150 million to support our commitment to a relaunch with USDT at the center, and a path to user recovery. These funds encompass a $100M revenue-linked credit facility, an ecosystem grant, and loans to market makers, designed to fund a dedicated user recovery pool. Learn more 👇

@DriftProtocol @tether @DriftProtocol Please share some news. And approve Discord requests.

@DriftProtocol @tether @DriftProtocol I would like to hear some news from you!

@DriftProtocol @tether @driftprotocol When will you have information about your next steps?

@DriftProtocol @DriftProtocol Please don't be silent! The truth is better than silence!

Interim Update We recognize the impact this has had across our users and the builders who have integrated with us - many of whom rely on Drift as core infrastructure. We’re actively working on next steps and will share more once details are finalized.

@DriftProtocol @DriftProtocol Do you have any (good) news? Your silence is killing.

@loicdefi @DriftProtocol @asymmetric_re @osec_io They have $240 million remaining in staking. If they distribute it among all users, that would be a return of about 40% of the initial deposits. For me and my family, even that would be a huge help in this situation.

Drift is actively working with @asymmetric_re, and @osec_io to consolidate a coordinated recovery plan. Our immediate focus is to stabilize the situation and provide protocol-level assurance to all affected users and partners. Drift will also be participating in the STRIDE program by @SolanaFndn as part of strengthening our long-term security posture. We’re aligning closely with leading ecosystem security teams to ensure a structured and thoughtful path forward. Further updates will be shared soon.

@DriftProtocol @DriftProtocol ! Maybe you should give us some information about your situation? Many of us have lost significant amounts of money! Your silence leaves me feeling abandoned, alone with my losses, pain, and fear for my family's future! Please! Don't remain silent!!!