sandmark.com
Drift Protocol's post-hack rescue plan includes $127.5mn in funding from Tether, giving the stablecoin issuer a strategic entry point into Solana'sderivatives market as Tether's $USDT coin will replace rival Circle's $USDC on the hacked exchange.
The support package, unveiled after a $295mn exploit earlier this month, totals up to $147.5mn and includes a proposed contribution of up to $127.5mn from stablecoin issuer Tether, alongside a further $20mn from unnamed partners, according to a company statement.
Drift Protocol's native token, DRIFT, surged more than 24% on 16 Apr after the exchange unveiled the rescue plan. The token later pared gains to trade up 19.5% over 24 hours, at $0.051 at 15:09UTC.
Drift, a Solana-based perpetual futures exchange, counts Multicoin Capital and Polychain Capital among its backers. The company did not disclose whether existing investors participated in the financing round and declined to provide further details to Sandmark.
Why it matters
The rescue package gives Tether a direct commercial foothold in one of Solana's largest onchain derivatives venues as Drift shifts settlement from $USDC to $USDT, potentially redirecting stablecoin balances, trading flows and fee generation.
Solana has been a relatively smaller market for $USDT compared with rival networks. It ranks fourth for $USDT circulation, with about $3.1bn in supply over the past 30 days, behind Tron, Ethereum and BNB Chain.Circle's $USDC, however, has enjoyed a stronger position. Solana is $USDC's second-largest market after Ethereum, with roughly $8.1bn outstanding.
That makes Drift's switch significant. Solana has grown into one of crypto's busiest stablecoin hubs, with transaction volume hitting a record $650bn in February, the highest of any blockchain that month, according to Grayscale Research.
Repayment maths
The financing will be structured through a revenue-linked credit facility, ecosystem grants and loans to market makers.
The protocol generated about $6.1mn in gross revenue and $2.5mn in earnings in the first quarter of 2026, according to DefiLlama data, suggesting a successful relaunch could create a valuable repayment stream while restoring trading on the platform.
Recovery token
Drift is planning a broad security overhaul ahead of any relaunch. In a post-mortem update, the exchange said affected users will receive a dedicated recovery token, separate from the DRIFT governance token, representing a claim on the recovery pool.
The token will be transferable, allowing holders either to sell their claims for immediate liquidity or retain them while awaiting fuller reimbursement over time.