Drift protocol (DRIFT)

Some insights from @artemis’s 1-month DEX/perp DEX token performance: • Solana DEX tokens (DRIFT, ORCA, JUP, RAY) avg: -37.2% • ETH-side DEX tokens (UNI, CRV, GMX, SNX, AERO) avg: -25.8% • HYPE: +48.2% - only name in the green The market is getting selective. Real fees, real volume, a token model that actually captures value. Hyperliquid is in a different category.

An Open Letter To @DriftProtocol In therapy, people are often told to write a letter to their abuser. Of course, they’re also usually told not to send it. But this is CT, and people like to read things. I fell in love with Drift after 10/10. Watching the entire industry get liquidated over price action that wasn’t real forced me to take a serious look at anyone trying to solve that problem. And at the time, Drift looked like one of the only teams actually trying. You didn’t liquidate most users that day. Your approach to protecting traders from temporary price dislocation events felt like a breath of fresh air and a much needed step in the right direction for this industry. So I put my eggs in your basket. Partly because of PTSD. Partly because of one feature. And partly because after suffering one of the biggest liquidation losses in an event where nearly two million other traders were wiped out too...I probably wasn’t thinking clearly. But what hurt more than the abused trust was the social capital I burned defending you. Supporting Drift was not a popular move. At the time, my reputation in this space had not taken any real hits. And I stuck my neck out for you because I thought I was taking a principled stand on industry progress. In hindsight, I was putting too much faith in one feature and ignoring the broader risk. That’s on me. But what happened next is on you. I do not blame North Korea. I blame Drift. This was not a smart contract exploit. This was not some obscure bug that slipped through an audit. This was human failure. Operational failure. Negligence. In any other industry, if a key individual acted negligently and that negligence caused a major loss of customer funds, that person would be removed. If it were a founder or CEO, there would be a resignation. There would be accountability. Here? Nothing. No public statement that the responsible keyholder stepped down. No confirmation that they were removed. No meaningful acknowledgment that the person trusted with those controls should never be trusted with them again. That lack of accountability is an insult to every victim of your negligence. The idea that a business can mishandle admin controls, lose customer funds, and then move forward without individual-level accountability is absurd. And the insult didn’t stop there. You floated the idea that token holders staked in the DSM might forfeit their tokens. You even suggested putting it to a vote. That was not what people signed up for. This was not a normal bad debt scenario. This was not the type of event that was clearly covered under the terms people accepted when they staked. You tried to rewrite the rules after the fact. And those tokens are still not released. Stop pretending you’re DeFi while holding token holders’ property hostage. Then came the illusion of a recovery path. The Tether revenue-backed loan made for a nice PR headline. It created the appearance of movement. But it was based on revenue. Revenue you don’t have. Even at pre-exploit levels, it would have taken years to make victims only partially whole. This was not a major bug that needed to be patched. This was human error and protocol-level negligence in how admin controls were handled. And yet you stall. Your updates are infrequent. The ones you do post are mostly vapor. You are not waiting because you have no choice. You are waiting because it is a strategy. You are counting on crypto having a short memory. You are waiting for market optimism to return. You are waiting for the exploit to become old news. You are waiting for a dozen newer exploits to bury yours. I won’t let you forget. You are finished, and you know it. Drift once had a guaranteed place in the Solana ecosystem because traders had very few native alternatives. That is no longer true. Solana traders who don’t want peer-vs-pool exposure have choices now. You are no longer essential. You are no longer inevitable. And without real accountability, you will never be trusted the same way again. You’re hoping people forget. I won’t. And until you show actual accountability, I won’t let anyone else forget either. If tokens are going to be forfeited, start with the team allocation. Start with the people responsible. Start with the insiders who created the conditions for this failure. Public resignations would be a start. You don’t have to name names. But a public statement saying the person responsible no longer controls what they were clearly unfit to control would be nice. Put your own money into making users whole. Stop hiding behind process. Stop pretending this was just another unfortunate crypto exploit. It wasn’t. It was negligence. I can do a good enough job embarrassing myself from time to time without any help. But Drift embarrassed me. And you should be ashamed. More than you are. 🫡 From the depths — The White Whale 🐋

Drift is pushing to restart the platform after the April attack https://t.co/SCzpWqj0Lf https://t.co/4OhqAC5v41

👑👑👑 https://t.co/DPTzD8h1kX

imagine holding the token of a project that got exploited for hundreds of millions and did nothing to make things right then acting surprised the price keeps dumping serious stockholm syndrome

It is a new month and the space never stops building. 𝘜𝘱𝘨𝘳𝘢𝘥𝘦𝘴, 𝘛𝘎𝘌𝘴, 𝘪𝘳𝘭 𝘮𝘦𝘦𝘵𝘶𝘱𝘴, 𝘵𝘰𝘬𝘦𝘯 𝘶𝘯𝘭𝘰𝘤𝘬𝘴 𝘢𝘯𝘥 𝘮𝘰𝘳𝘦 𝘴𝘵𝘪𝘭𝘭 𝘩𝘢𝘱𝘱𝘦𝘯𝘪𝘯𝘨. Here are some events you should look up to this week👇 --------------------- ➢ On June 1, @OfficialApeXdex will delist all Prediction Contract trading pairs, with any open positions automatically settled by the system after the deadline. --------------------- ➢ On June 1, @Official_Upbit will delist selected trading pairs and terminate market support for $DRIFT, requiring users to withdraw affected assets before the deadline. --------------------- ➢ @AskVenice reduces annual VVV token emissions from 5M to 4M on June 1st, the second step in a staged reduction schedule targeting 3M annual emissions by July 1st. --------------------- ➢ @RequestFinance will introduce a new payment approach in iGaming on June 1, this will expand its decentralized B2B invoicing and payment infrastructure. --------------------- ➢ @itplaysout gaming infra goes live across globally featured superapps for the

#DRIFT single candle +%126 🤝🔥 May it be abundant for everyone.

#DRIFT was pushed up by 35%! Even though it looks strongly up on the 4‑hour chart, looking at the 1‑week chart we can see it stays at the bottom. Potential rally zones are highlighted at $0.060‑0.075. There hasn't been any significant recent wallet activity; the market maker is WinterMute and they are very dangerous guys :)) If the rally starts, it will cut through shorts but will also wipe out longs... We are watching.

They’ll soon restart @DriftProtocol, I once wrote that they’ll probably do everything to regain people’s trust (so far it’s weak, e.g., an attempt to confiscate the insurance fund) and maybe it makes sense to buy their DRIFT? DYOR Personally I only farm DRIFT/SOL