Redemption UI is Live

Roadmap for Stage 1 & 2

On 16 May 2022 we published a post outlining the Drift Settlement Plan where a new user dashboard was promised to become available no later than 19:30 UTC 20th of May 2022. This is an announcement to follow up on that promise and to launch the redemption portal. It is accessible to all users at app.drift.trade/redeem.

On 20 May 2022 at 7:30pm UTC all users will be able to redeem the prorated amount of their settled collateral from the insurance fund. As a reminder, this is just Stage 1 of the Settlement & Redemption Plan, and as planned it will deplete the Protocol’s Insurance Fund in its entirety, which includes all fees earned to date by the Protocol.

There has also been meaningful developments on Stage 2, which is the plan to fully reimburse traders’ settled collateral. Another announcement will follow this one on Monday at 9:00 pm UTC.

Drift acknowledges that this has been a difficult situation for everyone and remains dedicated to doing everything possible to restore faith in the protocol by compensating users as wholly and as quickly as possible.

Many thanks to the community for providing valuable feedback on proposals and for being active participants in the resolution process. The proposals channel in our Discord is open for discussing ideas and making all users’ voices heard.

Steps to Redeem

To withdraw your funds from the redemption portal, visit app.drift.trade/redeem.

Under your account overview are four figures:

1. Settled Collateral — The total amount of collateral you can redeem based on your account balances and treatment of unrealised PNL on open positions
2. Withdrawable Collateral — The collateral immediately available for you to withdraw
3. Withdrawn Collateral — The amount of collateral you have already withdrawn
4. Outstanding Collateral — The outstanding collateral that will be paid to you. You will be able to withdraw the remainder of your settled collateral as the pool gets replenished

To withdraw your available collateral, connect your wallet and click on the icon in the “withdrawable collateral” field. Please note there is no option for partial withdrawal in the UI at this time. Your wallet will request a transaction signature which users will need to sign in order to receive their withdrawable collateral balance.

There will be no time limit for the period of withdrawal and the redemption page will remain live indefinitely. Users that have elected to opt out of the redemption process and have not withdrawn their collateral will have the option to roll over their balance on the Protocol when the exchange re-opens and trading resumes. At no point will the Settled Collateral amount decrease and all users will be able to claim their outstanding collateral amount as funds are made available in Stage 2.

Drift remains committed to the community and looks forward to sharing the forthcoming update on Stage 2.