Drift

Solana

April

Velocity

<h2 id="span-span-solana-dex-new-identity-drift-is-back-as-velocity-after-285m-exploit-span-span">Solana DEX New Identity: Drift Is Back As Velocity After $285M Exploit</h2>Drift's ticker, token, and trading interface all carry a new name as of today — but the code behind it is what traders actually need to check before this beta drops.If you held DRIFT through April's exploit, or trade Solana perps regularly, this rebrand isn't cosmetic — it touches settlement assets, access, and possibly your recovery timeline.The name change is confirmed. What isn't yet clear is who gets into the private beta first, and whether it changes anything for users still waiting on compensation — here's what we found.<h3 id="span-span-drift-officially-becomes-velocity-span-span">Drift Officially Becomes Velocity</h3>Drift Protocol confirmed via its official X account that it has rebranded to Velocity, effective July 1, 2026. The <a href="https://www.coingabbar.com/en/crypto-currency-news/drift-protocol-dfx-recovery-token-claim-checker-live" class="f-link" rel="noopener noreferrer nofollow">Solana-based perpetuals exchange</a> said the new name reflects a rebuilt platform with a cleaner architecture and a stronger security foundation.Alongside the name change, the team announced plans to roll out a private beta to select partners and traders in the coming days. No exact date has been given, and no public launch timeline has been shared yet.<img alt="Drift Officially Becomes Velocity" src="https://d3iuzwoiyg9qa8.cloudfront.net/webadmin/storage/public/commonEditerImage/pQNqvlqla7SA6BYNG6cjO9TBmllr5xD1JN030XHl.jpg" width="300" title="Drift Officially Becomes Velocity">Source: <a href="https://x.com/VelocityDEX/status/2072334490949574677" class="f-link" rel="noopener noreferrer nofollow">Official X</a><h4>Why The Timing Matters?</h4>The rebrand comes roughly three months after Drift suffered one of <a href="https://www.coingabbar.com/en/crypto-currency-news/drift-recovery-token-risks-payouts-and-285m-hack-plan-2026" class="f-link" rel="noopener noreferrer nofollow">Solana DeFi's largest exploits</a>. In April 2026, attackers drained an estimated $285 million from the protocol through social engineering of privileged multisig access rather than a smart contract bug, a loss widely attributed to North Korea-linked actors.That single incident wiped out more than half of Drift's total value locked and forced the team into a full platform rebuild. Velocity is being positioned as the outcome of that rebuild, not just a fresh coat of branding.Key Details<ul><li>Rebrand date: July 1, 2026, announced by @VelocityDEX</li><li>Prior incident: ~$285 million exploit on April 1, 2026</li><li>Settlement shift: Relaunch plans point toward USDT-based settlement, supported by a Tether market-making facility</li><li>Security step: Independent audits from firms including OtterSec are part of the pre-relaunch process</li><li>DRIFT price today&nbsp;reaction: The token rose roughly 4.18% in 24 hours following the announcement, trading near $0.01652 — still far below its all-time high</li></ul><img alt="Drift Price Today" src="https://d3iuzwoiyg9qa8.cloudfront.net/webadmin/storage/public/commonEditerImage/8keVEBgCprWwksZG8pJy2ZCbjETDETWHEk3RJagX.jpg" width="300" title="Drift Price Today">Source: CoinMarketCapWhat To Watch Next?Traders should track two things over the coming days: who gets access to the private beta, and whether Velocity publishes a concrete date for public relaunch. Neither has been confirmed yet.The other open question is compensation. <a href="https://www.coingabbar.com/en/crypto-currency-news/drift-protocol-recovery-plan-tether-relaunch-update-june-2026" class="f-link" rel="noopener noreferrer nofollow">Drift&nbsp;recovery plan</a>, which involves issuing claimable "recovery tokens" tied to a growing reserve pool, was already drawing community pushback before the rebrand. Whether Velocity's relaunch accelerates or complicates that payout process remains unresolved.<img alt="Drift Protocol After Hack " src="https://d3iuzwoiyg9qa8.cloudfront.net/webadmin/storage/public/commonEditerImage/Oah3jtswzvKULhovW8MPkLtRe1G9ofjQwYuqpSIh.jpg" width="300" title="Drift Protocol After Hack ">Source: <a href="https://x.com/wublockchain12/status/2072342350312145189" class="f-link" rel="noopener noreferrer nofollow">Wu Blockchain</a> <h4>Community Reaction Has Been Mixed At Best</h4>Early responses on social media lean skeptical. Several users say the rebrand feels premature while losses from April remain only partially addressed, and some have criticized the new branding as underwhelming. Others noted the new name overlaps with an unrelated existing trading platform, adding to the confusion.<h4>Conclusion</h4>Velocity is Drift's attempt to separate its future from one of Solana's costliest <a href="https://www.coingabbar.com/en/crypto-currency-news/crypto-market-news-july-2-btc-eth-sol-openai-nfp-trending-today" class="f-link" rel="noopener noreferrer nofollow">DeFi Market&nbsp;</a>exploits, but the rebrand alone doesn't resolve the questions that matter most to affected users. The private beta rollout over the coming days will be the first real signal of whether the rebuilt architecture — and the platform's promises on security — hold up.Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency markets are highly volatile and carry significant risk. Readers should conduct their own research and consult a licensed financial advisor before making any investment decisions. CoinGabbar is not responsible for any losses incurred based on this content.

Drift Comeback As Velocity: What Rebrand Mean For DRIFT Token Holders?

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