Velocity is the relaunched Drift Protocol. In April 2026 Drift lost roughly $285-295M in the largest crypto exploit of the year, and the team rebuilt the exchange from a freshly deployed program, renaming it Velocity on 1 July 2026. It now runs as a leaner perpetuals-only venue settled in USDT.
Keeper networks match crossing orders off-chain and submit fills on-chain, with a virtual AMM backstopping liquidity when no counterparty exists. The relaunch dropped the wider product surface — Isolated Markets and Amplify — to reduce attack surface, moved settlement to USDT, and removed the durable-nonce mechanism the attackers abused.
This venue was exploited for roughly $285-295M in April 2026 and is operating in a post-relaunch beta. The attack was social engineering against signers rather than a contract bug, so the relevant question is key-management and governance hygiene, not audit coverage alone. Liquidity has not returned to pre-exploit levels: DefiLlama shows TVL down from nine figures to under $1M.
Exploits, rebrands and other events that materially changed this venue.
Attackers spent roughly six months socially engineering Security Council members, then abused Solana durable nonces to obtain pre-signed transactions and drain the protocol. The largest crypto exploit of 2026. Elliptic and TRM Labs attributed it to DPRK-linked infrastructure.
source ↗Deepest first.
Its public API is unreachable from our servers right now, so we're showing the profile without live figures. The rest of the page is still accurate.
Rebranded to Velocity with a freshly deployed program, rotated keys, USDT settlement, the durable-nonce path removed, and Isolated Markets and Amplify discontinued.
FUEL accrued against Drift activity before the April 2026 exploit. The relaunched Velocity has not restated the programme.
How to earn Historical: perp volume, borrow-lend activity and insurance fund staking.