【Drift Renamed to Velocity After Completing an Audit Restart; Co-founder Cindy Steps Down】
The Solana on-chain perpetual contracts protocol Drift has officially rebranded as Velocity. After completing a third-party audit and fully open-sourcing its code, it has restarted trading today. Co-founder Cindy announced her resignation. Her departure follows the government-level hacker attack the protocol suffered in April this year.
According to Cindy’s recollection, the protocol launched on Solana in November 2021, with cumulative trading volume exceeding $150 billion. In April, the team discovered a social-engineering penetration planned by North Korea, and was subsequently subjected to a government-level attack. Within 10 sleepless nights, the team reached an agreement with Tether to help restore users’ assets, and worked with law-enforcement agencies from multiple countries to recover the funds. At present, asset recovery, technical upgrades, and growth efforts are still handled by the original team.
Cindy said she is more skilled at building from 0 to 1, while the protocol has now entered a phase of pushing from 1 to 10. Velocity’s restart and open-sourcing signal its attempt to rebuild market trust after a major security incident.
The next points to watch are changes in Velocity’s on-chain trading volume after the restart, the progress of users’ asset recovery, and the details of subsequent audits.
The Solana on-chain perpetual contracts protocol Drift has officially rebranded as Velocity. After completing a third-party audit and fully open-sourcing its code, it has restarted trading today. Co-founder Cindy announced her resignation. Her departure follows the government-level hacker attack the protocol suffered in April this year.
According to Cindy’s recollection, the protocol launched on Solana in November 2021, with cumulative trading volume exceeding $150 billion. In April, the team discovered a social-engineering penetration planned by North Korea, and was subsequently subjected to a government-level attack. Within 10 sleepless nights, the team reached an agreement with Tether to help restore users’ assets, and worked with law-enforcement agencies from multiple countries to recover the funds. At present, asset recovery, technical upgrades, and growth efforts are still handled by the original team.
Cindy said she is more skilled at building from 0 to 1, while the protocol has now entered a phase of pushing from 1 to 10. Velocity’s restart and open-sourcing signal its attempt to rebuild market trust after a major security incident.
The next points to watch are changes in Velocity’s on-chain trading volume after the restart, the progress of users’ asset recovery, and the details of subsequent audits.