Drift, a Solana-based decentralized crypto exchange hit by a nearly $300 million exploit in April, is voting on whether to turn remaining assets from the borrow-lend pool into USDT for a recovery pool. But the current result shows one yes-address making up about 43% of all voting power cast, slightly more than the full no side at around 43%.
As of press time, just 24 wallets have voted and only three yes wallets account for almost all support, the voting page shows.
DIP-10, a Drift Foundation proposal titled Treatment of Remaining Asset in the borrow-lend pool, currently has 57.1% yes and around 43% no votes.
- Within the yes-camp, GV5az makes up about 75.8% of all yes votes, while the next two yes addresses (E2PcB and 4CL25), add about 13% and 10.3% of yes-side voting power, respectively.
- Together, the top three yes wallets account for about 98.9% of all yes-side voting power, though their combined DRIFT stake is worth only about $6,800 at current CoinGecko prices.
The vote has 20.7% participation by voting power and a listed quorum of 2%, so the low number of voting addresses doesn't necessarily make the vote invalid. But it does show how a proposal affecting post-exploit user recovery can be driven by a small number of participants.
The snapshot doesn't show who controls those wallets or whether any of them are affiliated with Drift.
Why users are fighting over the assets
DIP-10 would let the Drift Foundation convert all remaining spot assets in the borrow-lend pool into stablecoins, forming the first reserve for a recovery pool.
The foundation says converting the assets to USDT would give users a predictable settlement value instead of leaving the recovery pool exposed to token price swings.
It says conversion avenues could include spot trading, OTC desks and on-chain aggregators, with the route chosen by the foundation based on liquidity and operational feasibility.
But as The Coinformer reported earlier, that is where the dispute starts. Some argue that assets that survived the exploit shouldn't automatically be turned into a shared recovery pot.
When one user asked Drift to return "unaffected assets" on X, Tracy Chow, a Drift Labs business development and market-maker relationships lead, replied that "all borrow/lend assets were affected." She wrote:
"All Borrow/Lend assets were affected. While some assets remain, they cannot be returned directly without breaking pool accounting."
The voting is scheduled to end on May 28, so the current 57.1% yes-result can still change before the deadline.