Drift rebrands to Velocity following $290M hack in April

Drift (DRIFT), the Solana-based perpetual futures platform that suffered an approximately $295 million hack in April, has announced it is rebranding to Velocity. The company described the move as a step toward building a next-generation trading platform architecture. It explained that the name Velocity symbolizes trading speed and market momentum, which are crucial in the perpetuals market, and also signifies a fresh start for the platform. Drift plans to open a beta version to select partners and traders in the coming days.