Project 0 completed drift de-leverage and resumed operations, with lenders' assets on average written down by 2.61%.

Golden Finance reports that on April 5, the decentralized lending protocol Project 0 announced the resumption of operations. Previously, it was hit by a hacker attack targeting the Drift protocol, and Project 0 suspended operations and initiated a deleveraging process. Project 0 said that the remaining socialized loss amount is approximately $1.9147 million, which will be allocated across the lending pool, resulting in an average asset write-down of 2.61% for lenders.
Based on asset risk tiers, the write-down rates for USDC, SOL, and USDT are 1%, while for major assets such as BTC and ETH, the write-down rate is 2.61%. For WIF, BONK, and governance tokens, the write-down rate is 6.62%. Project 0 stated that as Drift assets are subsequently unlocked and returned to affected users, the actual loss magnitude will be lower than the above reference figures.
Project 0 co-founder MacBrennan previously explained that the protocol uses a unified credit pool to enable cross-protocol margin functionality, which is P0’s core mechanism. However, some community members expressed dissatisfaction, saying that they were also affected even though they did not directly participate in Drift lending.