BlockBeats News, November 7, Hourglass posted an update on the progress of the Stable Deposit Event Phase 2, making the following adjustments:
Deposit: Users can deposit through the Hourglass frontend or directly on-chain (frontend is recommended for security), the deposit window will reopen for 24 hours starting from the time of this post (9:25 AM Beijing time), with a wallet limit of 1 million US dollars per wallet, and the minimum deposit amount remains at 1,000 US dollars. Funds can be withdrawn at any time on a 1:1 basis before the KYC phase is completed. Users who have not completed KYC can also withdraw at any time. If a deposit was successfully made previously, it will still be considered eligible and included.
Eligibility and KYC: After the deposit window closes, users have 72 hours to submit KYC information. Once KYC verification is completed, all eligible deposits will be transferred to the custodian and then deposited with the banking partner. Among the eligible deposits, a portion will be sent proportionally to the banking partner, and the remaining portion can be claimed through the withdrawal contract.
Allocation Model: If the total eligible deposits exceed 500 million US dollars, they will be distributed proportionally. For example, if the total eligible deposits = 1 billion US dollars, each wallet will receive 0.5 times the deposited amount; the remaining portion can be claimed through the withdrawal contract.
Settlement: The final allocation (in USDT form) will be settled on the Stable mainnet no later than December 31.
Contract Recovery: Depositors who accidentally set the contract address as the deposit address can recover their USDC after the erroneous deposit is transferred to Anchorage custody through the transferToTreasury function.
