Regarding the various issues arising during the second phase of the Stable deposit campaign, partner Hourglass officially stated on the X platform: "The revised information for the second phase of the pre-deposit campaign is as follows—Due to the massive volume of traffic to the Stable pre-deposit vault, we are making the following changes to ensure fair participation and sufficient time for all users. Deposits: • Users can deposit through the Hourglass front end or directly on-chain (for security reasons, the front end is recommended). • Deposits will be open for another 24 hours starting from this tweet, with a maximum of $1 million per wallet; the minimum remains $1,000. • Funds can be withdrawn 1:1 at any time before the KYC phase is completed. Non-KYC users can withdraw at any time. • If you have successfully deposited previously, your deposit is still included and will be considered eligible. Eligibility and KYC: • After the deposit window closes, users have 72 hours to submit KYC. • After KYC verification, all eligible deposits will be transferred to the custodian and then deposited into the corresponding storage partner platform." Eligible deposits will be distributed pro rata to our partner platforms, and all remaining amounts can be claimed through the withdrawal contract. Distribution Model: • If the total amount of eligible deposits exceeds $500 million, the distribution will be pro rata. • Example: If the total amount of eligible deposits is $1 billion, each wallet will receive 0.5 times its deposit amount; the remainder can be claimed through the withdrawal contract. Settlement: • The final distribution (in USDT) will be settled to the Stable mainnet no later than December 31st. Contract Recovery: • Depositors who mistakenly set their contract address as a share owner will be able to recover their USDC funds after the erroneous deposit funds were transferred to Anchorage custody via the Transfer To Treasury function. Deposit Limit Reminder: If a user's wallet previously deposited more than $1 million, please withdraw the excess to ensure the total deposit amount does not exceed $1 million, thus maintaining eligibility for the revised participation limit. Users can withdraw funds at any time through the contract. Finally, Hourglass officially noted that they have received many inquiries regarding KYC. The issue is that link generation has been temporarily paused while a new set of links is being generated. This will be ready within the next 24 hours. Once the new KYC links are live, users will have 72 hours to complete the process.
Miyuki
