Hourglass Stable Pre-Deposit Activity Update
In a recent communication, Hourglass provided detailed updates on the second phase of their Stable Pre-Deposit Activity. Users are now given the opportunity to make deposits either through the Hourglass interface or directly on-chain, though the platform advises using the frontend for enhanced security.
Deposit Window and Limits
Notably, the deposit window will reopen for a 24-hour period starting from 9:25 AM Beijing Time on the day of the announcement. Each user is permitted to deposit up to 1 million US dollars, while the minimum deposit remains fixed at 1,000 US dollars.
Withdrawals can be made at a 1:1 ratio at any time before the Know Your Customer (KYC) process is finalized, and those who have not completed KYC verification can also access their funds whenever they wish. Previous successful deposits will continue to be considered valid and eligible for the upcoming processes.
KYC Requirements and Allocation Model
Regarding eligibility and KYC requirements, following the closure of the deposit window, users will have a 72-hour period to submit their KYC details. Upon successful verification, eligible deposits will be transferred to a custodian before being sent to the banking partner. A fraction of these deposits will then be allocated proportionally to the banking partner, while the rest can be retrieved via the withdrawal contract.
An important aspect of this campaign is the allocation model; if total eligible deposits surpass 500 million US dollars, they will be distributed proportionally. To illustrate, with total eligible deposits of 1 billion US dollars, each wallet will receive half of its deposited amount, while the remainder becomes available through the withdrawal contract.
Settlement and Recovery
Finally, settlement of the allocations, denominated in USDT, is slated for completion on the Stable mainnet no later than December 31. Additionally, in the event that depositors mistakenly designate the contract address as their deposit address, they can recover their USDC after the erroneous deposit is moved to Anchorage custody through the transferToTreasury function.
