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Pre-Deposit Campaign Phase 2: Revised Path Forward
Due to overwhelming traffic in the Stable Pre-Deposit vault, we are making the following changes to ensure fair participation and ample time for all users.
Deposits:
• Users can deposit via the Hourglass frontend or directly on chain (frontend recommended for safety).
• Deposits will reopen for another 24 hours from this tweet, up to $1M per wallet. Minimum remains $1k.
• Funds remain withdrawable 1:1 at any point until the KYC phase is complete. Non-KYC users may withdraw anytime.
• If you successfully deposited earlier, your deposit remains included and will be treated as eligible.
Eligibility & KYC:
• Users have 72 hours to submit KYC after the deposit window ends.
• After KYC review, all eligible deposits will be moved to the custodian before being deposited with our banking partner.
• A pro-rata amount of eligible deposits will be sent to our banking partner, and any remainder will be claimable via a withdrawal contract.
Allocation Model:
• If total eligible deposits exceed $500M, allocations will be pro-rata.
• Example: If total eligible = $1B, each wallet receives 0.5× its deposited amount; the remainder is claimable via the withdrawal contract.
Settlement:
• Final allocations (in USDT) will settle to Stable mainnet by December 31st at the latest.
Contract Recovery:
• Depositors that accidentally set the contract address as the owner of shares will be able to recover their USDC after the erroneous deposits are transferred to Anchorage custody via the transferToTreasury function.
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