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Hourglass announces the conclusion of the Stablecoin Deposit Phase 2 and reveals the allocation mechanism
BlockBeats News, November 15th, Hourglass announced on the X platform that the Stablecoin Deposit Phase 2 has ended. Over 10,000 validated wallet addresses have collectively deposited over $1.1 billion in eligible deposits, setting a new record for the largest and fully validated on-chain deposit plan to date. The specific allocation details (including a $1,000 minimum guarantee) are as follows:
The second phase utilized a proportionate distribution mechanism based on eligible deposits and set a $1,000 minimum guarantee to ensure that small depositors are not diluted by larger depositors. The first $1,000 of all eligible deposits will receive a 100% allocation, and the excess amount will be distributed proportionally.
Based on the approximately $1.1 billion in eligible deposits and a $500 million deployment cap, the final allocation ratio for funds exceeding the $1,000 base amount is approximately 45%, with the remaining approximately 55% earmarked for refunds. Refunds for all undistributed funds will be processed early next week, and users identified as ineligible can apply for withdrawals at any time.
The allocated funds are expected to be refunded around the end of the year. The current funds are being transferred to the Anchorage custody platform, with $500 million being deployed through a top-tier investment bank. More announcements are coming soon.
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