Hourglass: Details of the second phase of the Stable deposit event. The limit remains between $1,000 and $10 million. If the total deposits exceed $500 million, funds will be allocated proportionally. Complete KYC within 72 hours after deposit.

Odaily Planet Daily reports that regarding issues arising during the second phase of the Stable deposit campaign, the official partner Hourglass posted on X (formerly Twitter) with the following update:

Updated Information for the Second Phase of the Deposit Campaign:

— Due to high traffic on the Stable deposit vault, we are implementing the following changes to ensure fair participation and sufficient time for all users.

Deposits:

• Users can deposit via the Hourglass frontend or directly on-chain (for security reasons, using the frontend is recommended).
• Deposits will reopen 24 hours from this announcement, with a maximum of $1 million per wallet; the minimum remains $1,000.
• Funds are available for 1:1 withdrawal at any time before completing KYC.
• Users who previously successfully deposited will still have their deposits counted and considered eligible.

Eligibility and KYC:

• After the deposit window closes, users have 72 hours to submit KYC.
• Once KYC is approved, all eligible deposits will be transferred to the custodian and then deposited into the corresponding storage partner platform.
• Eligible deposits will be proportionally distributed to our partner platform, and any remaining funds can be withdrawn via the withdrawal contract.

Distribution Mode:

• If total eligible deposits exceed $500 million, distributions will be made proportionally.
• Example: If total eligible deposits are $1 billion, each wallet will receive 0.5× of its deposit amount; the remaining funds can be withdrawn via the withdrawal contract.

Settlement:

• The final distribution (in USDT) will be settled on the Stable mainnet no later than December 31.

Contract Recovery:

• If a depositor mistakenly set the contract address as the share owner, and the deposit funds were transferred to Anchorage custody via the Transfer To Treasury function, they will be able to recover their USDC funds.

Deposit Limit Reminder:

• If a user’s wallet has previously deposited more than $1 million, please withdraw the excess to ensure total deposits do not exceed $1 million, maintaining eligibility under the revised participation limits.
• Users can withdraw at any time via the contract.

Finally, Hourglass officials noted that they have received many questions regarding KYC. As a result, the generation of new KYC links has been temporarily paused. New links will be prepared within the next 24 hours. Once the new KYC links are available, users will have 72 hours to complete the process.