Hourglass: Stable pre-deposit phase two concludes, with over 10,000 verified wallets contributing over $1.1 billion in eligible deposits.
TL;DR
Hourglass completed its second Stable pre-deposit phase with over 10,000 wallets contributing $1.1B. Funds were allocated pro-rata with a $1,000 minimum guarantee and will be returned by year-end via Anchorage escrow.
Tags
Odaily Odaily that Hourglass stated on the X platform that the second phase of the Stable pre-deposit program has concluded, with over 10,000 verified wallets contributing over $1.1 billion in eligible deposits. The second phase employed a pro-rata allocation mechanism, distributing funds based on all eligible deposits and providing a minimum guaranteed allocation of $1,000 to prevent dilution by larger depositors for smaller participants—the first $1,000 of each eligible deposit was allocated pro-rata, with any amount exceeding $1,000 allocated proportionally.
Hourglass added that the allocated funds are expected to be returned around the end of the year, and are currently being transferred to the Anchorage escrow platform. Of these, $500 million will be allocated through top investment banks, and more announcements will be released later.