hourglass

Hourglass tweeted that the Stable Phase 2 pre-storage activity deposits will be available for withdrawal on December 31. More details about the withdrawal process will be announced soon.

Hourglass announced on X that the refunds for accidental transactions in the second phase of Stable pre-deposits have been processed. This mainly involves directly sending USDC to the contract, calling the reemptyNonKyc function with the contract as the recipient, and setting the pre-iUSDT share recipient to the contract. The deposits have been fully refunded, and this portion of funds is not included in the project expenses. The refunds are directly returned to the wallet that initiated the USDC transfer.

Hourglass posted on the X platform that the second phase of the Stable pre-deposit refund activity has been launched, and users can apply for refunds through the Merkl platform.In addition, Hourglass stated that the first $1,000 of each deposit in the second phase will be fully accepted, while the amount exceeding $1,000 will be split with approximately 45% included as a deposit and the remaining 55% refunded.According to previous news, over 24,000 wallets (with a total deposit amount of approximately $1.74 billion) have successfully passed the preliminary wallet screening in the second phase of the Stable pre-deposit activity.

Hourglass tweeted that the second phase of the Stable pre-reserve fund has concluded. Over 10,000 verified wallets contributed more than $1.1 billion in qualified deposits. The fund distribution in the second phase was done on a pro-rata basis, based on qualified deposits, with a minimum allocation guarantee of $1,000 to prevent the dilution of small participants' funds by larger depositors.For each qualified deposit, the first $1,000 will be allocated at 100%; the portion exceeding $1,000 will be distributed proportionally. Based on approximately $1.1 billion in qualified deposits and $500 million in deployment capacity, the final allocation ratio for the portion above the $1,000 minimum threshold is approximately 45%, with the remaining approximately 55% being refunded. Refunds for the undistributed portion will be issued early next week. Users marked as ineligible can continue to withdraw at any time.

Hourglass posted on the X platform that the KYC verification window for the second phase of the Stable pre-deposit activity has closed. Unverified users can still withdraw funds at any time through the Hourglass front end or directly from the contract. Additionally, the team has conducted a final round of due diligence to strengthen defenses against witch attacks and maintain verification standards.Previously, it was reported that in the second phase of the Stable pre-deposit activity, over 24,000 wallets (with a total deposit amount of approximately $1.74 billion) successfully passed the initial wallet screening.

Hourglass posted on the X platform that the KYC certification for the second phase of the Stable deposit activity has been extended by 24 hours until November 13, 7:59 AM Beijing time. Currently, over 17,000 applications have been approved, and users can check the application status on the Hourglass user dashboard.

Hourglass tweeted that the KYC link for the second phase of the Stable Reserve Fund is now live. Over 24,000 wallets (with a total deposit amount of approximately $1.74 billion) have successfully passed the wallet review.Users must complete KYC by 7:59 AM Beijing time on November 12. Users who have not completed KYC before can do so during this window. If a user has deposited USDC but has not received the KYC link, it indicates that the wallet has not passed the Chainalysis wallet review, and they can withdraw USDC directly from the contract at any time.

Hourglass posted on social media that the KYC link for the second phase of the Stable deposit activity is expected to be released before 7:59 AM Beijing time on November 9. After the link is published, users will have 72 hours to complete the KYC verification.

Hourglass posted on social media that the deposits for the second phase of the Stable reserve fund are now closed, with total deposits of approximately 1.8 billion USD and around 26,000 participating wallets.The KYC link will be issued in the next few hours. Once the link is active, each wallet will have 72 hours to complete the verification.

Hourglass announced that the platform is currently experiencing unusually high traffic, which is temporarily affecting access to the Hourglass website. Deposits made directly through Etherscan or programmatically will not qualify for the Stable pre-deposit event.Such deposits can be withdrawn using the redeemNonKYC function on Etherscan. The minimum deposit window of $100,000 will be extended by at least one hour, so please be patient while the website restores normal access.

ChainCatcher news, DeFi startup Hourglass announced the completion of a $4.2 million seed round financing, led by [Electric Capital](https://www.rootdata.com/zh/Investors/detail/Electric Capital?k=MjAx), with participation from Coinbase Ventures, Circle Ventures, Tribe Capital, hack.vc, and other angel investors.Hourglass has launched the first-ever marketplace for time-limited trading tokens (TBT), a concept that tokenizes users' staked assets in DeFi protocols based on their locking time periods, essentially transferring ownership of the assets locked in the protocol to another buyer. Additionally, Hourglass will mark Lido's withdrawal queue, which could otherwise lead to "exit times of weeks or even months." This will allow users to "trade their position" to extract staked Ethereum while simultaneously gaining liquidity. (CoinDesk)