🚜 10 hours left to deposit on @stable. $970M so far

This will likely be nowhere as good as Plasma's $XPL, but given market conditions, it probably still outperforms current rates.

Rules:

-Max amount $1M per wallet

-KYC needed

-Total deposits accepted: $500M

-USDC on mainnet

-Allocations calculated pro rata

-After allocations are determined, the excess of $500M will be refunded

-This is the second wave of predeposits. In the first wave, they raised 850m, where alleged insiders feasted

-Website: hourglass[.]com/stable

-Contract: 0xd9b2CB2FBAD204Fc548787EF56B918c845FCce40

Yesterday's timeline:

-They messed up their front end while attempting to prevent direct contract deposits, so they had no way to properly track who deposited on their website and who did it directly

-As a consequence, they now accept all deposits, front-end or smart contract

Pro rata allocations

-Total cap is still 500M, but it will be filled pro-rata

-The deposit contract accepts up to 10B USDC. Currently, it has 945M.

-People can deposit up to 1M per wallet and get an allocation based on their share of total deposits

-Example: a wallet deposits 1M. Total deposits = 1.5b. This wallet gets a $333,335 allocation, and $666,665 is refunded.

-1 000 000 / 1 500 000 000 = 0.066667%

-0.066667% of 500 000 000 = $333,335

What we are getting out of the predeposit:

-It's not public yet whether this will be a direct airdrop or a token sale (like plasma). It's also unclear how much total token supply will be allocated to this.

Deposits lock:

-First 850m wave: used @ConcreteXYZ to handle deposits. On Dec 13th, users can request a 7-day withdrawal

-Second 500m wave: using @hourglasshq to handle deposits, and there's no information yet, but from their discord they've said max 31st of Dec.

If you want to monitor the influx of deposits:

-https://etherscan[.]io/token/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48?a=0xd9b2cb2fbad204fc548787ef56b918c845fcce40

What are they doing with the money?

-Plasma deposited it on Aave, and then it was bridged to Plasma.

-Stable, for the first wave, deposited on some Morpho vaults (good looping opps there)

-Second wave, unclear.

TLDR; there's not much clarity in lots of stuff, but we will still likely see hundreds of millions more in deposits since they'll be promptly refunded after the $500m allocations are calculated.

However, as there's a 1m cap per wallet, it's not that straightforward to deposit massive size.

Expect problems/delays with website/KYC, it doesn't work. I'm in their discord, but I heard it's not currently possible to join due to a bot bug.

This execution has been shady, buggy, and non-transparent. Only in crypto we still see 1b deposits flow within 24 hours in spite of all the incompetence...

For disclosure: The worst part is I've already deposited, and will prob allocate more 😂

GL farmers 🫡

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