Key Adjustments to Manage Demand and Ensure Security
Hourglass has implemented significant adjustments to its pre-deposit limits, Know Your Customer (KYC) processes, and settlement timelines. These changes are a direct response to extraordinary demand and aim to manage operational strain while ensuring the safety of user funds. The modifications reflect the company’s commitment to balancing community trust with fair participation.
During Phase 2, Hourglass has set a deposit cap of $1 million per wallet. This measure, alongside a minimum deposit requirement of $1,000, is designed to ensure fair participation for all users and secure the funds within the platform.
Official Statement on Operational Challenges
"Since the start of the second phase of the Stable pre-deposit campaign, platform traffic has been exceptionally high, causing Hourglass's front-end RPC capacity to be fully utilized. Due to overwhelming demand, Hourglass's institutional fund pool has suspended new deposit operations. User funds remain safe. Further updates will be announced soon."
This official statement highlights the extreme platform traffic experienced since the commencement of the second phase of the Stable pre-deposit campaign. The surge in user activity led to the full utilization of Hourglass's front-end RPC capacity. Consequently, Hourglass's institutional fund pool had to suspend new deposit operations due to the overwhelming demand. The statement reassures users that their funds remain safe and promises further updates.
Operational Adjustments and User Onboarding
The significant surge in platform traffic necessitated these operational adjustments. Hourglass's front-end RPC capacity was fully utilized, leading to a temporary suspension of new deposits as demand exceeded expectations. To restore trust and streamline the user experience, Hourglass has introduced stricter caps and enforced KYC procedures.
These modifications in deposit limits and proportional allocations underscore the challenges faced amid rapid growth. Hourglass is actively working to create a fairer ecosystem for its users through these reforms.
Market Impact and Stablecoin Dynamics
The broader market has observed a temporary boost in Total Value Locked (TVL) and liquidity within Stablecoins. These shifts have had a notable impact on the flows of USDC and USDT. The evolving landscape for stablecoin platforms, particularly under conditions of high demand and increasing regulatory scrutiny, is clearly illustrated by these developments.
Settlement Timelines and Fund Management
All pre-KYC funds are confirmed to be withdrawable on a 1:1 basis. Eligible USDT deposits are scheduled to settle by December 31, 2025. These clear settlement timelines provide users with certainty regarding the management and eventual release of their deposited funds.