Ostium said in an X post that it has updated the design of its phase-two recovery plan for OLP holders whose losses exceeded 1,000 USDC and who did not choose the Convenience Allocation option.
Two recovery tracks
The proposal includes two categories.
Class A is the default route and would repay affected holders in USDC over time. Funding would come from a proportional share of funds already recovered after phase one and any future recoveries, a dedicated portion of revenue from the Ostium protocol and Gateway, initially set at 50% of Ostium opening fees, and possible partner incentives or revenue-sharing arrangements.
Class B is optional and would allow losses to be converted into Ostium Labs equity. The equity would be allocated in the next priced financing round, and the share class would be the same as the one held by the team. OLP holders who join this option would collectively receive up to a fixed percentage of equity.
Portal to open on Oct. 30
Ostium said the phase-two portal will launch on Oct. 30. Eligible OLP holders’ unpaid losses will then be entered into the Class A recovery contract and can be claimed on a pro rata basis as funds are deposited.
Holders can indicate in advance what portion of their losses they would like to convert into equity, though that indication is non-binding. In the next priced financing round, holders will be able to confirm the actual amount they want to convert during a selection window, using that round’s valuation. If total requests exceed the cap, allocations will be made on a pro rata basis.
Details still being finalized
Ostium said the specific mechanics and amounts for each category are still being developed. It also said the recovery plan is being offered on a voluntary basis and does not guarantee full recovery of losses.