Resolv Foundation announces recovery plan for the March USR security incident

ChainCatcher news: The Resolv Foundation has announced a comprehensive recovery plan regarding the March 22 USR security incident. This event resulted in illegally minted USR tokens entering the market, forcing the protocol to suspend operations and enter recovery mode. The recovery framework is handled according to the protocol’s design principles: USR serves as the priority layer, while RLP assumes secondary losses. The recovery plan differentiates by user category, covering direct USR/wstUSR holders, LP positions, lending market users, RLP holders, USR Yield Maxi Vault, Pendle positions, and other structured products.

For USR/wstUSR held before the incident, there will be a 1:1 exchange for USDC, while USR/wstUSR obtained after the incident will be exchanged for USDC at a 1:0.5 ratio. The RLP reference price will be reset to 55% of the last pre-incident reference price, meaning 1 RLP can be exchanged for 0.71 USDC, with an additional allocation of 2.71 RESOLV tokens for every 1 RLP. The Foundation will allocate 10% of the total RESOLV token supply for recovery, with 70% distributed to affected RLP holders. Eligible users can claim recovery payments from May 26 to August 26.

Meanwhile, Resolv has launched a new business line, Vault Street, focusing on the distribution of tokenized real-world assets. The first product, primeUSD (a leveraged RWA product), has entered private testing and is expected to launch publicly in June.