Resolv Announces Recovery Plan for USR Security Incident, RLP to Be Redeemed at 55% of Reference Price

Odaily Odaily reports that the Resolv Foundation has announced a comprehensive recovery plan for the March 22 USR security incident. The incident led to illegally minted USR tokens entering the market, after which the protocol was suspended and entered recovery mode.

According to the recovery framework, USR, as a priority layer asset, will be protected, while RLP, as the subordinate layer, will bear the losses. USR/wstUSR held before the incident will be redeemable for USDC at a 1:1 ratio, while USR/wstUSR obtained after the incident will be redeemable for USDC at a 1:0.5 ratio.

Furthermore, the RLP reference price will be reset to 55% of its last pre-incident reference price, meaning 1 RLP will be redeemable for 0.71 USDC, along with an additional allocation of 2.71 RESOLV tokens. The foundation stated it will allocate 10% of the total RESOLV token supply for the recovery, with 70% of that amount designated for affected RLP holders. Eligible users can claim recovery payments from May 26 to August 26.

Concurrently, Resolv has launched a new business line, Vault Street, focusing on the distribution of tokenized real-world assets. Its first product, primeUSD, has entered private beta testing and is expected to be fully released to the public in June.