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

Odaily Odaily reported that the Resolv Foundation has announced a comprehensive recovery plan in response to the USR security incident on March 22. The incident led to the circulation of illegally minted USR tokens in the market, after which the protocol was temporarily suspended and entered recovery mode.

According to the recovery framework, USR, as a priority layer asset, will be protected, while RLP, as a 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 acquired 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 reference price before the incident, meaning 1 RLP will be redeemable for 0.71 USDC, along with an additional allocation of 2.71 RESOLV tokens. The foundation stated that 10% of the total RESOLV token supply will be allocated for the recovery, with 70% of that directed to affected RLP holders. Eligible users can claim recovery payments from May 26 to August 26.

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