Ostium Details Second-Phase Plan After $23.75 Million Loss

Ostium has outlined a second-phase compensation plan for OLP holders affected by a $23.75 million loss, offering either installment payments in USDC or conversion of claims into Ostium Labs equity.

The plan applies to holders with losses exceeding 1,000 USDC who did not select the expedited distribution option. Class A claims will be paid in installments using funds already recovered, any funds recovered in the future and protocol revenue.

Protocol revenue earmarked for Class A payments will initially include 50% of opening fees, according to the plan. Class B claimants can instead convert their losses into equity in Ostium Labs, with the value calculated using the company’s next financing-round valuation.

Ostium said the second-phase compensation portal will open Oct. 30. The losses stem from an attack on the protocol in July.