The stablecoin engine of @Sagaxyz__ is live.
Meet Colt Protocol, the foundation of Multichain Velocity DeFi.
Fully-backed, yield-bearing, composable.
Mint $D. Earn more. Move faster.
→ https://t.co/mYxCjj1pzX
SagaEVM is now open, and access has been restored.
If you were impacted, follow the latest updates from ecosystem primitives for next steps.
→ https://t.co/6fuyc7GpUj
This ensures all $D holders can exit based on the same final state of the system.
Additional details and instructions will be shared ahead of SagaEVM reopening.
Colt Protocol Update:
Following the SagaEVM exploit, the Colt reserve has now been finalized, including assets recovered from attacker-controlled wallets.
This establishes the total collateral backing all outstanding $D. 🧵↓
Minting new $D has been disabled and the traditional redemption has also been disabled.
A new redemption logic is implemented where $D holders may redeem from the total collateral.
Users redeeming 1 $D will receive 0.34 $MUST + 0.11 $VYUSD.