Main Street Coverage Approaches 100%, Buyback Planned to Start in 30 Days

Main Street updates on liquidity and recovery progress, with the protocol coverage (excluding the insurance fund) nearing 100% based on current valuations. After assessment, the team believes that executing trades that would temporarily reduce coverage is not advisable, thus preventing early liquidation or large-scale buybacks. According to the maturity schedule, the first substantial liquidity for the remaining "box positions" is expected to arrive in over 30 days. At that time, the team plans to place limit orders in the open market to purchase tokens and permanently destroy them. Meanwhile, the official team is designing a Morpho redemption mechanism, which will restrict transfers of msY within affected Morpho contracts and introduce a dedicated redemption process to avoid unfairly high accumulated interest due to prolonged full utilization. The related designs are still subject to final legal, technical, and security reviews, as well as independent audits.

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