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Main Street: Coverage ratio valuation is close to 100%, plans to start an open-market share buyback in about 30 days

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ME News update, July 25 (UTC+8): Main Street update on liquidity and recovery progress. After the team evaluated ways to provide holder liquidity (including limited early position closure combined with buying and burning tokens in the open market), the protocol coverage ratio (excluding the insurance fund) is already close to 100% based on the current valuation. After consulting legal counsel, the team believes it is not appropriate to conduct transactions that would temporarily reduce coverage at this time, so it cannot execute early closure or large-scale buybacks. According to the maturity schedule, the first batch of meaningful liquidity for the remaining “box” positions is expected to arrive in more than 30 days. At that time, subject to updated coverage calculations and market conditions, the team plans to place limit orders in the open market to buy tokens and permanently burn them. Meanwhile, the official is designing a Morpho redemption mechanism to restrict transfers of msY within affected Morpho contracts and to introduce a dedicated redemption process, to avoid unfair high accumulated interest caused by first-come, first-served and long-term full utilization rates. The related design still requires final legal, technical, and security review and an independent audit. Foresight News previously reported that the dollar-pegged algorithmic stablecoin Main Street USD (MSUSD) depegged in June; its price at one point plunged by more than 80%, dropping to $0.064. (Source: Foresight News)
MORPHO2.10%
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