Ostium has not set the equity percentage, the revenue split beyond the opening-fee line, or the minimum claim size. “The mechanics and figures for each category are still under construction,” the update reads.
Oct. 30, Then Dec. 29
The Stage 2 portal goes live Oct. 30, the same day the election deadline falls. Holders above the 1,000 $USDC threshold have until Oct. 30 at 23:59 UTC to take the Convenience Allocation or be enrolled automatically in the pro-rata process, Ostium said on Oct. 7. Holders at or below the threshold have until Dec. 29 at 23:59 UTC to claim.
The Category B election works differently. Holders indicate a percentage of their loss to convert and can change it over time, and the amount only becomes binding during an election window at the next priced round. Confirmed amounts convert at that round’s valuation. If elections exceed the cap, equity is allocated pro-rata and the remainder stays in Category A.
“We are proposing to determine the equity allocation at the next priced round, set by external investors in that financing, rather than fixing a price today or using the pre-hack share price,” the update reads. “There is no perfect design, but after speaking with many of you, we believe this is the most sensible approach.”
Stage One So Far
Stage 1 opened on Sept. 30 and repays in full the 3,321 wallets that lost 1,000 $USDC or less. As of Oct. 7, 708 allocations had been redeemed for 183,003 $USDC. Excluding payouts to holders above the threshold, about 43% of the value lost by holders below it has been redeemed.
Fifty-two holders above the threshold took the 1,000 $USDC payment, cutting the group facing the Stage 2 choice to 293 from 345.
Where Opening Fees Go
Ostium generated $107,000 in fees over the past 30 days, of which $29,000 was protocol revenue, DefiLlama data shows. Open interest was $8.85 million on Oct. 8.
Ostium’s documentation says 30% of opening fees accrues to OLP holders at each daily settlement and describes that share as a tunable parameter, with the rest funding protocol operations. The update does not say whether the 50% is measured on gross opening fees or on the protocol’s share.
Forty-Four Million, Six Percent
Co-founder and co-chief executive Kaledora Kiernan-Linn published a breakdown of Ostium’s finances on Oct. 2, after days of debate on X over how much the company earns. Top-line revenue across opening fees, spreads, rollover fees and liquidation fees came to $44.7 million over two years.
Of that, $22.1 million, or 49.6%, went to the OLP vault. Hedging and interest on hedging capital took $19.6 million, 43.8%. Gross profit was $2.96 million, 6.6%.
Ostium raised $300,000 in 2022, $3.6 million in 2023, $4.1 million in 2024 and $19.4 million in 2025, according to the same post. The team grew from about 12 people in 2025 to 35 by the second quarter of 2026, with hiring in engineering first and then growth and marketing.
“In a winner-take-all — or most — market, we made the bet most companies at our stage make: invest everything in growth,” Kiernan-Linn wrote. “In hindsight, we did not build a balance sheet that gave us room to respond to an event like this.”
Rebuilt As An API
The revenue Category A would draw on includes Gateway, a product Ostium announced on Oct. 1, the day after the Stage 1 plan. Gateway is a whitelisted application programming interface and liquidity layer giving venues, family offices and professional traders access to perpetual futures on traditional assets, settled in stablecoins. Ostium is onboarding design partners for a beta in the fourth quarter.
Gateway moves pricing off-chain and replaces isolated margin with one cross-margin account. Ostium is targeting sub-100 milliseconds for pricing and sub-500 milliseconds for onchain settlement. Withdrawals pass an anomaly check instead of settling instantly.
Ostium said protocol open interest peaked above $370 million, nearly 90% of it in real-world assets. DefiLlama’s series for Ostium peaks at $339 million, on Jan. 30.
The Gateway announcement also set the company’s leadership: Kiernan-Linn and co-founder Marco Antonio Ribeiro will run Ostium as co-CEOs, with Ribeiro also taking the chief architect role. Ribeiro was chief technology officer and Kiernan-Linn chief executive, according to the company’s April press release on its hedging layer. Ostium’s website now carries the name Gateway by Ostium and a line reading “For institutional and professional clients only.”
What Is Left In The Vault
OLP is worth 0.355 $USDC, according to the vault contract’s own accounting, down 67.7% from the 1.10 The Defiant recorded before the attack. Supply has fallen to 7.49 million OLP from 19.3 million at the time of the Stage 1 announcement, as holders redeemed.
The contract puts its assets at 2.34 million $USDC. Value locked across the protocol is $4.3 million, against $63.8 million the day before the attack.
Ostium has recovered 649,967 $USDC from the attacker, the figure given in its Sept. 30 announcement and not updated since. The $USDC was converted to ETH and moved across wallets, protocols and chains, with a substantial portion sent through Tornado Cash. Ostium said in its post-mortem that it will not publish live tracing balances while the investigation continues.
Ostium Labs has raised more than $27 million from investors including General Catalyst and Jump Crypto, according to its April release. Its website puts cumulative trading volume above $53 billion. Ostium has not issued a token.
“Ostium is offering the Recovery Plan voluntarily to support affected OLP holders,” Friday’s update reads. “The plan does not guarantee recovery of the full loss amount.”
