DIP: Fully Deprecate USDH Bridge and Return USDH to Owners

DIP
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DIP: Fully Deprecate USDH Bridge and Return USDH to Owners

Simple Summary

Fully deprecate the legacy USDH bridge at the request of the USDH/native team, disable further USDH bridge activity, and return all USDH held by the protocol directly to the relevant owners on HyperEVM.

Abstract

This proposal authorises Derive Subsidiary (BVI) Ltd, and where required Derive Foundation and its affiliates, to take all steps necessary to fully deprecate USDH support through Derive’s legacy bridge infrastructure.

Following a request from the USDH/native team, this proposal authorises the full wind-down of USDH bridge support and the return of USDH directly to the wallets entitled to it.

Context and Objectives

Following a request from the USDH/native team, Derive proposes to fully deprecate the USDH bridge and return the relevant USDH directly to owners on HyperEVM.

The objectives of this proposal are to:

  • fully deprecate USDH bridge support;

  • remove residual USDH from Derive protocol/bridge infrastructure;

  • return USDH directly to the relevant owners on HyperEVM;

Specification

The DAO resolves that Derive Subsidiary (BVI) Ltd, and where required Derive Foundation and its affiliates, shall take all actions necessary to implement the following changes, including any required board approvals and onchain or offchain actions.

1. USDH Bridge Deprecation

The USDH bridge shall be fully deprecated, disabled, dissolved, or otherwise wound down.

No new USDH deposits, bridge transfers, or other protocol-supported USDH inflows shall be enabled through the existing bridge infrastructure after implementation of this proposal.

2. Return of USDH to Owners

All USDH currently held in Derive protocol contracts, bridge contracts, or related protocol-controlled infrastructure shall be returned directly to the wallets entitled to such USDH.

3. Residual or Unreturnable Amounts

If any USDH cannot reasonably be returned directly due to dust amounts, invalid addresses, technical constraints, abandoned balances, or unresolved entitlement issues, Derive Subsidiary shall be authorised to implement a reasonable alternative process.

4. Implementation Authority

Derive Subsidiary (BVI) Ltd shall be authorised to implement any parameter updates, contract administration actions, treasury actions, frontend updates, bridge actions, user communications, and ancillary operational changes required to give effect to this proposal.

The changes shall take effect upon execution of the relevant onchain and offchain actions.

5. Superseding Effect

This proposal supersedes any prior DAO approval, protocol setting, bridge configuration, or operational process relating to USDH to the extent inconsistent with the changes set out above.

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