New Mint/Redeem mechanism ( Not Final )
There are some differences from current versions.
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When users mint CoUSD by FTM+COFFIN, the protocol does not burn COFFIN, stake COFFIN and keep xCOFFIN as one of collateral.
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The ratio of FTM+COFFIN is determined by current collateral ratio, or the protocol uses specific percentage.
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The mint process burns xCOFFIN partially as minting fee. It'll be xCOFFIN holders incentive.
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There will be a threshold for Minting. In case the CoUSD price is below the threshold, users cannot mint.
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By default, the threshold will be ($1.0033333).
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Because, if the marketing price is below 1.003333, there is no benefit for uses to mint rather than swap on market.
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The threshold is the same with FRAX finance.
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Minting fee is 0.3 % by default.
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User can get FTM+COFFIN ( or DAI + COFFIN in the near future), in (5) days later.
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There will be a threshold for Redemption. In case the CoUSD price is above the threshold, users cannot redeem.
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By default, the threshold will be ($0.993333).
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The threshold is the same with FRAX Finance.
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Redemption fee is 0.4 % by default.
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Extra Redemption fee is 0.3 % by default in case of CoUSD is below 0.95.
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There is redemption limitation for each addresses.
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FTM amount up to (100 FTM) by default.
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If exceed (100FTM), you will need to wait until your collection.
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COFFIN amount up to (500) COFFIN by default.
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If exceed (500) COFFIN, you will need to wait until your collection.
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One time CoUSD redemption is up to (50) CoUSD.
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Within (10800) seconds, all users can redeem up to (1000) CoUSD.
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There is Redemption delay. After redemption, users need to wait for collections in (7) days.
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The new collateral ratios will be determined by several tokens including DAI, yvDAI,, USDC and several LPs excluding COFFIN, xCOFFIN and CoUSD.
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The protocol has a option to use fixed collateral ratio for mitning process.
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After releasing rebalacing, at least within 2 months, only devs will handle the rebalancing without notice.
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Because of Rebalancing, sometime FTM might be lacking.
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In such case,
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The protocol might ba back another token instead of FTM and COFFIN.
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Or the redemption function might be suspended until getting FTM by rebalancing.
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Last modified 1yr ago