Redeem (experimental simple version) [WIP]
As of June 22, 2022, the collateral ratio backed by USDC and DAI is now greater than 100% for the time being.
This simple redeem works as below.
The new simple redeem works only when
- COUSD price is below than $0.97777. ( spooky LP rate )
- USDC+DAI collateral in our collateral reserve contract exceeds the supply of CoUSD
- As long as we believe DAI & USDC value, it's over collateralized.
A 5% fee is applied for safety.
- 1 CoUSD equals 0.95 USDC or 0.95 DAI The fee might possibly be utilized to create liquidity or buyback COFFIN or additional collateral for CoUSD.
We do not plan to prepare a frontend UI for now.
We will provide instructions on the medium article.
Please see more info about voting on the result here: