CoUSD Redeem Proposal
The collateral ratio backed by USDC and DAI is now greater than 100% for the time being.
We would like to prepare to re-enable redemption COUSD for USDC or DAI due to several requests.
A 5% fee is applied. 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.
It’s an experiment.
We do not plan to prepare a frontend UI.
We will provide instructions on the medium article.
There are no plans to audit.
If you have any concerns, please express them. Objections are welcome.
If the developers have any issues, they will suspend immediately without warning.
The mechanism is only effective when our USDC+DAI collateral in our collateral reserve contract exceeds the supply of CoUSD.
🔥Coffin is welcome to your suggestions, ideas and proposals.
🚀Please share them with us on our discord server so that we can work together to create good solutions.
❤️Thank you for your patience and continuing support.
🏆The best we can do is keep having discussions on discord in order to reach a mutually beneficial arrangement.
From the ⚰️ to the 🌙
#COFFIN #DeFi #Fantom $FTM #Crypto #WAGMI