USDO Redemption via Etherscan

Instant Redemption

Instant Redemption enables approved users to convert USDO to USDC in a single on-chain transaction, provided there is sufficient USDC liquidity in the system.

(Note: Only Available for Ethereum Network)

Step 1: Granting USDO Express Contract Allowance to spend USDO Token

Head over to USDO Token Contract address and grant allowance to USDO Express Smart Contract Address.

Example for a USDO instant redemption on the Ethereum network:

Head over to USDO token Contract on Etherescan: https://etherscan.io/address/0x8238884ec9668ef77b90c6dff4d1a9f4f4823bfe#writeProxyContract#F2
Navigate to Contract Tab > Write as Proxy
Connect to Web3 Wallet
Expand the approve function and populate the following parameters:
1. spender - this parameter indicates the address you wish to grant approval to draw down your usdc balance, this should be set to OpenEden's USDO Express Smart Contract Address. (Note: refer to the table below for the contract address, or the case of ethereum network, the spender address will be 0x80e49D1bdCE8F80c38E88Dd5C4c004dDb9B4E887)
2. amount - the amount of USDO you would like to grant approval to draw down for instant redemption. (Note: This should be in 18 decimal places for USDO an example would be to grant 1,000,000 USDO in allowance, use 1000000000000000000000000)
Proceed to click on the write button and you will be prompted to sign the transaction on your connected wallet.
Allowance can also be checked by looking at the allowance() method:
1. owner - Your wallet address
2. spender - USDO Express Smart Contract Address

Step 2: Instant Redemption of USDO

Head over to OpenEden's USDO Express Smart contract and initiate the instant mint.

Example of an instant redemption on the Ethereum network:

Head over to OpenEden's USDO Express Smart contract on Etherescan: https://etherscan.io/address/0x80e49d1bdce8f80c38e88dd5c4c004ddb9b4e887#writeProxyContract#F6
Navigate to Contract Tab > Write as Proxy
Connect to Web3 Wallet
Expand the instantRedeem() method and populate the following parameters:
1. to - This will be the address which receives the USDC from the instant redemption. This will be your wallet address.
2. amt - The amount of USDO which you would like to be redeemed for USDC. (Note: This should be in 18 decimal places for USDO an example would be to grant 1,000,000 USDO in allowance, use 1000000000000000000000000)

Manual Redemption

For instances when there isnt sufficient liquidity for instant redemptions, manual redemptions can also be triggered, do note that it may take up to 2 business days to be processed.

Example of a manual redemption on the Ethereum network:

Head over to OpenEden's USDO Express Smart contract on Etherescan: https://etherscan.io/address/0x80e49d1bdce8f80c38e88dd5c4c004ddb9b4e887#writeProxyContract#F10
Navigate to Contract Tab > Write as Proxy
Connect to Web3 Wallet
Expand the redeem() method and populate the following parameters:
1. amt - The amount of USDO which you would like to be manually redeemed for USDC. (Note: This should be in 18 decimal places for USDO an example would be to grant 1,000,000 USDO in allowance, use 1000000000000000000000000)