Illuminati DAO
  • 🪐Illuminati DAO Introduction
  • 🌟Synthetics
  • 💰Synthetics Tokens
  • 🪙$MNTI Token
  • 🔓Staking and Locking
  • ⛏️Liquidity Mining
  • ⚒️Minting and Redeeming
  • 🛡️Flash Loan Protection
  • ⚡Zap Feature
  • 🌠Collateral Ratio
  • 💁‍♂️Protocol Owned Liquidity
  • 🌀Price Stability
  • 🖥️Smart Contracts
  • 🧑‍🤝‍🧑Governance (DAO)
  • 📰Roadmap
  • 🔐Audit & Security
  • 🖼️Graphical Assets
  • 🔗Links & Community
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  • Redeeming
  • Minting and Redeeming Mechanisms (2-step)
  • Fees

Minting and Redeeming

To mint 1 $WBNBX the protocol will require 1 $WBNB token and (100% - CR) of the deposited asset will be converted into the MNTI/WBNB LP.

e.g. CR = 95% and user wants to mint 10 $WBNBX

- 9.5 $WBNB will be deposited into $WBNB pool reserve - 0.5 $WBNB will be converted into the MNTI/WBNB LP

Redeeming

When redeeming 1 $WBNBX the protocol will return (CR worth of) $WBNB and (and 100%-CR worth of) $MNTI.

e.g. CR = 95% and user wants to redeem 10 $WBNBX - 95% will be returned as $WBNB - 5% will be returned as $MNTI

Minting and Redeeming Mechanisms (2-step)

In order to prevent possible flashloan exploits, after minting or redeeming the user will have to take one more step and claim the tokens.

Fees

Minting and redeeming incur a 0.5% and 1% fee respectively which are distributed to the locked stakers.

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Last updated 1 year ago

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