How to get back your collateral
- 1.Ensure you have an Ethereum account with some already minted d2o and ETH for gas.
- 2.Have the Metamask wallet installed on a suitable browser (e.g. Chrome, Firefox).
- 3.Be connected to the DAM Finance app.
Assuming you are connected to the DAM finance app on Ethereum. Navigate to the "Get d2o" page and you'll see the following screen for minting d2o.
Default get d2o screen
Blick the arrow in the middle of the screen to burn d2o.
Enter in an amount of d2o to burn. You'll see a new yellow approve button. This is because you need to approve the d2o contracts to move your d2o for burning.
Clicking the approve button, you get an approval screen in Metamask. Click confirm to approve the transaction.
You'll then see a popup that the transaction is in process.
Approve burn in progress
You can click the link to see it in Metamask.
Burn approve metamask
Once that transaction is confirmed, there is a popup to notify you.
Burn approve confirmed
Close the pop up. You'll see that the yellow "approve" button disappears from the burn screen. You are now ready to burn your d2o to obtain the USDC you originally pledged as collateral.
Ready to burn
You'll notice that the received amount of USDC is slightly less than the amount of d2o being redeemed. This is because a small fee is charged on d2o redemptions. The fee is set to 0.75% of the d2o amount redeemed.
Upon clicking the "burn d2o" button, Metamask will popup with a prompt asking you to confirm the transaction.
Metamask confirm burn
you'll then see a "transaction in progress" popup. You can follow the etherscan link to track the transaction if you like.
Transaction in progress
After a short wait, the transaction will be confirmed. Your d2o and USDC balances will be updated in the app and your Metamask wallet to reflect the redemption of d2o.
That's it. If you've got this far, you now know how to:
- 1.Mint d2o using USDC as collateral.
- 2.Teleport d2o from one blockchain to another.
- 3.Burn or redeem your d2o for the underlying USDC collateral.