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  • What is minting?
  • Redeeming
  1. USER GUIDES

Mint/Redeem

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Last updated 5 months ago

What is minting?

Crypto minting refers to the process of creating new units of a particular cryptocurrency. This method adds tokens into circulation, enabling them to be traded or used within its ecosystem.

On the Overnight.fi platform, Tokens+ like USD+, DAI+, and USDC+ can be minted in exchange for stablecoins at a 1:1 ratio. ETH+ can be mined for WETH. This can be done through the Mint section on the homepage.

The transferred USDC is sent to the PortfolioManager, where it is then deposited into the designated strategies.

Redeeming

The reverse process, called Redeeming, allows users to exchange Tokens+ back into stablecoins or WETH. This can be done in the Redeem tab, effectively withdrawing funds from the strategies.

If necessary, the PortfolioManager will initiate the withdrawal process from strategies to gather the required amount of USDC for the return. If the collateral falls below the critical threshold, clients can receive a proportional share of assets from the Vault.