Opening a TBY deposit
Issuing TBY by opening a deposit at a predetermined proportion of DAI to TBY according to the scheme:
The storage cost is defined as:
- the number of DAI put into the smart contract - D
- number of issued TBY by the smart contract - T
P = D/T, where P is the storage cost of the next addition of DAI to the contract
The process of issuing TBY is the following:
0. When a contract is deployed, the first TBY is issued to correct the initial proportion of DAI per TBY defined by the address deploying the smart contract.
- 1.An ecosystem member transfers a certain amount of DAI into a smart contract to issue TBY at the offered proportion.
- 2.The smart contract issues the required amount of TBY and sends it to the user's address with the exception of the Pay-in Fee regulated by the DAO members.
- 3.Pay-in Fee includes the Mint Percent sent to the fee collector and is determined by DAO participants through on-chain. This parameter is responsible for keeping TBY in the smart contract and affects the future proportion of DAI to TBY.
- 4.The smart contract determines the proportion for the next deposit opening/closing operation
Each TBY issue transaction always increases the storage cost due to a decrease in the proportion by burning off a part of the commission.