Withdraw
Closing a TBY deposit
Withdrawal of DAI from the smart contract is done by the reverse process:
- 1.The ecosystem member determines the amount of TBY to close a deposit at the offered DAI to TBY ratio and transfers TBY to the smart contract.
- 2.According to the current proportion of DAI to TBY, the smart contract unlocks DAI except for the Pay-out Fee regulated by the DAO members and transfers DAI to the user's address.
- 3.The transferred TBY is burned.
- 4.Pay-out fee includes Unburn Percent parameter, which is determined by DAO participants through on-chain voting. This parameter is responsible for defining the amount of DAI returned to the user and affects the decrease in the future proportion when opening a deposit.
- 5.The smart contract determines the proportion during the next deposit opening.
Each transaction to unlock DAI always decreases the proportion of the next deposit opening due to the fact that part of TBY, sent to the withdrawal is not burned
Last modified 2mo ago