Mint & Redeem
Minting is depositing stablecoins to the pool and creating the corresponding SAME stablecoins at a specific ratio.
Last updated
Minting is depositing stablecoins to the pool and creating the corresponding SAME stablecoins at a specific ratio.
Last updated
The Mint smart contract allows users to deposit their stablecoins and in return, an equivalent amount of SAME stablecoins are minted and given to users. You can mint SAME-stablecoins, like SameUSD, at any time by following the below steps:
Step 1: Pick a stablecoin (USDT, BUSD or USDC) & enter the amount that you wish to deposit.
Step 2: Smart Contract calculates and previews the current mint rate, the SameUSD you'll receive and your Samecoin reward.
Step 3: Confirm & approve the transaction on your wallet.
Step 4: Your original stablecoins are locked in the smart contract and added as SameUSD's backing/reserve.
Step 5: SameUSD is minted and sent directly to your wallet.
Step 6: You also receive some Samecoin as an additional reward.
The core of the Mint smart contract is the algorithm of converting ratio between SAME stablecoins and others. The Samecoin Protocol needs significant data and work before it reaches the final stage. Therefore, two phases are planned to reach the scale step by step.
Phase 1: The converting ratio of a stablecoin for SAME-Stablecoin (e.g. SameUSD) is fixed at a 1:1 ratio.
Phase 2: Based on the completed Mint smart contract implementation (as mentioned below), the converting ratio will be flexible and based on more accurate data.
Samecoin does not charge any additional feed for transactions. In addition, a small amount of Samecoin is rewarded on each transaction to encourage more adoption and growth.
Users can withdraw back their original stablecoin by using Redeem to deposit back the equal amount of SAME-stablecoins (e.g SameUSD). This can be done at any time by following the steps below:
Step 1: Pick a stablecoin (USDT, BUSD or USDC) & enter the amount of SAME-stablecoin you wish to deposit back.
Step 2: Smart Contract calculates and previews the amount of stablecoins you'll receive.
Step 3: Confirm & approve the transaction on your wallet.
Step 4: Your original SameUSD is taken and burned by the smart contract.
Step 5: Your stablecoins are redeemed from the smart contract and sent directly to your wallet.
When using Redeem, the ratio used is the same as the Mint smart contract.
