Redemptions are Everstrike's built-in way of converting the native Everstrike stablecoin (evUSD) to USDT, USDC, DAI and other stablecoins.
Redemptions are useful when you want to withdraw your funds from Everstrike's DEX Mode. You can use them to instantly convert your evUSD to USDT (and other stablecoins), which can then be withdrawn to your own wallet.
More than 99% of redemptions are instant (completion time < 1 min.). A minor proportion of redemptions can take up to 24 hours to complete.
Redemptions carry no fees and no execution costs. Thus, they are the cost-friendly alternative to selling evUSD directly on spot markets.
How can I start a redemption?
To start a redemption, you must have at least 0.1 evUSD in your account, and you must have a (primary) wallet connected to Everstrike.
For step-by-step instructions (with pictures), refer to How to Deposit, Withdraw and Stake On Everstrike.
What is the purpose of redemptions?
To convert Everstrike's native stablecoin (evUSD) to USDT.
How long do redemptions take?
Redemptions can take up to 24 hours, but are usually instant.
What is the alternative to redemptions?
Using one of Everstrike's spot markets (such as USD/USDT), or using Everstrike in CEX mode.
Which assets are supported for redemptions?
Currently, only evUSD-USDT conversions are supported.
In the future, Everstrike plans to support other conversions, such as evUSD-USDC and evUSD-DAI.