Redeem
A Step-by-Step Guide for Using the Redeem Function
Last updated
A Step-by-Step Guide for Using the Redeem Function
Last updated
Disclaimer: The minimum amount required to initiate a redemption is USD$10,000 worth of USDf. Users should contact support@falcon.finance for more information or assistance with the process.
The Redeem function within the Swap tab allows users to initiate USDf redemptions using existing USDf balances within their Falcon Account. Users can redeem their USDf in various stablecoins.
Step 1: Navigate to the Redeem Section First, users locate the Swap tab on the Falcon app, and select "Redeem" from its dropdown menu.
Step 2a: Verify USDf in Falcon Account For users to begin the redemption process, there should be USDf in their Falcon Account.
Step 2b: Deposit USDf into Falcon Account Users without any USDf will first be required to deposit their intended redemption amount into their Falcon Account. This can be done via an exchange or their connected Web3 wallet, in a similar manner to asset deposits. Users depositing from their Web3 wallet will be required to confirm and authorize the transaction within their Web3 wallet.
Step 3: Indicate Redemption Amount and Asset Users indicate their desired USDf redemption amount, and select the asset they wish to receive from a range of supported assets. By clicking the Redeem button, users will initiate the redemption, and trigger the redemption transaction. All USDf redemptions are subject to a 7-day cooldown period.
Step 4: Approve Transaction Users will be required to confirm and authorize the transaction within their Web3 wallet.
Step 5: Confirm Redemption via Falcon Account Overview After the redemption is finalized and the transaction is confirmed, users' redemption assets will automatically be deposited into their Falcon Account after the 7-day cooldown period. Users should confirm this under the Profile function located in the dropdown menu of the Account tab.
After verification of a successful redemption, users can withdraw their assets from their Falcon Account to their Web3 wallets.
Refer to the section under the tab for further details.
