Withdrawals

Summary:

To withdraw your wrapped assets and obtain the underlying assets, you begin by creating a withdrawal request.

Once initiated, another user can opt to process your withdrawal.

They will send you the corresponding assets, and after off-chain workers verify receipt, your wrapped assets are transferred to the user processing the withdrawal.

As a processing fee, 0.5% of the withdrawal amount is sent to the user, while another 0.5% is distributed to the pool of off-chain workers as a reward for their contributions.

This withdrawal process ensures a seamless exchange of assets while compensating those involved in facilitating the transaction.

The exchange pool of the asset being withdrawn needs to be initialized before executing the withdrawal.

Withdrawal Process:

1. Initiate Withdrawal:

   • Start by creating a withdrawal request if you wish to exchange your wrapped assets for underlying assets.

2. Processing by Another User:

   • After initiating the withdrawal, another user has the option to process your withdrawal request.

   • The user processes the withdrawal by sending you the corresponding assets.

3. Verification by Off-chain Workers:

   • Off-chain workers play a crucial role in verifying that you have received the assets sent by the processing user.

   • Once verified, the withdrawal process proceeds to the next step.

4. Transfer of Wrapped Assets:

   • Upon confirmation of asset receipt, your wrapped assets are transferred to the user who processed the withdrawal.

5. Fee Distribution:

   • As compensation for processing the withdrawal, 0.5% of the withdrawal amount is sent to the user who facilitated the withdrawal.

   • Additionally, another 0.5% of the withdrawal amount is distributed to the pool of off-chain workers as a reward for their contributions.

This withdrawal process ensures a seamless exchange of assets, with appropriate compensation for those involved in facilitating the transaction.

The minimum withdrawal amount is $100 of ETHU. (We need to have more than $100 of ETHU in our unit wallet in order to initiate a withdrawal.)

Users need to add their address before initiating a withdrawal by following these steps: Profile -> Settings -> Wallet -> Token (ETH).

Once a withdrawal is created, it enters a "Pending" state, and another user must process it.

After the withdrawal has been processed and executed, it can be observed that ETHU has been minted for the second user, and ETHU has been deducted from the first user.

Rewards: 0.5% of the initial amount goes to the staking workers, and another 0.5% to the second user who processed the withdrawal.