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xDERP <> DERP conversion details
Conversion and redemption for DERP and xDERP are mutually convertible but the steps are different. Please see details below:
DERP can be freely converted to xDERP any time. The steps are instant and at 1:1 ratio
The redemption steps to convert xDERP to DERP implies vesting, the duration of which is selected by the token holder. The conversion rate will increase with the vesting duration:
Minimum vesting duration of 24 days will provide 0.42:1 ratio
Maximum vesting duration of 96 days will provide 1:1 ratio
IF the selected vesting duration is lower than the maximum ratio 1:1, the excess DERP will be sent to foundation reserve for future purpose; ie. liquidity on better CEX and more.
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