Conversion - Redeeming

ESPER -> xESPER - xESPER -> ESPER

ESPER and xESPER can be interconverted, but the conversion process differs based on the conversion direction.

Converting ESPER -> xESPER

ESPER can be transformed into xESPER at any time, with an immediate and equal 1:1 ratio.

Redeeming xESPER -> ESPER

The redemption process to convert xESPER to ESPER incorporates a vesting mechanism, enabling users to choose their preferred duration. As the vesting period lengthens, the conversion ratio will proportionally improve.

• Selecting a minimum vesting duration of 15 days results in a conversion ratio of 1:0.5.

• Choosing the maximum vesting duration of 6 months offers a 1:1 conversion ratio.

The unclaimed excess ESPER is burned if the chosen vesting duration is less than the maximum (ratio < 1:1).

Dividends Allocation

During redemption, 50% of the redeemed xESPER is automatically allocated to the Dividends Plugin. For instance, when a user redeems 1000 xESPER, they will receive dividends equivalent to allocating 500 xESPER to the Dividends plugin.

Cancel Redeem

Users have the option to cancel the xESPER redemption process at any time. If a redemption process is halted before completion, the whole process will be invalidated. The user will receive back the full amount of xESPER intended for redemption, and no ESPER will be acquired.