Redemption by user or protocol

Redemption is an operation to improve Pledge's health ratio which involves the purchase of collateral at market value and repayment of CJPY.

Only Pledges with health rate of less than 130% are eligible for redemption.

Redemption proceeds from the pledge with the lowest collateral ratio.

There are two redemption methods: by user and by protocol.

Redemption by user

Redemption can be made with CJPY held by any user.

The redemption acts as exchange of CJPY to ETH at 1 CJPY = 1 JPY rate.

Redemption by protocol

Redemption is made in CJPY accumulated in Yamato Protocol.

Anyone can trigger redemption by protocol and the trigger executor gets 1% of the collateral obtained from the redemption redemption at 1CJPY = 1 JPY rate.