> For the complete documentation index, see [llms.txt](https://docs.yamato.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.yamato.fi/en/features/redemption-by-user-or-protocol.md). # 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. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.yamato.fi/en/features/redemption-by-user-or-protocol.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.