Redemption Information
The USDR redemption contract will open to the public on Monday, September 30th, 2024 at 00:00 UTC. This document provides information necessary to prepare for redemptions, including some actions which can be taken now like unwrapping wUSDR, converting pDAI to USDR and bridging USDR to re.al.
Status on Real Estate Sales and Proceeds:
As of the time of writing, $2,504,824 in proceeds from real estate sales are in the redemption multisig [0x2fFf1664D2364D5037A7b61fB03dE781178CF20d], ready for distribution to USDR holders (and pDAI holders who have swapped pDAI into USDR). This also includes stables formerly held in the Tangible DAO wallet on Polygon [htt0x100fcc635acf0c22dcdcef49dd93ca94e55f0c71].
This sum of existing proceeds from real estate sales will be split up across an initial series of 10 sequential epochs (each epoch is 48 hours and then the next epoch will begin), meaning approximately $250,000 will be deposited per epoch by Tangible. This ensures all users have adequate time to participate in the redemption contract and/or process from the initial tranche of funds.
After this initial series of 10 epochs is complete, the current balance of sales proceeds will be deposited by Tangible into the redemption contract at the start of each individual successive epoch. The amount deposited will fluctuate based on how much real estate has been sold during each 48-hour period, and there may therefore be periods where no funds are added. Epochs that begin after the initial series of 10 epochs will continue to cycle through every 48 hours until all backing real estate and/or other backing assets have been sold or all USDR in the redemption contract has received 0.90 USDC per 1 USDR, whichever comes first.
The goal is for every USDR to eventually be redeemed for $0.90 in USDC and the remainder in locked $RWA. This redemption process through individual successive epochs will not be complete until all properties and/or other backing assets are sold which could be months or longer.
Once the redemption phase is complete, and all proceeds from real estate sales have been fully distributed, Tangible intends to airdrop 0.04 veRWA tokens (with a 3 year lock period) per USDR to the wallets who have redeemed through the redemption contract.
How Redemptions Work:
The redemption flow takes place over the course of successive, individual 48-hour epochs. Each epoch is split into two phases, first the Deposit phase, followed by the Allocate phase.
USDC deposits will be split evenly across all USDR in the contract at the end of the Allocate phase. Distributed USDC can be withdrawn at any time.
First: Deposit Phase (24-hours)
Over the first 24-hours of each epoch, Tangible will deposit USDC into the redemption contract. During this time, users will not be able to add (allocate) new USDR to the contract but withdrawals of previously allocated USDR will be permitted. Claims from the previous epoch(s) will be available to redeem during this time.
Second: Allocate Phase (24-hours)
The second 24-hours of each epoch are when users allocate their USDR into the redemption contract. USDC deposits from the previous 24-hours will be distributed equally amongst all USDR in the redemption contract once the 24-hour allocation period is complete. Claims from the previous epoch(s) will be available to redeem during this time.
Note: USDR can be removed from the redemption contract. However, only the amount of allocated USDR that hasn't had USDC distributed against it can be removed. This means for every $0.90 of unclaimed USDC, 1 USDR cannot be removed.
Redeem:
Redemptions are available on an ongoing basis. New USDC deposited during the previous epoch and allocated amongst all USDR in the contract will be available to withdraw once the 48-hour cycle above is complete. There’s no need to claim daily; if you’ve allocated your USDR, you will continue to receive your proportionate share of new deposits for each epoch. Allocated USDR redemption amounts can then be withdrawn at any time after an epoch ends.
USDR is permanently burned when the USDC is redeemed. 1 USDR will be burned for every 0.90 USDC that is redeemed by the user.
Getting Started
USDR Redemptions will live at this site: https://polygon.tangible.store/
Redemptions will take place on the Ethereum Layer 2 network called re.al. Unwrapped USDR can be bridged to re.al from Polygon using this bridge: https://polygon.tangible.store/?action=Bridge
re.al Network Details can be found here: https://docs.re.al/get-started/get-started
Only unwrapped USDR can be bridged to re.al and be deposited into the redemption contract.
wUSDR must be unwrapped on Polygon at this link: https://polygon.tangible.store/?action=Unwrap
pDAI must be converted to USDR on Polygon at this link: https://polygon.tangible.store/?action=RedeemPdai
It is not possible to bridge pDAI to re.al and/or deposit pDAI into the redemption contract.
Once wUSDR and pDAI are converted to USDR on Polygon, they can be bridged to re.al for redemptions using the bridge at the link above.
reETH, the native gas token on re.al will be required to process transactions. reETH can be bridged by sending ETH from the Ethereum L1 to re.al using the re.al bridge https://www.re.al/bridge/.
reETH can also be quickly and inexpensively sent from a variety of L2s to real using gas.zip or Interport. NOTE: Neither of these protocols have any affiliation with Tangible—these are third party protocols that you use at your own risk, please do your own research before using any third party providers.
Additional and Important Details:
Per early community feedback, allocated USDR that has yet to be used for redemption of USDC can be removed from the redemption contract at any time. However, USDR which has USDC distributed against it cannot be removed, even if the redemption proceeds have yet to be claimed.
Users who do not wish to wait for redemptions can swap USDR on Pearl at any time. Note that if this option is taken, please beware that it will be the price as listed on the decentralized exchange instead of at the redemption value of $0.90 USDC and $0.10 worth of veRWA.
The USDC returned during redemptions is a bridged version of USDC on re.al and it must be bridged back to Arbitrum, Polygon or Base before it can be sent to any other DeFi chain. The bridge transaction from re.al to those chains should take approximately three to five minutes to complete (although timelines may vary).
USDC can be swapped on Pearl for any other asset on the DEX. Users should consult protocol documentation or Discord for information on bridges and liquidity for other assets and should familiarize themselves with the terms of service, use and/or any other terms governing the protocol and website (“Terms of Use”), including any risk identified within the Terms of Use documentation.
The total USDR allocation is tracked for every user. The final number on the final day of redemptions will be used to calculate relevant user’s airdrop amount.
Please visit the Tangible Discord for any questions on redemptions, a specific channel has been created to assist with redemption information. We will be releasing an FAQ relating to this in our documents.
We are unable to provide a timeline and/or date for the accounting report that was previously mentioned in the Announcement channel in Tangible’s discord dated 14 September 2024. We are working on this in conjunction with our professional advisors and as such may take some time. We will update our community whenever we are able to do so.
Last updated