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Buy-backs & Burning

Anyone can execute a buy-back and burn with the fees earned by the platform provided they meet certain conditions.

Updating the KAE Oracle

A recently updated KAE price oracle is a prerequisite in order to execute a burn. Requirements are as follows:
  • you must be staking at least 2x the minimum KAE amount required to borrow
  • you must have borrowed within the last 14 days
  • 24 hrs must have passed since the last update
This minimum KAE amount is the third value seen after hitting "Query" on the getConfig function here, divided by 1e18.
To update it:
  • click “Connect to Web3” and connect an account that meets the aforementioned criteria
  • click “Write” under “update” and confirm the transaction

Burning

After the oracle has been updated, you can proceed to execute a burn. Note that the user executing the burn needn't be the same as the one that updated the oracle but you must be able to update the oracle to execute a burn. You can check this by testing your address with the canUpdate function here.
The remaining conditions for burning are as follows:
  • only one token (not amount) can be burned at a time
  • the amount of value that can be burned at a time is ~$1,000
  • should this aforementioned limit be exceeded, 24 hrs must pass before the next burn can occur (naturally, the oracle must be updated in tandem)
To execute the burn:
  • click “Connect to Web3” and connect an account that meets the aforementioned criteria
  • enter the address of the token you want to burn in the “token” field under “burn”
  • click “Write” underneath and confirm the transaction
It is advisable to use the most aggressive gas setting available when doing this. Should you see an error and/or an absurdly high gas fee in Metamask, confirm you have met the conditions stated earlier.
Aside from burns, it is advisable to update the price oracle as frequently as possible
Last modified 2mo ago