Buy-backs & Burning
All the fees charged by the platform go towards buy-backs and burning.
Any user can execute this function at any time provided they follow the immutable process.
A recently updated KAE price oracle is a prerequisite 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
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:
- only one token — not the amount — can be burned at a time
- the value of tokens that can be burned at a time, and within a 24-hr period, is ~$1,000
- should this aforementioned value 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 indeed met all the conditions stated earlier.
- aside from burning, it's advisable to update the price oracle as frequently as possible
- if there are issues using Ftmscan, consider using a script and/or a custom interface
Last modified 4mo ago