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
To update it:
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
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.