Redemption
Token redemption involves reducing the supply of Universal tokens by redeeming them for the underlying assets. This process can only be initiated by merchant addresses.
Last updated
Token redemption involves reducing the supply of Universal tokens by redeeming them for the underlying assets. This process can only be initiated by merchant addresses.
Last updated
To redeem Universal tokens, the merchant must call the ‘burn’ function in the contract, specifying the amount of tokens to be burned. When this function is called, the specified amount is deducted from the merchant’s Universal token balance on-chain, and the overall supply of Universal tokens is reduced accordingly.
By burning the tokens, the merchant effectively exchanges the Universal tokens for the equivalent value in underlying assets, thereby decreasing the total supply of Universal tokens in circulation.
