Redeem USDM

Redeeming USDM converts it back to USDC at a 1:1 ratio. Redemption is a two-step process: request now, claim after a cooldown.

Current cooldown: 3 days. This value is read live from MonetrixConfig.redeemCooldown() and can be adjusted by governance. The active value is always shown in the UI and is authoritative.

If your USDM came from unstaking sUSDM, the yield you earned was already realized at the claim step. Redeem is just converting USDM back to USDC.

Steps

1. Request a redemption

On the Redeem page, enter the USDM amount you want to redeem. The app displays:

• Your USDM balance.

• A banner showing the cooldown length read live from the protocol config (e.g. "3d cooldown before claiming").

Click Approve USDM (first time only), then Redeem USDM. The transaction calls MonetrixVault.requestRedeem(amount).

After this, the cooldown starts. A new card appears under Redeem requests with status Cooldown and a countdown timer.

Your USDM is burned at request time and held by the vault as a claim on USDC. The 1:1 rate is locked in when you request; further yield is not earned during the cooldown.

2. Wait for the cooldown

The Waiting Time column counts down. The cooldown length (currently 3 days) comes from MonetrixConfig.redeemCooldown() and is displayed live in the UI. Governance can adjust this parameter; future changes will be announced before they take effect.

3. Claim your USDC

When the cooldown ends, the badge flips from Cooldown to Ready (green) and the Claim button becomes active.

Click Claim and confirm. The transaction calls MonetrixVault.claimRedeem(requestId) and sends USDC to your wallet at the 1:1 rate.

Multiple requests

You can have multiple redeem requests outstanding at the same time. Each shows as its own card with an independent cooldown. You can claim them in any order as each one becomes ready.

Troubleshooting

• "Insufficient USDM balance": check your USDM balance.

• "Transaction would exceed TVL cap": shouldn't affect redeem (it's a mint-side check). If you see it, try a smaller amount.

• Cooldown shows - (dash): the cooldown has ended; the Claim button should be active.

• Gas estimation fails: usually means the request isn't ready yet (still in cooldown) even if the UI shows "Ready" locally. Refresh the page.