We have successfully deployed the DEL Redemption Contract, allowing users to convert DEL tokens back to ETH at the exchange rate established in the original Fair Auction contract.
WARNING: DO NOT SEND DEL DIRECTLY TO THIS CONTRACT. DOING SO WILL RESULT IN TOKEN LOSS, AND WILL NOT REIMBURSE THE SENDER WITH ETH.
To claim ETH from the contract successfully, first you must approve() the quantity of DEL tokens that you are redeeming from the DEL Token Contract, and then call redeemTokens() for that amount from the Redemption Contract.
Detailed instructions on how to do this properly have been made available for the following wallets:
These instructions are also available at the bottom of the page at http://delphi.systems/redemption
If you have any questions or concerns about the process, please reach out to us on Slack, Reddit, Twitter, or email, and we will be doing our best to help out as needed in a timely fashion.
Note: As a final safety precaution, the contract is currently only partially funded. We are monitoring the contract activity as redemptions occur, and as long as no unexpected issues arise, we will fund it with the remaining ETH from the FairAuction.
Finally, the token conversion rate is set to 2410 DEL/ETH. This means that holders of DEL who redeem their tokens will actually receive slightly more ETH than they originally contributed to the auction. We intend to cover the costs of this out-of-pocket, as a small way of saying “thank you” to the community for the incredible patience, support, and understanding that you have shown during this episode.
Thank you.
