$BANK Portal

The BANK Portal is a key feature of BaseBank, a Decentralized Exchange (DEX) platform. It enables users to convert between two types of tokens: BANK and xBANK. Here's a detailed explanation of how the BANK Portal works:

Convert BANK to xBANK:

The conversion from BANK to xBANK is instant and can be done immediately. Users can convert their BANK tokens into xBANK tokens seamlessly through the BANK Portal. This conversion allows users to take advantage of the features and benefits associated with xBANK.

Redeem xBANK to BANK:

Redeeming xBANK to BANK involves vesting duration. The vesting duration depends on how long or how much BANK you desire to receive after the redemption process is done. The chosen duration will affect the conversion ratio between the two tokens. Here are the details:

  • For a minimum vesting duration of 15 days, the conversion ratio will be 1:0.5. In other words, for every 1 xBANK token redeemed, users will receive 0.5 BANK tokens.

When users choose a vesting duration that is less than the maximum allowed, the conversion ratio between xBANK and BANK will be lower than 1:1. In this case, if there is any remaining xBANK that was not redeemed during the redeem process, it will be considered as a Fast Redeem Penalty.

  • On the other hand, selecting the maximum vesting duration of 6 months will provide a 1:1 conversion ratio. This means that for every 1 xBANK token redeemed, users will receive an equivalent 1 BANK token.

During the waiting period, you will receive more xBANK based on the time you waiting with the APR rate: 100%

It's important to note that users must settle any outstanding debt before they can initiate the redemption of xBANK to BANK. This mechanism makes sure the stability of the ecosystem and protects the Lenders in our platform.

Distribution of Fast Redeem Penalty tokens:

  • 10% of the penalized xBANK tokens will be allocated to the BaseBank team.

  • 30% of the penalized xBANK tokens will be added to the treasury fund, which is used to support the development and operations of the platform.

  • 60% of the penalized xBANK tokens will be permanently removed from circulation through a process known as token burning.

  • Token burning reduces the total supply of xBANK tokens, which can potentially increase their value over time.

Interest accrual during the Redeem period:

  • While users are waiting for the Redeem period to complete, they will receive interest with APR 100%

  • Staking refers to the process of holding tokens in a wallet to support the security and operations of a blockchain network. In this case, users will receive interest in the form of accrued xBANK tokens.

  • The accrued xBANK tokens will be directly transferred to the user's account upon successful completion of the countdown order, which marks the end of the Redeem period.

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