Redeeming cToken
Last updated
Last updated
If you have followed previous tutorial Using Compound II by now you should have a cToken residing within your crypto assets. In this example, namely we have cETH as shown below.
As you remember we have exchanged 0.01 Goerli ETH to 0.3769 cETH tokens under 25.6% APY (wow). Since we do not need to wait 1 year to receive our investments back, we can try to redeem our tokens now. When pressing "Redeem from Compound II" button, we will have the following modal
Once we enter Maximum cETH amount, we can see that we can approximately return the funds that we have sent earlier since only a 15 minute passed since received our cToken.
Let's go ahead and create this proposal, we can wait later for some time before executing it.
From the summary we can actually see exact amount of ETH we are expected to receive which is slightly less than 0.01. Pressing "Send" button will create a wallet transaction event, and after confirming it we can see a new proposal has been created.
Please notice that due to rounding we are still getting our 0.01 ETH. Once the vote has been approved, we can press "Redeem" to initiate transaction.
Once the transaction is confirmed within the wallet extension, your proposal status will change to:
And your balances will change in Family Crypto Assets tab. cETH token has disappeared since have exchanged the maximum amount.
You can also check transaction details within your Transaction History of your Family Account.
As you can see 0.38 cETH (rounded) has been sent, and 0.01 ETH received at the end. Congrats! You have returned back your ETH, though you could have waited a year for 25.6% APY :)
