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oCYPH

tip

Earned through liquidity farms & incentives. oCYPH can be convereted 1:1 to xCYPH. oCYPH can also be converted to liquid CYPH by paying a % of the value in ETH.
This ETH is used used to buy back CYPH from the open market.

  • ticker: oCYPH
  • chain: Ethereum
  • contract: TBA
  • decimals: 18
  • maxSupply: 1,000,000,000 (1B) tokens

Incentives Distribution​

  • All incentives are distributed in oCYPH.
  • oCYPH can be converted 1:1 to xCYPH.
  • oCYPH can be converted 1:1 to CYPH by paying in ETH an amount equal to a % of the current CYPH price.

Conversion Cost (ETH)​

  • The percentage ranges from 30% to 60% (initial value adjustable in the future).
  • The movement from 30% → 60% is based on redeeming volatility — the more people redeem during a period of time, the higher it goes (and inversely).
note

Higher aggregate redemptions in a period increase the percentage - lower redemptions decrease it.

Exercising the Option​

  • It’s possible to harvest oCYPH rewards and exercise the option later.
  • There is no time limit to exercise the option.

ETH Allocation on Redemption​

The ETH collected upon oCYPH → CYPH redemptions will be split as follows:

  • 75% — Immediately buy back CYPH, which will be accrued to xCYPH stakers.
  • 20% — Stored in a strategic reserve for internal CYPH market making.
  • 5% — To the Core Contributors.