Minter / Floor

This is a technical explanation on how to mint XVIX with ETH and how to redeem ETH for XVIX.

Minter

The Minter contract allows anyone to mint XVIX using ETH, the formula for how much XVIX you will receive can be calculated using the following formula:

$$ethIn * (maxSupply - totalSupply) / (ethReserve + ethIn)$$

Where circulatingXVIX is the total supply of XVIX, total supply and maxSupply can be read from the XVIX contract and ethReserve can be read from the Minter contract. Note that all values in the link are pre-multiplied by 10^18.

To mint XVIX with ETH:

1. Visit the Minter contract

2. Click on "Connect to Web3"

3. Under "mint", enter the amount of ETH to send and key in the address you want to receive XVIX at under "receiver"

4. Note that the "mint" amount does NOT need to be multiplied by 10^18

Floor

The Floor contract allows anyone to redeem ETH for XVIX at the floor price.

To redeem ETH for XVIX:

1. Visit the Floor contract

2. Click on "Connect to Web3"

3. Under "refund", key in the address you want to receive ETH at under "receiver" and key in the amount of XVIX you want to burn under "burnAmount"

4. Note that the "burnAmount" should be multiplied by 10^18, you can use https://eth-converter.com/ for conversion

Example:

If your address is 0x5F799f365Fa8A2B60ac0429C48B153cA5a6f0Cf and you want to burn 1.5 XVIX.

• Go to https://eth-converter.com/ and key in 1.5 into the Ether field

• Copy the "Wei" field, which is 1500000000000000000 in this case, then go to https://etherscan.io/address/0x40ed3699c2ffe43939ecf2f3d11f633b522820ad#writeContract

• Click on the "Connect to Web3" button and connect your wallet

• Then key in the refund values:

  • _receiver: 0x5F799f365Fa8A2B60ac0429C48B153cA5a6f0Cf (IMPORTANT: if you're following these steps, use your own address instead of this value)

  • _burnAmount: 1500000000000000000

• Click on "Write" and send the transaction with Metamask

• You would then receive the refunded ETH at your address