Redeeming Funds & Retiring
You can redeem your tFLIP, subject to certain conditions. In order to do so, the funds may neither be bonded, nor tied up in auction bidding.
For a detailed account of the process and its restrictions see Redeeming ERC-20 $FLIP through the Gateway.
Retiring from Auctions
To end your participation in auctions, use the Chainflip CLI.
sudo chainflip-cli --config-root /etc/chainflip validator stop-biddingYour node will cease to participate in auctions. When your node has left the validator set, it will still be a Keyholder for another epoch. You then have to wait another epoch until your tFLIP can be redeemed, so that your node is no longer a Keyholder. Once your node is no longer a Keyholder you can redeem all your tFLIP by following the next steps.
Redeeming your tFLIP
The redemption process can be initiated via the Chainflip Auctions App (opens in a new tab) > My Nodes, and the Chainflip CLI. You will need the address of the Ethereum account to which you want your tFLIP to be sent.
As of version 0.8, the network levies a Redemption Tax of (at the time of
writing) 5 tFLIP per redemption. This is to reduce 'redemption request
spam'. These requests are expensive for the network to process, and the cost
for this is now carried by the requester, via the tax.
In the Auctions App, select "Redeem". This will guide you through the process.
You have two options. By default, the command will redeem the maximum available funds from your account, taking into account the bond. For example, imagine your account balance is 1000 tFLIP and the bond is 800 tFLIP, the following would withdraw 195 tFLIP net of tax, to the Ethereum account 0xcf..cf:
sudo chainflip-cli redeem 0xcfcfcfcfcfcfcfcfcfcfcfcfcfcfcfcfcfcfcfcfAlternatively, you can specify an exact amount you wish to redeem, say 50 tFLIP:
sudo chainflip-cli redeem --exact 50 0xcfcfcfcfcfcfcfcfcfcfcfcfcfcfcfcfcfcfcfcfThis will generate a redemption certificate that will be sent to the Ethereum network.
Once you have completed the request, proceed to the Auctions App. The redemption should automagically appear here, where you will be able to continue with the process.
Redemption Expired
If for some reason, you couldn't finish the redemption process, your redemption certificate will eventually expire. This means you need to refund your tFLIP back to your State Chain balance, before starting a new redemption.
You only need to click on 'Refund FLIP to your balance' and start the process again.
Deregistration and Account Deletion
Accounts are automatically deleted once all funds have been redeemed.
Before making this final redemption, your account must be deregistered:
sudo chainflip-cli validator deregister-accountDeregistration is not possible until your account has stopped bidding and is no longer a key holder for an active Epoch (usually this implies that at least one Epoch has passed since your account was last in the authority set).