Steps for redeeming FEI for ETH from EthReserveStabilizer Contract
If you own FEI and would like to redeem it at $0.95 USD for ETH, you can go to the Fei app Redeem tab.
Connect your wallet
Enter the amount of FEI you would like to redeem and submit transaction
Initiate transaction by pressing Redeem button
The redemption contract receives a 5000 ETH hourly drip from the 300,000 ETH allocation as long as there is less than 5000 ETH in the redemption contract.
Current amount of ETH in the redemption contract (EthReserveStabilizer): Current ETH Available
Balance of ETH redeemable: Total ETH Available
If there is an insufficient amount of ETH in the redemption contract to fully redeem your FEI you will be notified:
You can consider a partial redemption or attempt again at a later time.
It is likely that there will be some initial frontrunning of the redemption process. If you don’t want to execute partial redemptions or wait for the redemption contract to refill to the required amount of ETH needed for your complete redemption, you can check Fei app Exchange or secondary markets as an alternative.