SoSoValue Indices
  • SSI Protocol Overview
    • Overview
    • Launch Features
    • Problem: Capturing Crypto Market Beta
    • Our Solution: Index-Based Wrapped Tokens
    • Size of the Opportunity
  • SoSoValue Index Overview
    • Overview
    • MAG7.ssi
    • MEME.ssi
    • DEFI.ssi
    • USSI
  • Solution Design
    • Overview
    • Mint
    • Burn
    • Rebalance
    • Key Addresses (on Base)
  • Index General Methodology
    • Index General Methodology
  • Tutorial
    • Tutorial Guidance on USDC and Gas fee(ETH)
  • Resources
    • Audits
    • Terms of Use
    • Privacy Policy
    • Media Assets
    • FAQ
    • General Risk Disclosure
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  1. Solution Design

Burn

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Last updated 4 months ago

  1. Before Burn, WLP needs to send a quote request to Protocol Server, which will return an order.

  2. If the order price is favorable, WLP can apply Burn with the order on-chain. SSI token will be transferred to the Protocol Contract first.

  3. The Protocol will verify the order and inform PMM to fill the order.

  4. Once PMM receives the order request, PMM will transfer cash to the Protocol Contract.

  5. Then Protocol will withdraw the underlying tokens from Custodian Wallet to PMM.

  6. After verifying the transfers, Protocol will burn SSI tokens and transfer cash to WLP.