Settlements
The DeFi Trident - 1/3.
Last updated
The DeFi Trident - 1/3.
Last updated
'What better pledge can their be than that written, enshrined and enforced on chain?'
The Grove's Holding Contract, being the recipient of all assets sold to The Guild, is similarly beholden to The Reserves Settlement Contract. Meaning: all revenue received and liquidated by of The Grove's Holding Contract must first pass to the Settlement Contract before any further use of the revenue can be actioned. This setup ensures that 3.finance are always first in line to exit the ecosystem should they choose to. Thus:
Creditors retain 'first right of refusal' to swap debt for revenue.
Creditors.
Stake GUILD into the Settlement Contract to signal intent to exit. Note. This is a ONE WAY action and can not be undone.
Gardians.
Seeing stGUILD, 3.NFTs are minted and liquidations enacted. crvUSD accumulates in Holding Contract till called. On call the entire balance is moved to the Settlement Contract.
Creditors.
When crvUSD is received by the Settlement Contract, the Claim function will activate. Claiming crvUSD is currently on a first come first served (FCFS), basis.
On claim, a proportional amount of stGUILD are burned for each crvUSD sent to the connected wallet. The exchange rate is fixed at 1:1.
Gardians.
After a predetermined number of blocks (time) or when there are no stGUILD in the Settlement Contract and a balance of crvUSD exists, this balance can be claimed as 'Excess'.
For the next process in The DeFi Trident, see ''.
