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Token redemption refers to the reduction of supply of index tokens through the action of redeeming index tokens for the underlying assets.
- 1.User Initiation: User initiates the redemption process by burning n AMKT tokens, signaling their intention to redeem the tokens for their in-kind value.
- 2.Smart Contract Action: Upon receiving the burn transaction for n AMKT tokens, the smart contract verifies the burn and prepares to release the in-kind assets.
- 3.Asset Release: The smart contract then releases the in-kind assets to the designated address provided by the user.
- 4.User Receives Assets: User receives the in-kind assets corresponding to the burned n AMKT tokens at their designated address.
All AMKT holders are entitled to redeem the underlying AMKT assets directly with the smart contract.