Redeem is a convenience feature allows limited amounts of Creator Coin to be redeemed for USDC, a crypto stablecoin pegged to the US dollar. This initial redemption feature is provided through Uphold.
📽 HowTo Video: https://www.youtube.com/watch?v=jpL16g2K_xM
Fees: Rally does not charge any fees, however the Uphold service charges a fee per transaction. You will see the fee as a single line item in your transaction details. Fees are composed as follows:
Network: $1 (note, the Network fee may vary based on the current Ethereum gas fees)
You will need an Ethereum wallet/address where you will want the USDC deposited. Take note of some Ethereum wallets we recommend here.
The minimum transaction value to redeem any Creator Coin is $25 USD; that is, you must hold at least $25 USD in a single Creator Coin to redeem that coin. (Multiple different Creator Coins cannot be combined in a single transaction.)
The maximum value that can be redeemed per transaction is $300 USD.
The maximum lifetime value that can be redeemed using Redeem is $300 USD.
If you are looking to take out beyond this $300 lifetime Redeem limit, please use the $RLY Bridge Out feature.
Certain additional limitations apply to Creator genesis coins, including a per transaction limit of 0.25% of the maximum coin supply. After this limit is reached, the redemption allowance refills based on community activity (purchases + transfers).
Login to Rally.io. You will be taken to your Portfolio page.
Click the Creator Coin (that you own) you want to redeem.
By My Quantity, click Redeem. (You must hold at least $25 USD in value of a given coin to use the Redeem feature.)
Eligible for redemption as value above $25 USD
Not eligible for redemption as value below $25 USD
4. Type the number of coins you want to redeem. When you start typing the number, the system will calculate the minimum amount of coins you can redeem.
5. Click Next. The next window asks you to confirm that the Ethereum wallet you will be redeeming to accepts USDC. (If you do not know, you should review your Ethereum wallet before continuing. Rally is not responsible for sending to an Ethereum wallet that does not support USDC.)
NOTE: U.S. Dollar Coin, or USDC, is an Ethereum-based stablecoin. USDC represents fiat, or government money, on the blockchain. It is redeemable on a 1:1 basis for U.S. dollars, issued by regulated financial institutions and backed by fully reserved assets. Reference.
6. Click Got It and then click Next.
7. Enter the wallet address where you want the USDC to be deposited. Remember, make sure that your wallet supports holding the USDC coin.
8. Review the details of the redemption transaction. Click Redeem to complete the transaction.
NOTE: Make sure that your recipient Ethereum wallet address is correct before continuing. Rally is not responsible for sending to an incorrectly entered Ethereum wallet address.
You can sell Creator Coin beyond the $300 limit by converting Creator Coins to $RLY, and then using the "Bridge out" feature.