Redeeming USDe is the process of burning USDe in exchange for backing assets.
Users can redeem USDe with Ethena through our UI or via our API.
Using the UI, the redeem USDe user workflow is:
The user requests to redeem USDe via our dApp interface by selecting a backing asset to receive, such as stETH, entering the amount of USDe they wish to use for redeeming, and viewing the amount of stETH to receive.
If the user agrees with the amount of stETH, the user is able to click the "Redeem" button which pops up their selected wallet to sign an EIP712 style signature specifying the USDe amount, the backing asset, and the backing asset amount they will receive.
After the user signs the transaction with their wallet, Ethena validates the request & submits the transaction to the blockchain.
Upon successful confirmation of the transaction, the user's chosen backing asset, such as stETH, is atomically swapped for the agreed amount of USDe.