How does fast redemption work?
Fast redemption is a feature that allows users to redeem crypto gradually from Onchain Earn products, shortening the standard redemption period.
This feature is useful when you need faster access to your funds, whether to take advantage of a trading opportunity or to address other financial needs.
How does it work?
If your product offers fast redemption, you're eligible to receive a portion of your redemption every day after you submit your redemption request. However, this is subject a daily limit, that’s the lower of:
a fixed individual limit, or
a variable platform limit.
If there's a high demand for redemption, the platform limit might be used up and you'll have to join a redemption queue. In this case, it may take some time before you start receiving your crypto.
Example
Assuming that you want to redeem 600 ETH and the current standard redemption period is 10 days, this is how your redemption will go with fast redemption:
Phase | Details | Total ETH received so far |
Day 1: Redemption submission | You submit a redemption order for 600 ETH. Due to high demand, you enter the redemption queue. | 0 ETH |
Day 2 - 4: Redemption queue | While in the redemption queue, you receive no ETH. During this time, you can still cancel your redemption | 0 ETH |
Day 5: First partial redemption | You reach the front of the redemption queue. Due to redemption by other users, the daily limit only has 50 ETH left. You receive 50 ETH. | 50 ETH |
Day 6 - 9: Partial redemption | Over the next 4 days, you receive 100 ETH daily. | 450 ETH |
Day 10: Full redemption | On the last day of the standard redemption period, all outstanding crypto are settled all at once. You receive 150 ETH, even though it exceeds the daily individual limit. | 600 ETH |
How can I use fast redemption?
If fast redemption is available for an Onchain Earn product, simply redeem as usual to enjoy the feature. Follow these steps to redeem your Onchain Earn products:
Log in to your OKX account
Visit Assets > Earn
Follow the steps below based on the product type:
For liquid staking crypto:
View Your liquid staking tokens option and select BETH/OKSOL
Select the Redeem to ETH/SOL button
Select ETH/OKSOL redemption as your redemption method
Enter the amount you wish to redeem and select Continue
Confirm your redemption
For other products:
Choose the Onchain Earn order you wish to redeem
Select the Redeem button
Confirm your redemption
Why should I use fast redemption?
Faster liquidity: quickly redeem your funds and shorten the standard redemption period.
Avoid market volatility: secure your funds, reducing exposure to sudden price fluctuations.
Flexible asset management: easily reallocate funds as needed with minimal delay.
Convenience: a user-friendly process that simplifies asset withdrawals for a seamless experience.
Note:
Fast redemption is available only for selected Onchain Earn products.
Some products may have limits on the amount that can be instantly redeemed.
There may be slight differences in redemption availability between our web and app versions.
Standard redemption remains an option if fast redemption isn't supported.
By following these steps, you can efficiently access your funds whenever needed. If you encounter any issues, reach out to our OK Assistant for assistance.
Learn more about other trading-related topics here.