Claim Tokens

What is an excess token?

While swapping and adding or removing liquidity with some of our venues you may gain an excess amount resulting from slippage tolerance.

With the concept of slippage, you agree to accept a slightly less amount if the price slips before it is approved by the rest of the owners, sent to the blockchain and executed. However, this is the ‘worst case scenario’ and happens only in high market volatility or low market liquidity. In most cases, you immediately receive the exact amount you signed for and if the prices vary in your favour, you get additional excess, which is stored in the Pool. In simple words, an excess is IOU (I owe you) from the Pool. You can redeem it after each transaction or accumulate it in your safe.

Excess tokens can be in form of both Liquidity Pool tokens and Asset Tokens. Note that the number of excess tokens is limited, you can have max. 16 redeemable tokens.

How to redeem your excess tokens?

Prismatic is built on the Algorand blockchain, as such all transaction costs are covered in Algo. Claiming tokens involves creating a blockchain transaction, so you will need to provide the appropriate amount of Algo to cover the gas.

1. Go to the ‘Claim Tokens’ section. You can access it through the left-side menu.
2. In this section, you will find the list of your excess tokens. Choose the token you want to redeem and click ‘redeem’ button
3. Pop up will be launched. Specify the amount you want to redeem, use the slider, enter it manually using the input on the right side above the slider or click the ‘max’ button if you want to redeem all tokens. Note: The 'MAX' button is available. 'MAX' button may show a smaller amount than the balance. This happens with Algo. The fee that the platform charges for transactions are always in Algo. In case of any other token, the whole balance will be counted because regardless of the token exchanged the fee will always be in Algo.
4. Confirm your transaction. You will then be asked to sign the transaction via your wallet pop-up. Enter your password and approve. Note: If a user does not sign the transaction and skips the window, the transaction will be displayed as 'to sign'. This means that it will be displayed on the dashboard or the transfers page. This gives you one more chance to either sign or properly reject the transaction.
5. A notification that your transaction has been successfully processed will appear. Once the transaction has been signed by required number of safe owners, excess tokens amount will be added to your safe. Note: transaction can fail if in one hour will be an insufficient number of owner signatures.