1. What are withdrawals?

Users can redeem theircgUSD or wcgUSD through withdrawals. Upon redeeming cgUSD, they will receive USDC at a 1:1 ratio. When redeeming wcgUSD, the unwrapping process will take place seamlessly in the background.

  1. How does the withdrawal process work?

The withdrawal process is simple and has two steps:

  • Request withdrawal: Lock your cgUSD/wcgUSD by issuing a withdrawal request. The requested withdrawal amounts will be aggregated and fulfilled through the sale of US Treasury-Bills held in the custodian account. This process may take up to two business days.The sales proceeds in USD from the US Treasury-Bills sale will be converted back into USDC and transferred to the Asset Pool to satisfy any outstanding withdrawal requests. This process may require up to three business days.

  • Claim: Claim your USDC after the withdrawal request has been processed.

  1. How do I withdraw?

Press the Request tab, choose an amount of cgUSD/wcgUSD to withdraw, then press ‘Request withdrawal’. Confirm the transaction using your wallet and press ‘Claim’ on the Claim tab once it is ready.

  1. Can I transform my cgUSD to USDC?

Yes. Stakers can transform their cgUSD to USDC 1:1 using the Request and Claim tabs.

  1. Can I transform my wcgUSD to USDC?

Yes. You can transform your wcgUSD to USDC using the Request and Claim tabs. Note that, under the hood, wcgUSD will unwrap to cgUSD first, so your request will be denominated in cgUSD.

  1. When I try to withdraw wcgUSD, why do I see the cgUSD amount in my request?

When you request to withdraw wcgUSD, it is automatically unwrapped into cgUSD, which then gets transformed into USDC. The main withdrawal period is when cgUSD is transformed into USDC. That's why you see the amount pending denominated in cgUSD.

  1. How long does it take to withdraw?

Under normal circumstances, the cgUSD/wcgUSD withdrawal period can take anywhere between 5-7 days. After that, you can claim your USDC using the Claim tab.

  1. What are the factors affecting withdrawal time?

• The amount of cgUSD in the queue

• Performance of the validator poolside

• during weekends and U.S. banking holidays

• Demand for investing and redeeming

  1. Do I still get rewards after I withdraw?

No. After you request a withdrawal, the cgUSD/wcgUSD submitted for unstaking will not receive staking rewards on top of your submitted balance.

  1. Is there a fee for withdrawal?

YES.There’s withdrawal fee of of 35 basis points

  1. Why is the claimable amount different from my requested amount?

The amount you can claim may vary from your initial request due to significant fluctuations in the price of US Treasury bills For these reasons, the total claimable reward amount could be reduced.

  1. Is there any minimum or maximum amount of cgUSD/wcgUSD I can withdraw?

No. You can freely decide the amount.

  1. What is Cygnus Finance NFT?

Each withdrawal request is represented by an NFT: the NFT is automatically minted for you when you send a request. You will need to add it to your wallet to be able to monitor the request status. When the request is ready for the claim, the NFT will change its appearance.

  1. How do I add Cygnus Finance NFT to my wallet?

Different wallets have specific functionality for adding and working with NFT. Most often, you need to find the specific NFT Address and Token ID. These parameters you can find on Base. Visit Basescan, add your wallet, and locate the NFT transaction. Once located, open the NFT transaction, and you will see the Address and Token ID.

  1. What could be the reason why my NFT's view did not update even though my request was ready to be claimed?

Maybe your wallet doesn’t support the automatic changing of the NFT view. To renew the NFT, you can import the Address and Token ID of your NFT, and it could change it's appearance to a new “Ready to claim” one.

Last updated