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How to Redeem your SGR

04 January, 2021

*** IMPORTANT UPDATE February 22, 2021

As of today, Sögur’s monetary model is abandoned and the remaining SDR Reserve has been exchanged to ETHs and deposited to the smart contract. Accordingly, all remaining SGR holders can redeem their tokens against the pro-rata part of the ETH deposited in the smart contract.

The value of the ETHs in the smart contract is equal to the SDR value of all outstanding SGR in circulation, i.e 30,311 SGR x 1.44 USD (SDR price) divided by $1,850 (ETH price at 09:00 UTC); from this point in time, the value of each SGR upon redemption is exposed to the changes in ETH price commencing today.

To claim this ETH, holders should send their SGR tokens to the smart contract address - 0xAEa8e1b6CB5c05D1dAc618551C76bcD578EA3524 or ENS: sgr.eth.

Note that at this point, redemption using the smart contract is open to all SGR token holders without the need to register on Sögur platform and link your wallet address to a Sögur account.

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The Sögur community has played a vital role in our journey over the last four years and as a part of Sögur’s core principles, we call all holders of the Sögur token to redeem their SGR back to ETHs. 

We have outlined the steps for the holders below.

Summary

Holders of SGR are encouraged to redeem their tokens back to ETH by Wednesday, February 17, 2021, by way of selling their tokens on exchanges, swapping in DEXes or selling back to the SGR smart contract.

On Thursday, February 18, 2021, Sögur’s monetary model will be closed and any funds remaining in the reserve accounts will be exchanged to ETH and deposited in a liquidity pool from which holders can continue to redeem their funds. 

The Redemption Period

Up until the end of the redemption period on Wednesday, February 17, 2021, Sögur’s monetary model will remain as it is. This means that each SGR is 100% backed by the funds held in the reserve and that all SGR tokens can be redeemed to ETHs with a value of 1SDR (currently, roughly 1.44 USD).

During this period, the smart contract will not allow the issuance of new SGR tokens.

Redeeming your SGR

There are three ways holders of SGR can redeem their tokens:

  • Selling via exchanges. We are committed to ensure liquidity remains high in the exchanges during the redemption period. Currently, SGR is listed in the following exchanges: Liquid, Bithumb Global and EXMO. These exchanges would delist SGR on Wednesday, February 10, 2021.
  • Swapping in DEXes. Holders can do this through the Uniswap SGR-DAI pair. 
  • Selling tokens back to the smart contract. This is done by transferring the SGR token to the smart contract’s address (0xAEa8e1b6CB5c05D1dAc618551C76bcD578EA3524 or ENS: sgr.eth) and receiving its value back in ETH. Note that this option is only available from an address that is linked to a Sögur account. If you don’t have an account yet, you can open one now and until Tuesday, February 16, 2021. 

    • Post-Redemption Period

    Following the end of the redemption period on Thursday, February 18, 2021, all remaining funds in the reserve will be converted to ETH and deposited into the Sögur smart contract. From this point onwards, Sögur’s monetary model is abandoned and all remaining SGR holders will have the opportunity to redeem their tokens against the pro-rata part of the ETH deposited in the smart contract. 

    To claim this ETH, holders should send their SGR tokens to the smart contract address (0xAEa8e1b6CB5c05D1dAc618551C76bcD578EA3524 or ENS: sgr.eth).

    Sending SGR to the smart contract must be done from an address one controls. Sending SGR tokens from other addresses (like exchanges) may result in loss of funds.

    Note that at this point, redemption using the smart contract will be open to all SGR token holders without the need to link your address to a Sögur account. 

    If you need any assistance with redeeming your SGN tokens, please don’t hesitate to contact us at [email protected]. 

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