Take Profits
Last updated
Last updated
It doesn't matter how much you make, what matters is what you keep.
Markets can be money-printers if you play them right. Though at times there may be losses, all the profits that you make are yours and yours alone. At some point, you may want to withdraw some profits. How else are you going to buy that Lambo?
All profits made in the Degen Account are for you to keep. There are a few safety features that you'll have to pass before you can withdraw them. These are put in place to ensure the funds of our Diamond Hands:
: During each transaction, the Solvency Check calculates whether your Degen Account remains solvent with a higher than 0%. If not, the transaction reverts. To take profits, it means that your Degen Account must have a health percentage higher than 0% after your withdrawal.
: Every withdrawal, both from Diamond Hands and Degenerates, needs to go through a 24-hour Time-Locked Withdrawal. This feature, though harsh, ensures that the protocol can respond to any potential threats to its solvency with the combination of of on-chain activity. This makes DegenPrime a fort in DeFi. What this means for you, is that you'll need to initiate a withdrawal before you can execute that withdrawal 24 hours later. You will have a 48-hour window to execute the withdrawal.
: As one of our most prominent security features, the Withdrawal Guard makes sure loans can be paid back. Before you can execute your withdrawal, you will need to match any potential debt in your Degen Account with the same number of tokens. If you have debt of 1 ETH, you will need to have 1 ETH in the of your Degen Account. If you want to withdraw 1 ETH on top of that, you will need 1 ETH of debt + 1 ETH to withdraw = 2 ETH in your Balance.
Don't worry, we won't keep you from your trading strategy for a full 24 hours. If you initiate your withdrawal, you only need to make sure is the solvency of your Degen Account. The Solvency Check happens with every transaction, that includes the initiation.
After initiating the withdrawal: tick-tock-tick-tock, and 24 hours later, you will be able to withdraw your funds. During initiating the withdrawal and the 24 hours and beyond, you can still trade your deepest desires. It is only at this point, the execution of your withdrawal, that you meet the Withdrawal Guard. This means you can only execute your withdrawal if you have the debt in your Degen Account covered, as well as remaining solvent after the withdrawal.
And voilà! What will you do with your gains?
Are you trying to take profits and are running into problems?
Below is a short list of troubleshooting questions that should help in most cases. If you're still unable to withdraw, you can always reach out to us in our , we're happy to help.
Will your Degen Account be after the withdrawal, meaning health is higher than 0%?
Do you have the withdrawal in your available ?
Has the passed?
Are the in your Degen Account covered by assets in your Balance?