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  1. Ribbon Theta Vaults
  2. User guides

How to redeem oTokens

PreviousHow to participate in Paradigm AuctionsNextIntroduction to Ribbon Earn

Last updated 2 years ago

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This is only relevant to oToken holders, which are buyers on the option auctions. Please take a look at the guide on how to participate.

How to redeem oTokens

The process of redeeming collateral with oToken is not automatic and requires the holder to spend gas to claim the profits.

To access your oTokens and claim, go to this website - .

First, connect your wallet to the website. This portal site allows oToken holders to see a list of options a Metamask wallet holds:

To make sure you are viewing the correct account page, check that the URL matches what the account connected to the page on the top left. E.g. https://option-portal.ribbon.finance/#/account/ADDRESS

If the oTokens you hold are out-the-money, you are not able to redeem collateral from Opyn. The portal will show the "Payout" as 0.0 WETH and the Redeem button will be grayed out. The Redeem button could also be grayed out if the dispute period has not passed.

If the oTokens are in-the-money and the dispute period has passed, the Portal will display a positive payout, and the Redeem button will be enabled.

Upon clicking the "Redeem" button, your wallet will be prompted to perform a transaction. Confirm the transaction.

Paradigm auction
Ribbon Option Portal
Gamma Portal shows an account's oToken balance.
Redeem button is enabled and payout displayed in the Gamma Portal.
Example of a Metamask transaction
The redemption transaction burns oTokens and returns collateral from the vault.