Shares redeeming
Excalibur shares, or GRAIL tokens, can be redeemed at any time for EXC through the swap module on the dividends section of the dapp. However, depending on the amount of time those GRAIL tokens have been held, the redeeming ratio will be different.
The GRAIL to EXC ratio will globally vary between 1:0.7 and 1:1 depending on the ART (Average Receiving Time) of your wallet.
This process will allow us to better reward long term stakers, and will also give us another way to control inflation, since the penalty system is mechanically erasing tokens from the circulating supply.
The lowest ratio (1:0.7) will be active after you've harvested your first GRAIL, and the highest one (1:1) once your ART has reached 7 days.
In other words, if you harvest 100 GRAIL, they will be redeemable for:
70 EXC on day 1
~74.29 EXC on day 2
~78.58 EXC on day 3
...
100 EXC on day 7 (and later)
There is only one ART value by address. If you receive fresh GRAIL on a wallet that is already holding some, the global ART of the address is recalculated.
For instance, if you've held 100 GRAIL on your wallet for 2 days, and you harvest 100 fresh GRAIL on the very same address, then your new ART will be 1 day ago instead.
If you transfer your GRAIL to a different wallet, your ART will be totally reset.
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