🎃Minting & Redemption

LCASH is tightly coupled to LOOP from the entry point.Both minting and redemption consume Points, and Points are available only through LOOP → Points conversion; accounts must also satisfy the LP admission requirement (holding a defined portion of LOOP–USDT LP) to align “users = suppliers.”

l Mint.Verify LP admission → check Points balance → deduct fee in Points → accept USDT/USDC→ issue LCASH at par.

l Redeem.Submit request → deduct Points → enter queue; the Clearing Agent pays out stable coins in tranches by reserve mix and queue priority. Under normal load, most redemptions clear quickly; during congestion, daily quotas ensure order precedes speed.

Policy primitives.

• Admission.Must hold the platform-specified LOOP–USDT LP ratio (aligned with other modules).

• Cost.Mint/redeem consume Points; Points originate only from LOOP → Points.

• Fee routing.LOOP “slippage tax” from Points conversion →Tax Pool; mint/redeem Points fees → Treasury for peg defense / buybacks.

• Settlement assets.Reserves in USDT/USDC only; payouts pro-rate by basket weights and inventory.

• Queue ordering.veLOOP weight × active Points deters malicious runs and idle vote-gaming.