Liquidating your C20 is a three-step process.
Firstly, ensure that your Ethereum address is whitelisted with the smart contract. You can only liquidate from a whitelisted address. Whitelisting an address requires KYC on the Crypto20 portal. At present, citizens or residents of the United States, Cayman Islands, and South Africa cannot complete KYC due to legal concerns.
Then, two transactions are required to complete the entire liquidation process. The first transaction specifies the amount to be withdrawn. Once the first transaction is completed your C20 will be removed from your wallet.
The second transaction must be completed after the next price update, which happens hourly. The price update is broadcast five minutes before every hour. Once this transaction has gone through, your ETH will be delivered.
The most common problems encountered during the liquidation process are:
- Users do not complete the second transaction
- The first transaction has not been verified on the blockchain, so the second cannot be completed after the price update
If 1) applies, please refresh the page and wait for the next price update to complete the liquidation.
If 2) applies, you can either wait until the transaction is successful and then complete the second transaction subsequently, or you can re-submit the first transaction with a higher GWEI so that it is mined quicker. To resubmit a transaction, re-send the pending transaction with a higher GWEI. For optimal GWEI at a given time, see this website.
A related article on the liquidation dApp can be found here.
If you are still having trouble, email [email protected] with the exact issue, providing screenshots if pertinent.