How to unwind/redeem deprecated leveraged SetToken (ETHMAXY) when DebtIssuanceModuleV2.redeem() reverts?
How to unwind/redeem deprecated leveraged SetToken (ETHMAXY) when DebtIssuanceModuleV2.redeem() reverts?
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Bodhwhod · External communityPost link
External question — Ethereum Stack Exchange
Author: Bodhwhod
Original post: https://ethereum.stackexchange.com/questions/172418
License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/
Adaptation: HTML converted to plain text; contact email addresses removed.
I am trying to unwind a balance of ETHMAXY (ETH Max Yield Index) on Ethereum Mainnet into its underlying collateral or ETH.
Because frontends (TokenSets, Galleon) are deprecated and secondary DEX liquidity is depleted, I attempted to redeem directly via smart contracts on Etherscan, but the transaction consistently reverts.
Contract Details & Attempted Call
Network: Ethereum Mainnet
Token Address (ETHMAXY): 0x0FE20E0Fa9C78278702B05C333Cc000034bb69E2
Module Address (DebtIssuanceModuleV2): 0x69a592D2129415a4A1d1b1E309C17051B7F28d57
Pre-requisite: Executed approve() on the ETHMAXY token granting the DebtIssuanceModuleV2 contract allowance for my token balance.
Function called on Module:
redeem(
address _setToken: 0x0FE20E0Fa9C78278702B05C333Cc000034bb69E2,
uint256 _quantity: <token_amount_in_wei>,
address _to: <my_wallet_address>
)
The Error
The call fails during simulation / gas estimation with:
Error: Execution reverted: SafeERC20: low-level call failed
Context
ETHMAXY is a leveraged liquid staking Set holding aSTETH as collateral against a variable ETH debt position on Aave v2. Direct calls to redeem() fail because the module expects the caller to provide/settle the proportional debt units during the redemption.
Questions
Is there an existing, verified router contract (such as Set Protocol / Index Coop FlashMintLeveraged or ExchangeIssuance) deployed on mainnet that is still configured to unwind ETHMAXY via flash loans?
If no official router exists, what is the exact atomic sequence required in a custom contract to borrow the debt via a flash loan, settle the Aave liability through the module, burn the SetTokens, and return the remaining collateral?
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Quoted from Forex.com.bd-Editorial External question — Ethereum Stack Exchange Author: Bodhwhod Source score (net votes, not local likes): 0 Original post: https://ethereum.stackexchange.com/questions/172418 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. I am trying to unwind a balance of ETHMAXY (ETH Max Yield Index) on Ethereum Mainnet into its underlying collateral or ETH. Because frontends (TokenSets, Galleon) are deprecated and secondary DEX liquidity is depleted, I attempted to redeem directly via smart contracts on Etherscan, but the transaction consistently reverts. Contract Details & Attempted Call Network: Ethereum Mainnet Token Address (ETHMAXY): 0x0FE20E0Fa9C78278702B05C333Cc000034bb69E2 Module Address (DebtIssuanceModuleV2): 0x69a592D2129415a4A1d1b1E309C17051B7F28d57 Pre-requisite: Executed approve() on the ETHMAXY token granting the DebtIssuanceModuleV2 contract allowance for my token balance. Function called on Module: redeem( address _setToken: 0x0FE20E0Fa9C78278702B05C333Cc000034bb69E2, uint256 _quantity: <token_amount_in_wei>, address _to: <my_wallet_address> ) The Error The call fails during simulation / gas estimation with: Error: Execution reverted: SafeERC20: low-level call failed Context ETHMAXY is a leveraged liquid staking Set holding aSTETH as collateral against a variable ETH debt position on Aave v2. Direct calls to redeem() fail because the module expects the caller to provide/settle the proportional debt units during the redemption. Questions Is there an existing, verified router contract (such as Set Protocol / Index Coop FlashMintLeveraged or ExchangeIssuance) deployed on mainnet that is still configured to unwind ETHMAXY via flash loans? If no official router exists, what is the exact atomic sequence required in a custom contract to borrow the debt via a flash loan, settle the Aave liability through the module, burn the SetTokens, and return the remaining collateral?
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