> For the complete documentation index, see [llms.txt](https://delpho.gitbook.io/delpho-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://delpho.gitbook.io/delpho-docs/using-delpho/redeem-and-unstake.md).

# Redeem and unstake

This page covers two related but distinct flows: unstaking sUSDV back to USDV, and redeeming USDV through the Delpho redemption mechanism.

For current LTV, liquidation threshold, and liquidation fees, see [Parameters](/delpho-docs/parameters.md).

## Unstake sUSDV to USDV

1. Go to the **Stake** section in the dapp.
2. Choose **Unstake**.
3. Enter the amount of sUSDV to unstake.
4. Confirm the transaction. You receive USDV equal to your share of the staking pool plus accrued yield.

## Redeem USDV through Delpho

USDV holders can redeem through the Delpho redemption mechanism. The redemption ladder pulls from the treasury reserve first. If treasury depth is not enough, the protocol unwinds part of the structural hedge, starting with the least-collateralized positions. See [Redemptions and the peg](/delpho-docs/how-delpho-works/redemptions-and-the-peg.md) for the mechanics.

For the user, the experience is:

1. Submit a redemption request for an amount of USDV.
2. The protocol burns the USDV at $1 and pays out HYPE of equal value, net of the redemption fee.
3. The redemption fee is published on the [Parameters](/delpho-docs/parameters.md) page.

When USDV trades below $1 on the open market, redemption is profitable: buy USDV cheaply, redeem at $1 of HYPE, capture the spread (net of the fee). That arbitrage is what pulls the peg back to par. See [Redemptions and the peg](/delpho-docs/how-delpho-works/redemptions-and-the-peg.md) for the structural detail.

## Sell USDV in the open market

Outside of redemption, USDV is freely tradable on HyperEVM liquidity venues. For most users, selling USDV in a deep liquidity venue may be faster than going through redemption. Redemption exists primarily as the structural peg-defense mechanism. Day-to-day exits typically happen via the open market.