Branches & how redemption reaches them

Anyone holding ebUSD can redeem it against Ebisu at $1 face value. A redemption routes across the branches by how much of each is unbacked, then sweeps the branch it lands on from the LOWEST user-set interest rate up — so a borrower’s rate is also their place in this queue. Being redeemed isn’t a penalty: the trove gives up collateral and sheds the same value of debt, and its collateral ratio rises.

A branch’s queue is its troves in rate order, which is the listing sorted that way — one link per branch below. Two things that order leaves out: a trove redeemed below the minimum debt drops out of the sorted list and is redeemed ahead of everything in it, whatever rate it carries, so those sit under the listing’s Zombie status rather than in these links; and how much is redeemed before any one trove is stated on that trove’s own page.