# Mint and Redeem

The collateral for the Mori protocol currently only supports stETH. Users can independently decide the ratio at which ETH is split into ETHS and ETHC. Conversely, users are also free to convert any ETHS or ETHC into ETH.

At the launch of the protocol, the prices of ETHS and ETHC were both set at $1. The price of ETHS is set to change by 10% of the ETH price. For example, if the ETH price rises by 10%, the price of ETHS rises by 1%. If the ETH price drops by 10%, the price of ETHS drops by 1%. When anchoring the price of ETHS, most of the volatility in ETH is absorbed by the price of ETHC. Therefore, at any given time during the protocol's operation, the following formula holds:

### $$N\_{eth}(t)\*P\_{eth}(t)=N\_{eths}(t)\*P\_{eths}(t)+N\_{ethc}(t)\*P\_{ethc}(t)$$ 

*Where* $$N$$*represents the quantity of tokens within the protocol, and* $$P$$ *represents the price of the token at the time of t.*

It can easily calculate the price of eths at the time of $$t+1$$as follows: 

### $$P\_{eths}(t+1)=(1+0.1\* \frac {P\_{eth}(t+1)-P\_{eth}(t)}{P\_{eth}(t)})\*P\_{eths}(t)$$

Therefore, we can also calculate the price of ethc: 

### $$P\_{ethc}(t+1)=\frac{N\_{eth}(t+1)\*P\_{eth}(t+1)-N\_{eths}(t+1)\*P\_{eths}(t+1)} {N\_{ethc}(t+1)}$$


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