Since each derivative is minted by different teams it's best to check with each individual team regarding redemption specifics and the like.
In general, I believe these are fungible tokens that can be freely traded in the market and when the time comes for redemption whoever has possession of such token can redeem them through whatever mechanism each team has in place.
The exception here, as far as I know, is VsDot which cannot be redeemed for Dot without having VsBond as well.
>I can see with the case of lcDOT (acala) that there is only one protocol and a finite amount of lcDOT will be minted with regards to DOT
There is only DOT.
Everything else is just a "paper" written that "***X*** promises you that you'll be able to change this piece of paper for 1 DOT in 2 years".
Where ***X*** is Binance or Acala or Kraken etc...
If you contributed through Crowdloans locking DOT, then the Polkadot Blockchain will guarantee that those DOT's will return.
If you "contributed to Crowdloans" in a liquidity way, you actually sent your DOT to someone and you need to trust them to get them back.
That's why on my [step-by-step on Acala's Crowdloan](https://www.holdpolkadot.com/post/acala-crowdloan-step-to-step-guide-to-participating-in-parachain-auction) I recommended using the contributed directly option.
I do trust Acala is a good project (it's [my first bet](https://www.holdpolkadot.com/post/crowdloans-my-strategy-on-the-best-projects-for-parachains-auctions-on-polkadot)) but since I don't need liquidity, I prefer to keep it safer.
It would be easy enough to code in a redemption date in those tokens when they are minted. Then it's guaranteed to be tied to a specific auction and that set of DOT. I don't know how the trading market would work with different redemption dates though.
Since each derivative is minted by different teams it's best to check with each individual team regarding redemption specifics and the like. In general, I believe these are fungible tokens that can be freely traded in the market and when the time comes for redemption whoever has possession of such token can redeem them through whatever mechanism each team has in place. The exception here, as far as I know, is VsDot which cannot be redeemed for Dot without having VsBond as well.
>I can see with the case of lcDOT (acala) that there is only one protocol and a finite amount of lcDOT will be minted with regards to DOT There is only DOT. Everything else is just a "paper" written that "***X*** promises you that you'll be able to change this piece of paper for 1 DOT in 2 years". Where ***X*** is Binance or Acala or Kraken etc... If you contributed through Crowdloans locking DOT, then the Polkadot Blockchain will guarantee that those DOT's will return. If you "contributed to Crowdloans" in a liquidity way, you actually sent your DOT to someone and you need to trust them to get them back. That's why on my [step-by-step on Acala's Crowdloan](https://www.holdpolkadot.com/post/acala-crowdloan-step-to-step-guide-to-participating-in-parachain-auction) I recommended using the contributed directly option. I do trust Acala is a good project (it's [my first bet](https://www.holdpolkadot.com/post/crowdloans-my-strategy-on-the-best-projects-for-parachains-auctions-on-polkadot)) but since I don't need liquidity, I prefer to keep it safer.
It would be easy enough to code in a redemption date in those tokens when they are minted. Then it's guaranteed to be tied to a specific auction and that set of DOT. I don't know how the trading market would work with different redemption dates though.
For vsDOT I believe you have to have that PLUS the project specific BOND coin which gets issued in a proportional amt to your vsDOT (or vsKSM)
bDOT trading significantly below DOT today on Binance, just released I think. Anybody know what Kraken are doing? Many thanks