> For the complete documentation index, see [llms.txt](https://docs.metalex.tech/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.metalex.tech/building-on-the-protocol/how-to/scripify-and-settle.md). # Scripify and settle a secondary trade Turn part of a LET into scrip, trade the scrip, and convert it back into a LET in the buyer's name This guide converts part of a Ledger Entry Token (LET) into scrip, the fungible ERC-20 token that tracks the LET's units, transfers the scrip to a buyer, and converts it back into a LET in the buyer's name. To settle on the LET itself through the DealManager's offer flow, see [Run a secondary trade](/building-on-the-protocol/how-to/run-a-secondary-trade.md). The example starts from the LET issued in [Incorporate a cyberCORP](/building-on-the-protocol/how-to/incorporate-a-cybercorp.md): `tokenId = 1` on the Common Stock LET contract at `commonPrinter`, held by `alice`. You also need the company's `issuanceManager` address. ## 1. Deploy the CyberScrip for the LET contract Each LET contract gets its own `CyberScrip`, deployed with `deployCyberScrip`. The same call sets the scrip ratio, the conditions on conversion in each direction, and which compliance powers exist. The call is `onlyOwner`, so an officer runs it. ```solidity address cyberScrip = IIssuanceManager(issuanceManager).deployCyberScrip( commonPrinter, typeRestrictionHooks, // ITransferRestrictionHook[] certToScripConditions, // ICondition[] gating scripification scripToCertConditions, // ICondition[] gating de-scripification 1e18, // scripToCertMinimum (in scrip, one whole token) 1, // scripRatioNumerator 1, // scripRatioDenominator new uint256[](0), // scripifyWhitelistIds false, // scripifyWhitelistEnabled true, // enableForceTransfer true, // enableForceBurn true // enableFreeze ); ``` Scrip minted = units × `scripRatioNumerator / scripRatioDenominator`, with no implicit rescaling, so the `1 : 1` ratio makes one share's worth of LET units read as one whole scrip token in wallets. {% hint style="warning" %} All LET unit quantities are **18-decimal fixed point** (one share = `1e18` units), and scrip is an 18-decimal ERC-20. Passing raw share counts (`1_000_000` instead of `1_000_000e18`) under-scales by a factor of 10¹⁸. {% endhint %} ## 2. Scripify part of Alice's LET Alice, the LET's registered owner, calls `scripifyCert` herself. The IssuanceManager checks `legalOwnerOf` against the caller. ```solidity IIssuanceManager(issuanceManager).scripifyCert( commonPrinter, // certAddress 1, // id (the LET's token id) 1_000_000e18, // units to scripify (1,000,000 shares, 18-decimal) alice // recipient of the scrip ); ``` The call reduces the LET's `unitsRepresented`, records the scripified units in the scrip pool, and mints scrip to Alice: `1_000_000e18` base units, or 1,000,000 whole tokens at the `1:1` ratio. Units reserved for pending deals cannot be scripified, and neither can a void LET. The scrip's transfer hooks also apply to this mint, so with a `WhitelistTransferHook` installed, Alice must be whitelisted first. What rights scrip carries is set by the company's governing documents; [LETs and scrip](/how-cybercorps-works/lets-and-scrip.md) explains how the two forms relate. ## 3. Transfer the scrip to the buyer ```solidity CyberScrip(cyberScrip).transfer(bob, 1_000_000e18); ``` The transfer must pass every installed transfer hook; see [Restrict scrip and LET transfers](/building-on-the-protocol/how-to/restrict-transfers.md). ## 4. Pre-approve the buyer's recertification Bob holds no LET on this contract yet, so an officer sets the details of the LET he will receive when he converts his scrip: ```solidity IIssuanceManager(issuanceManager).setRecertificationApproval( commonPrinter, bob, "Bob Buyer", bobCertDetails, // CertificateDetails officerSignature // bytes ); ``` ## 5. Convert the scrip back into a LET Bob presents his scrip: ```solidity IIssuanceManager(issuanceManager).convertScripToCert( commonPrinter, // certAddress 1_000_000e18 // amount of scrip to present ); ``` The call burns Bob's scrip, withdraws the units from the scrip pool, and registers Bob as holder of record on a LET with the approved details. The conversion enforces the approval itself: if the caller holds no active LET on that contract, the call reverts `RecertificationApprovalRequired` unless an officer's `setRecertificationApproval` for the caller is on file. If the caller already holds an active LET, the units are added to it instead. An issuer that wants an admin-managed approval list as well can add an `IssuerApprovalRecertificationCondition` to the `scripToCertConditions`. Function-level detail is in [CyberScrip](/building-on-the-protocol/reference/contracts/cyberscrip.md) and [IssuanceManager](/building-on-the-protocol/reference/contracts/issuancemanager.md). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://docs.metalex.tech/building-on-the-protocol/how-to/scripify-and-settle.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. 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