Is a redemption the same as paying back the debt?

No, redemptions and paying back the debt are distinct processes within the EpsiLoan Protocol.

Redemptions:

Redemptions refer to the process of exchanging yUSD for liquid (re)staked ETH at face value, with a Rigid Redemption fee applied. Users can redeem their yUSD for lrETH at any time without limitations, but they will incur a 1% Rigid Redemption fee on the redeemed amount. This fee is charged to the user and contributes to the operation and sustainability of the protocol.

Paying Back the Debt:

Paying back the debt, on the other hand, involves adjusting the debt and collateral balances within a user's Vault to reduce or eliminate the borrowed yUSD. Unlike redemptions, paying back the debt does not incur any fees. Users can adjust their Vault's debt and collateral freely, without any charges, to manage their borrowing and collateralization levels according to their financial goals and risk tolerance.

In summary, while both redemptions and paying back the debt involve managing yUSD within the EpsiLoan protocol, they serve distinct purposes and entail different processes and fee structures. Redemptions allow users to exchange yUSD for lrETH with a 1% Rigid Redemption fee, while paying back the debt involves adjusting the debt and collateral balances in a user's Vault with no fees incurred.