Withdrawals and in-kind exits

Two exits, with deliberately different guarantees. Collapsing them into one ambiguous "Withdraw" would leave you unsure what you will receive or when, so the interface never does.

#In-kind exit — the guarantee

Burn shares, receive your exact pro-rata share of every asset the vault holds: the base asset and every position token, in proportion to your shares.

flowchart LR
  S["Burn N shares"] --> C["Contract computes<br/>N / totalSupply"]
  C --> W["Transfer that fraction<br/>of WETH held"]
  C --> T1["Transfer that fraction<br/>of each position token"]

What makes this the guarantee:

• No pause check. There is no switch that stops it.
• No price feed. It never calls the valuation path, so it works when every oracle is failing.
• No epoch. It settles in the same transaction.
• No discretion. The fraction is arithmetic on totalSupply.

Security. This path is tested by forcing every price feed to fail, asserting that NAV computation reverts, and then asserting that the in-kind exit still succeeds. That test is the point of the whole design.

You receive a basket, not a cash value. If the vault holds three tokens, you get three tokens.

#Base-asset exit — the convenience

Request a redemption denominated in WETH. Your shares are escrowed immediately and burned when the epoch settles.

Everyone in an epoch is treated identically, so there is no advantage to being first — which is what stops a redemption queue from becoming a race.

Settlement never forces a liquidation. It pays out of base asset the vault already holds. If there is not enough, you wait for the next epoch or take the in-kind exit, which is always open.

That constraint exists because the alternative is worse: if one large redeemer could force sales, that redeemer would be dictating when everyone else's positions were sold, and at what price.

#Choosing between them

#Both sit alongside deposit

Withdrawal is not hidden behind a menu. A product that puts Deposit in a prominent button and buries withdrawal is making a choice about which direction it wants to be easy.