Redemptions

To exit a strategy, a holder redeems shares back into the accounting token. As with deposits, users never call the Machine directly. Each Machine is linked to a dedicated Redeemer contract, and the Machine accepts redemptions only from it.

Why redemptions are asynchronous

Most of a strategy's capital is deployed into positions that are not instantly liquid, and some of it may be on other chains. The Machine can only pay out from its idle accounting-token balance, which is usually a small buffer. A strategy therefore cannot promise instant, atomic withdrawals.

Redeemers are instead queues: the Operator must free up liquidity (closing positions and bridging funds back to the Hub) before redemption requests can be settled. This is a normal, expected part of running a strategy.

Async Redeemer

The standard implementation, AsyncRedeemer, is a first-in-first-out queue built around an ERC-721 receipt NFT.

1. Request. The user locks their shares in the queue and receives an NFT representing the request. A minimum request size may apply.
2. Finalize. After a minimum finalization delay, the Operator settles requests in order, up to a chosen point in the queue. The queue redeems the locked shares against the Machine: the shares are burned and the corresponding accounting token is pulled into the queue and reserved for the claimants. Each request is settled at no more than the value quoted when it was made.
3. Claim. The NFT holder surrenders the NFT to receive their accounting token. There is no deadline to claim once a request is finalized.

The NFT representation means a pending redemption is itself transferable.

Redemption fees

A variant, AsyncRedeemerFee, applies a redemption fee: the assets a user receives are reduced by a configured rate. The withheld value remains in the strategy, accruing to the remaining share holders rather than going to a separate recipient. This can discourage churn or compensate the strategy for the cost of unwinding positions to honor exits.

Whitelisting

Like the DirectDepositor, the AsyncRedeemer supports an optional whitelist gating both requesting a redemption and claiming assets, used by strategies that restrict participation to approved addresses. It also supports the same optional sanctions screening as the DirectDepositor, applied to both requesting and claiming.