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Synchronous operations

Subscriptions are synchronous: the wallet transaction deposits the base asset and mints shares. A redemption can also settle synchronously when the vault can return the requested assets immediately.

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Asynchronous redemptions

When immediate liquidity is unavailable, redemption has three stages:
  1. The shareholder signs a request that reserves shares for redemption.
  2. The vault exits the required yield-source positions.
  3. The shareholder claims the available base asset.
The redemption plan identifies the mode before the wallet signs and includes expected timing when available. See Redeem MicroVault shares for the complete request and claim procedure.

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Balances during processing

Total assets continue to include assets in flight and amounts reserved for redemptions. A source position can therefore decrease before the shareholder can claim the proceeds. Use source in-flight amounts and redemption activity to explain the difference. The shareholder signs the request and claim transactions. Ground manages the underlying source exit while it remains authorized to manage the vault.