Withdrawals
Withdrawals allow users to redeem vault shares for underlying assets.
Multyr supports multiple withdrawal paths with different execution characteristics and constraints.
Withdrawal Types
| Type | Execution | Liquidity Source | Notes |
|---|---|---|---|
| Standard | End of epoch | Managed liquidity | Default path |
| Instant | Immediate | Available liquidity only | Subject to penalty and caps |
| Force | Immediate | Strategy recall | Emergency / last-resort exit |
Standard Withdrawals (Epoch-Based)
The default withdrawal mechanism is queue-based.
When a withdrawal is requested:
- shares are submitted for redemption
- the request enters a withdrawal queue
- execution occurs at the end of the epoch
At settlement:
- liquidity is sourced from buffers and strategy withdrawals
- assets are returned to the user
This mechanism allows the system to manage liquidity in a controlled and predictable way.
Instant Withdrawals
Instant withdrawals allow users to exit immediately under certain conditions.
They:
- depend on available liquidity
- may incur a penalty
- are subject to system-defined limits
If sufficient liquidity is not available, the withdrawal may fail or be partially fulfilled.
Force Withdrawals
Force withdrawals are an emergency mechanism designed for constrained or stressed conditions.
They allow users to exit the vault by forcing the recall of capital from underlying strategies.
Characteristics
Force withdrawals:
- trigger direct capital recall from strategies
- bypass standard withdrawal flows
- may incur significantly higher penalties
- are intended for exceptional situations
When They Are Used
This mechanism may be relevant when:
- liquidity is insufficient for standard withdrawals
- queue-based withdrawals are delayed
- immediate exit is required under adverse conditions
Important Considerations
- force withdrawals are not part of normal operation
- they may result in higher execution costs
- they may impact overall system efficiency
- they should be considered a last-resort option
Force withdrawals prioritize exit under constrained conditions, not efficiency or cost.
Liquidity and Constraints
Withdrawal execution depends on system liquidity.
Liquidity may be:
- immediately available (buffered capital)
- partially available
- sourced from strategies over time
Additional constraints may apply, including:
- per-epoch withdrawal caps
- liquidity limits
- system guardrails
Withdrawal Behavior
Depending on system conditions:
- withdrawals may be delayed
- withdrawals may be batched
- full liquidity may not be immediately accessible
The system prioritizes stability and constraint enforcement over immediate execution.
Important Considerations
- standard withdrawals are not instant
- instant withdrawals may incur penalties
- force withdrawals are emergency-only
- recently deposited assets may be subject to a lock period
- execution depends on liquidity conditions
- recalling capital from strategies may take time
Multyr does not guarantee immediate access to full liquidity.