Withdraw
Withdrawing USDC requires LPs to submit a request, wait a variable number of epochs, and complete the withdrawal during the designated window
Last updated
Withdrawing USDC requires LPs to submit a request, wait a variable number of epochs, and complete the withdrawal during the designated window
Last updated
Before withdrawing their USDC (deposited assets + rewards), LPs must submit a request to withdraw (approvals are programmatic). This initiates a "cooling off" period to prevent potential front-running of withdrawal immediately before the realization of large outstanding trader gains that could negatively impact the value of the LP MM Vault under certain conditions.
While the LP request is pending, OLP tokens are locked inside the user's wallet, and that length depends on the collateralization ratio of the vault. Users must wait a variable number of epochs (between one and three) to withdraw their capital. The more undercollateralized the vault, the more epochs users must wait, up to a maximum of three 3-day epochs.
Unlocked deposits can request a withdrawal at any time, subject to a variable cooling-off period of between one and three 3-day epochs:
if collateralization > 120: 1 epoch (3 days)
if 110 < collateralization <= 120: 2 epochs (6 days)
if collateralization <= 110: 3 epochs (9 days)
If interfacing directly with the user interface rather than smart contracts directly, depositors will see:
Requested window: "Open” for the first 48 hours of each epoch and “Closed” thereafter. Users can see these periods highlighted in the Withdraw Requests window (right-hand image).
Available: Displays the number of OLP tokens available for withdrawal.
You Will Receive: The number of USDC for which your selected OLP withdraw amount is redeemable for.
Withdrawal Window: The exact date and time at which a user's OLP will be able to redeem for USDC, based on the current request and cooling-off period length.
You can view your withdrawal requests here:
After a withdrawal request has been made, a user will see that pending request appear under the "Withdraw Requests" tab. A user will see both the epoch number at which the request was created as well as the epoch number at which the amount is redeemable. The button on the bottom part of the "Withdraw Requests" tab will become clickable when the required cooling-off period has elapsed. Clicking will initiate a request in a user's wallet to sign a transaction to redeem OLP for USDC.
Once the waiting period has passed, LPs can withdraw during the first 48h out of the 72h of the following epoch. If this window is missed, the withdrawal request is automatically canceled, and a new request must be submitted.
Users who wish to withdraw a specific amount of OLP—instead of their entire request—can do so using this modal:
In this scenario, the collateralization ratio stays above 120%. The liquidity provider 1 deposits collateral without locking any shares, then submits withdrawal requests during the first two days of epoch X. After waiting through to epoch X+1, LP1 redeems their shares within the first two days of that next epoch.
Users who lock their OLP tokens receive an NFT representing their locked OLP allocation (deposit + bonus). The OLP tokens are stored into the vault until unlocked by the depositor. He may do so, once the locking period has elapsed, by burning his NFT to receive his OLP including the bonus. Locked deposits must first be unlocked before they can be withdrawn.
Depositors can do so through interactions with the smart contracts directly or via the existing user interface by navigating to the "Withdraw>Unlock" tab within the vault page. If the locked deposit is ready to be unlocked, an "unlock" button can be clicked, which triggers an approval request in a user's wallet. Once initiated, funds are immediately unlocked.
