For Investors (Followers)

Followers buy vault tokens and redeem them later.

Investment flow

1. Choose a vault.

2. Buy tokens via buy(usdcAmount).

3. Hold while NAV changes with trading P&L.

4. Sell tokens via sell(tokens).

Investment price

Buy Price = NAV × Bonding Curve Ratio

Notes:

• Large buys push price up (price impact).

• Price is bounded between 0.5x and 2.0x NAV.

Redemption mechanism

Instant redemption

If liquidity is sufficient (EVM USDC + L1 spot):

• Receive USDC immediately.

• Exit fee and performance fee apply (if enabled / profitable).

Pending sell

If liquidity is insufficient:

1. Tokens are burned.

2. Pending sell order is created.

3. Wait for liquidity to return.

4. Call claimPendingSell() to claim USDC.

function claimPendingSell() external;

Fee calculation example

Assumptions:

• Entry NAV: $1.00

• Current NAV: $1.20

• Days held: 15

• Tokens sold: 1,000

• Performance fee: 20%

• Exit fee: 8% (7–30 days tier)

Calculation:

1. Profit = 1,000 × ($1.20 - $1.00) = $200

2. Performance fee = $200 × 20% = $40 (paid as tokens to leader)

3. Sell amount = 1,000 × $1.20 = $1,200

4. Exit fee = $1,200 × 8% = $96

5. Final received = $1,200 - $96 = $1,104