# 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.

```solidity
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`


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