Redeem.

Burn swSPCX and take your slice of every token the vault holds, or receive one token: USDC or one issuer's SpaceX token. The vault never pauses redemptions in kind.

How a redemption works

For s shares burned, the vault:

• removes s / supply of its liquidity from every pool, rounded down, and cp-amm pays out both of each pool's tokens;
• pays s / supply of every idle reserve's balance, rounded down.

You receive all of it in kind, in one transaction: SPCXx, SPCX, SPCXon, USDC and SOL, in whatever proportions the vault holds at that moment. Rounding goes against the redeemer, so a redemption never takes value from the holders who stay.

Redeeming a very small amount can round one token down to zero. If that makes cp-amm reject the withdrawal, the transaction fails and you keep your swSPCX.

Receive one token

If you'd rather get one token back, the vault can pay your swSPCX's value in one issuer's SpaceX token, at 1:1, in one transaction. It pays from its idle reserve first, then takes liquidity out of the pools that hold that token.

It charges the same vault fee as a deposit, the other way round: taking out a token the vault holds too much of is cheapest, down to a 0.03% discount, and taking out one it holds too little of costs more, up to 1%. The fee stays with the holders who remain.

To receive USDC, the app redeems into the issuer token that sells for the most and sells it in the same transaction, paying that swap's pool fee and price impact. The app shows what you'll receive before you sign.

The same circuit breaker as for deposits applies: a token more than 2% away from the others is not paid out alone, and single-token redemptions stop while the keeper's prices are stale. Then the app redeems in kind and swaps to USDC instead. Redeeming in kind never depends on prices.

Slippage limit

The app accepts a little less of each token than the quote. If the pools move further before the transaction lands, it fails and nothing is burned.

Redemptions are never paused

The vault's pause only stops deposits. Issuer powers are a separate risk: an issuer that freezes its own token can block that token's transfer, and with it the redemption. See Risks & protections.