> ## Documentation Index > Fetch the complete documentation index at: https://docs.rondosync.com/llms.txt > Use this file to discover all available pages before exploring further. # Redeem > Redeem lets you exit a Vault position and convert Vault Shares into an app balance or redeemable amount according to Vault rules. It is separate from Withdraw to your wallet. ## Overview **Redeem** refers to exiting a Vault position according to the applicable Vault rules. Redeem is separate from **Withdraw**. * **Redeem** exits a Vault position * **Withdraw** transfers available **USD Balance** to a connected wallet * Redeem may convert Vault **Shares** into **USD Balance** or another redeemable app balance, depending on platform and Vault rules * Redeem conditions vary depending on the Vault * Early Redeem may be restricted, delayed, or subject to penalties Redeem does not necessarily send funds directly to the user’s wallet. A user may need to complete **Redeem** first, then submit a **Withdraw** request to transfer available **USD Balance** to their connected wallet. *** ## Redeem Flow ```mermaid theme={null} flowchart LR A[User Redeem Request] --> B[Redeem Validation] B --> C[Share Price / Valuation] C --> D[Fees / Penalty Calculation] D --> E[Settlement Process] E --> F[USD Balance / Redeemable Amount] F --> G[Withdraw] G --> H[User Wallet] ``` *** ## Redeem Process ### Step 1 — Request Users start a **Redeem** request from their portfolio. A request may include: * Selected Vault position * Full or partial Redeem amount * Number of **Shares** to redeem * Confirmation of Vault rules * User confirmation before submission The available Redeem options may differ depending on the Vault. *** ### Step 2 — Eligibility Check The system verifies whether the position is eligible for Redeem. Eligibility checks may include: * Lock-up conditions * Minimum holding period * Vault-specific rules * Position status * Minimum remaining position requirements * Supported Redeem windows * Account, security, or compliance restrictions If a position is not eligible, the Redeem request may be rejected, delayed, or restricted. *** ### Step 3 — Valuation The system calculates or references the value of the Vault position according to the applicable Vault rules. Valuation may depend on: * **Share Price** * Number of **Shares** being redeemed * Vault performance * Settlement timing * Asset valuation * Fees * Liquidity conditions * Other Vault-specific accounting rules Because **Share Price** may rise or fall, the redeemable value may be higher or lower than the original deposit amount. *** ### Step 4 — Fees and Penalty Calculation If applicable, fees or penalties are calculated. Possible adjustments may include: * Early Redeem penalties * Performance fees * Strategy unwind costs * Liquidity impact adjustments * Network or operational costs * Other Vault-specific fees Fees and penalties may reduce the final amount credited after Redeem. *** ### Step 5 — Settlement The final amount is settled according to Vault rules. Settlement may include: * Calculating net redeemable value * Reducing or burning redeemed **Shares** * Applying fees or penalties * Updating the user’s Vault position * Crediting the resulting amount to **USD Balance** or another app-level redeemable balance, depending on platform rules Settlement timing may vary by Vault and may not be instant. *** ## Full and Partial Redeem ### Full Redeem A full **Redeem** exits the entire Vault position. A full Redeem may: * Redeem all **Shares** in the selected Vault position * Close the user’s exposure to that Vault * Apply applicable fees, penalties, or adjustments * Credit the resulting amount according to platform and Vault rules *** ### Partial Redeem A partial **Redeem** exits only part of the Vault position. A partial Redeem may: * Redeem only selected **Shares** or a selected amount * Reduce the user’s exposure to the Vault * Leave remaining **Shares** active * Allow the remaining position to continue participating in Vault performance * Affect future Rewards, if applicable Partial Redeem rules may differ by Vault. *** ## Lock-Up Conditions Some Vaults may enforce lock-up periods or minimum holding periods. Lock-up conditions may include: * No Redeem during the lock-up period * Restricted Redeem during certain windows * Early Redeem penalties * Minimum holding periods before Redeem is allowed * Delayed processing until the next available Redeem window Users should review lock-up conditions before depositing into a Vault. *** ## Penalties and Adjustments Penalties or adjustments may apply under certain conditions. Examples include: * Early exit fees * Strategy unwind costs * Liquidity impact adjustments * Operational fees * Network costs * Vault-specific adjustment factors Penalty structures vary by Vault and may change according to Vault rules. The amount received after Redeem may be lower than the user’s original deposit or estimated position value due to market performance, **Share Price** movement, fees, penalties, liquidity conditions, or timing. *** ## Settlement Timing **Redeem** requests may not settle instantly. Settlement timing may depend on: * Vault structure * Strategy execution timing * Liquidity availability * Settlement windows * Valuation timing * Operational processing * Security checks * Compliance review * Network conditions Some Redeem requests may be processed automatically, while others may require manual review or delayed settlement. *** ## Relationship to Share Price **Share Price** may play an important role in Redeem calculations. Redeem value may be affected by: * **Share Price** at the applicable valuation time * Number of **Shares** being redeemed * Vault performance * Fees and penalties * Settlement timing * Vault-specific accounting rules If **Share Price** has increased, the estimated redeemable value may increase.\ If **Share Price** has decreased, the estimated redeemable value may decrease. This does not guarantee any profit or final redeem amount. *** ## Relationship to Rewards Depending on the Vault structure, Rewards may be handled separately from Redeem. For example: * Some Vaults may credit periodic **Rewards** to **USD Balance** * Some Vaults may reflect performance mainly through **Share Price** * Some Vaults may use a combination of **Share Price** movement and Rewards * Redeeming **Shares** may reduce future Reward eligibility * Pending Rewards may be subject to Vault-specific rules Users should review each Vault’s rules to understand how Redeem affects Rewards. *** ## Relationship to Withdraw **Redeem** and **Withdraw** are different actions. | Action | Meaning | Typical Result | | -------- | ---------------------------------------------------- | ------------------------------------------------------------------------------- | | Redeem | Exit a Vault position according to Vault rules | Redeemed amount may be credited to **USD Balance** or another app-level balance | | Withdraw | Transfer available app balance to a connected wallet | Supported asset is sent to the user’s wallet | Redeem does not directly transfer funds to the user’s wallet. **Withdraw** is the step that transfers available **USD Balance** to the user’s connected wallet. *** ## Important Considerations * Redeem rules vary per Vault * Redeem may not be available at all times * Early Redeem may be restricted or penalized * Final value depends on **Share Price**, Vault performance, fees, penalties, liquidity, and timing * Negative performance may reduce redeemable value * Partial Redeem affects remaining exposure * Redeem may reduce future Rewards, where applicable * Settlement may be delayed * Security, compliance, or operational checks may apply * Redeem does not automatically mean Withdraw to wallet Users should review the specific Vault details, risk disclosures, and applicable terms before submitting a Redeem request. *** ## Summary **Redeem** lets users exit Vault positions according to Vault-specific rules. Redeem may involve: * Selecting a Vault position * Redeeming all or part of the user’s **Shares** * Calculating value based on **Share Price** and Vault rules * Applying applicable fees or penalties * Settling the resulting amount into **USD Balance** or another app-level balance * Reducing or closing exposure to the selected Vault Redeem is separate from **Withdraw**. To move available app balance to a connected wallet, the user must complete a **Withdraw** request where applicable. Every Redeem is subject to Vault-specific rules, market conditions, fees, liquidity, settlement timing, and operational controls.