⬅️Withdrawals
Lear more about how to withdraw loan principal from the High Yield Corporate Bond Vault
Making a Withdrawal Request
Making a withdrawal request from the SOL Staking Yield Vault is a simple process.
Connect your whitelisted wallet to the OpenTrade app
Select the SOL Staking Yield Vault
Click "Withdraw"
Input the amount you'd like to withdraw
Click "Submit Withdrawal Request"
Approve in your wallet
After the Withdrawal Processing Time, USDC will automatically be sent back to your wallet and the corresponding amount of xSOLY tokens will be burned.
Withdrawal Processing Time
The Withdrawal Processing Time is the number of business days before a withdrawal will be repaid into your wallet.
The current Withdrawal Processing Time is equivalent to the time required to unstake Solana. Solana unstaking is determined by the Solana epoch, which typically runs around 3 days. Express liquidity facilities are available on request for customers that meet certain eligibility criteria. For more information on the Solana Stake account lifecycle, see here.
Withdrawal Cut-Off Time
The Withdrawal Cut-Off Time is the time in UTC before which withdrawal requests must be made to be considered same day. For withdrawals requests made before the cut-off time, they will be considered same day requests. For withdrawal requests made after the cut-off of time, they will be considered to have been made the next business day.
For withdrawal requests made on Non-Business Days (e.g. weekends and bank holidays), they will be considered to have been made on the next business day.
The Current Withdrawal Cut-Off Time is 6pm GMT.
Withdrawal requests can be made anytime. The Withdrawal Cut-Off time is used to calculate when the withdrawal processing time starts and thus when it is due to be repaid.
Exchange Rate Calculations - Withdrawals
The lender issues a withdrawal request by indicating an amount of vault tokens to be redeemed. This will provide an indicative withdrawal amount.
The amount of vault tokens specifies the portion of the collateral to be liquidated.
The Investment Advisor will liquidate the portion of the collateral corresponding to the withdrawal request and confirm the net sale proceeds. The final withdrawal repayment will equal the net sale proceeds of the sale of your collateral.
Example
Example: Client A wants to withdraw 50 xSOLY (out of a total of 200) on T0. The value of the collateral on T0 is 1000 USD.
The exchange rate on the platform is 1.5. The indicative withdrawal amount is: 50 x 1.5 = 75 USDC.
Upon receipt of the withdrawal request, the Advisor will request the unstaking [50/200] x 1000 = 25 % of the staked SOL and convert it back to USDC. Once unstaked, 25% of the SOL is liquidated on exchange. Net sale proceeds for the SOL are 74.5 USDC.
At repayment, 50 xSOLY will be burned and the lender will receive 74.5 USDC.
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