Liquidity and queues
A vault can have positive NAV and insufficient idle USDC to fund your withdrawal. Liquidity is the ability to turn positions into the asset needed for payment, within the required time and cost.
Follow the cash
A request escrows shares. Funding exchanges an eligible portion of those shares for reserved USDC at the applicable price. Claiming transfers reserved USDC to the owner.
Only the funded portion has completed the share-to-cash step. Remaining shares keep participating in results. This separation is why a partly funded withdrawal can be claimable and pending at the same time.
External positions can wait
Lending positions can face high utilisation: much of the cash has been lent out. Issuer redemptions can have operating windows or queues. Token sales depend on market depth and acceptable execution cost. An async adapter records a pending action while waiting for external completion.
A deadline on a pending action is not proof that the external asset has returned. Settlement requires the supported evidence and measured outcome. Valuation of a pending claim and liquidity from settling that claim are separate questions.
Order and constraints
Junior funding must preserve coverage and leave idle cash needed by unfunded Senior requests. Senior has priority constraints in the implementation, but these docs do not promise strict FIFO ordering of every request. A later request should not be assumed unable to progress merely because an earlier one exists.
Funding also depends on fresh valuations, pause scopes, the vault’s state and applicable outflow limits. Losses and recovery covers incident restrictions.
A partial-funding example
A request can contain funded USDC and shares still waiting. Funding converts only the allowed shares into a fixed USDC claim. The price of the remaining shares can change.
The worked withdrawal example follows 1,000 requested shares through two funding events. It distinguishes pending shares, claimable cash and USDC already received so that the same value is not counted twice.
Coverage and other limits can reduce the fundable amount even when the idle token account contains more USDC.
If the executor is unavailable
Anyone can submit supported refresh and funding instructions when their conditions are met. This does not mean anyone can perform unrestricted deallocation through every adapter. Permissionless funding from idle cannot produce cash that is still invested.
An unavailable executor, oracle or external service can therefore delay an exit. A different frontend does not remove those dependencies or permissions.
For the action sequence, return to withdrawals. Before depositing, review how much of the strategy is liquid under ordinary and stressed conditions, including the limit engine’s separate assumptions.