Deposits & Withdrawals

#Deposits

deposit(assetsUsdg):

1. Accrues fees (so the new depositor doesn't dilute existing fee liabilities).
2. Enforces the deposit cap: depositCapUsdg != 0 && equity + assets > cap reverts DepositCap. Mainnet desks cap at 50,000 USDG of post-deposit equity; testnet is uncapped (0).
3. Mints shares: shares = assets × totalShares / equity, or 1
   when the desk is empty. Zero-share results revert.
4. Pulls USDG, credits cashUsdg, totalShares, sharesOf[sender]; touches the high-water mark; attempts fee payout.

Deposits require the vault to be unpaused.

#Redemptions

redeem(shares) burns shares and owes the user shares × equity / totalShares USDG. What happens next depends on cash and pause state:

Note the deliberate property: pausing never traps shares. A paused vault still accepts redeems; they just queue for cash instead of paying instantly.

#The withdrawal queue

• FIFO, indexed by queueHead; requests are never reordered or cancelled by the protocol.
• processWithdrawals(maxCount) — callable by anyone, only while unpaused — pays requests in order while cash covers them, marking each fulfilled and emitting WithdrawFulfilled. It stops at the first request that exceeds available cash (no partial payments).
• Cash arrives from deposits and from sell-side copies, so a queued withdrawal is paid when the desk next holds enough free USDG.
• withdrawQueueLength() exposes the queue size; the queue itself is public storage.

#Deposit/withdrawal flow

#Worked example

Example numbers — not a live desk or forecast. Desk at NAV/share 1.09 after fees, holding 8,000 USDG cash:

• A 5,000-share redeem owes 5,000 × 1.09 ≈ 5,450 USDG → paid instantly (cash covers it).
• A further 10,000-share redeem owes ≈ 10,900 USDG against ≈ 2,550 remaining cash → queued, and paid by processWithdrawals after the desk sells positions.