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Depositing and redeeming ​

Share price only means something at a moment when someone has actually valued the book. So LP flows are batched into epochs.

Depositing. You request a deposit and your tokens sit in the vault, ring-fenced from trading, until the epoch cuts off. You can cancel and take them back any time before that. After the cutoff the epoch is priced against a signed valuation, shares are minted, and you claim them.

You can deposit either side of the pair, USDT or cNGN on a USDT/cNGN vault. Each side has its own epochs. A cNGN deposit is valued in USDT at the corridor price in the signed valuation, rounded down, and mints the same shares a USDT deposit of that value would. Until then the cNGN is not part of the book: the operator cannot quote with it and redeemers are not paid from it. A voided epoch gives you back what you put in, cNGN included.

Each vault sets a minimum for each asset at deploy. A zero cNGN minimum means the vault never takes cNGN deposits.

Redeeming. You request a redemption and your shares are escrowed. When the epoch closes the vault goes close-only: it can still sell cNGN for USDT but cannot buy more while an exit is pending. Then the epoch settles and you claim.

You are paid in both assets. Redeem 10% of the shares and you get 10% of the vault's free USDT and 10% of its free cNGN, at the balances in the signed valuation. No price is needed for that split, so a bad price cannot move value between redeemers and the LPs who stay. If you want one currency, swap the other leg afterwards.

The last redeemer out takes whatever is actually in the vault. That needs the vault paused first, because a live quote could still be moving inventory under the payout.

Only one redemption epoch runs at a time, so redeemers never race each other for the same inventory.

Batching is the honest version of this. A vault that lets you exit instantly either holds idle cash it is not earning on, or pays you out of someone else's position. Both are worse than waiting for the next epoch.

Share price ​

Share price comes from a signed valuation, not from a live balance read.

The valuation states the corridor price, the vault's free balance in both assets, and a validity window, all bound to that vault, chain and epoch. The chain checks it against reality: live balances have to be at least what the valuation claims. If a fill drained inventory since it was signed, settlement reverts rather than paying at a stale price.

The corridor price matters for deposits. It sets how many shares a cNGN deposit gets and what the book is worth to a USDT deposit. Redemptions are split by fraction and do not depend on it.

A stale valuation cannot be replayed later, because it also commits to the last settled value.

If the risk key stops signing valuations entirely, the timeout ladder still gets redeemers out, at live balances instead of signed ones.

Idle yield, optional ​

A vault can park settlement inventory it is not quoting with in an Aave v3 market.

The rules are narrow on purpose. Only the settlement asset, never the corridor asset. Never money that belongs to a pending deposit or a queued payout. Never below the liquid floor the operator set. A helper contract unstakes and fills in one transaction, so a quote cannot fail because the cash was busy earning.

Email updates ​

Nothing on-chain taps you on the shoulder. Your epoch settles on the operator's schedule, the payout becomes claimable after that, and the only way to find out is to come back and look. So the deposit screen asks for an email, and it is optional.

Give it and you get four mails, and only these four: your deposit settled into shares, your deposit was voided and the money is waiting to be taken back, your redemption closed, your payout is ready to claim. No digests, no marketing, and an unsubscribe link on every one. Once it is set up, the deposit screen shows a switch to turn vault mail off and back on without losing the confirmed address.

Two things have to be true before anything is sent. You sign a message with the depositing wallet — no gas, nothing moves — which is what stops anyone else pointing your amounts and payout times at their own inbox. Then you click the link we email you, which is what a typo cannot get past.

That click is once per wallet, not once per feature. Textile keeps one confirmed address per wallet, so anything we build later that needs to reach you already knows where to write, and you are never asked to confirm the same inbox twice. Changing the address starts that over, because a link is a promise about one inbox.

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