Direct redemption while fundraising is open
While a campaign is Open, the local mechanics permit direct redemption when policy also allows it. The proposer selects a fixed withdrawal fee before publication. The provisional allowed range is 0% through 10%, and current examples commonly use 5%. Once published, that campaign fee does not change in the local model.
With 100 campaign tokens backed by 120 units, redeeming 20 tokens has a gross entitlement of 24 units. At a 5% fee, 1.2 units remain in backing and the holder receives 22.8 units. The fee benefits continuing holders under the model; it is not a promise of return.
Full-supply and termination conditions
If one redemption removes the entire remaining campaign-token supply, the current contract waives the fundraising fee so backing is not stranded in an empty vault. This is a provisional economic choice and should not be assumed to prevent coordinated fee avoidance.
Once the campaign reaches Redemption Open, termination redemption is modeled without the fundraising fee. Direct redemption remains unavailable while Terminating. Fee-free does not mean immediately ready: custody, backing, supply, return assets, liabilities, approvals, and settlement may still need reconciliation.
What happens after the goal
Reaching the backing goal stops deposits and direct fundraising redemption. During an active mandate, direct redemption remains locked under the lifecycle rules. A lock does not prove voting authority: custody, record-date eligibility and an accepted voting-instruction path still require evidence.
A proposer may request termination, but that request does not release assets or open redemption. Independent review and readiness checks must occur before the campaign reaches Redemption Open. The local approval rehearsal is evidence of software behavior, not a live authorization or settlement system.
Compare the two exit routes
Review gross, fee, net, output asset, availability, and any remaining readiness conditions as one quote. Portfolio net available now includes only currently eligible direct-redemption quotes.
- Direct redemption burns campaign tokens and returns the backing asset under the active lifecycle and fee rules.
- A market sale exchanges campaign tokens through a venue at its quoted price and fee. It does not redeem against the vault.
- A locked direct redemption does not make a market buyer or liquid pool available. The prototype only models swap quotes.