Implementation

Semi-redeemable vaults are built on top of audited, modular vault contracts. They support multiple modes for deposit and redemption.

Stak semi-redeemable vault contracts implement ERC-4626 real-time deposit and redemption logic. They emit transferrable tokens. They typically allocate to partner vaults, or well-governed SAFE+Zodiac or MPC wallets.

Redemption Modes

• Semi-Redeemable Mode: Applies redemption options and vesting logic.

• Fully Redeemable Mode: Allows redemptions at NAV for all holders. Full redemption can be turned on for an event, such as the presentation of SPAV deal terms, or to simplify liquidation of a pool. When this option is turned on, the token should be worth at least NAV value.

Deposit Tracking

Each deposit creates a unique record that stores:

• depositAmount

• redemptionPrice

• vestingSchedule

• redeemableUntil

Depositors may have differing redemption prices, vesting schedules, and customized versions of other rights such as warrants.

Tracking is easy to audit and is currently implemented with on-chain data.

Redemption Logic

• Token holders get a right to redeem their deposit value.

• If tokens are transferred, redemption rights may be lost. We can assume that the token was sold at a price greater than the redemption value.

• Redemption rights may expire over time, following a vesting schedule. For example, a holder might have the right to redeem all of their tokens for three months, and then progressively fewer tokens on a linear ramp to zero over the following three months.

Asset Vesting

Vault assets typically fall into two categories:

• Redeemable asset value should match the value of outstanding redemption options. This will be invested in a low-risk, liquid pool.

• Any additional assets are in the "Vested" category. They can be used for higher return strategies that are higher risk and less liquid, and when appropriate, for operational expenses.

• Yield typically goes into the vested pool. Deposit and redemption fees can be booked directly into the vested pool.

Buybacks

The fairest way to return capital from a non-redeemable pool is to buy back and burn tokens. Semi-redeemable vaults should implement this operation, burning tokens without redeeming assets.

Reporting Requirements

Vaults must publish:

• Per-address redemption rights

• Total redeemable and vested assets in the pool

• NAV and yield performance data

Management warrants

Warrants are implemented by configuring vaults to sell to certain wallets at a fixed price. This is similar to the logic that allows redemption by certain wallets at a fixed price. Payments from warrant exercises are allocated to the vested pool.

Semi-redeemable vault tokens can start with cash value, and zero NAV premium or startup cost. In this mode, the allocation to founders, sponsors, and managers is zero. Starting from zero solves a lot of problems with startup valuation. Managers may have the right to take some compensation from vested assets. They may receive upside in the form of warrants. For example, we might sell a deal with a starting token price of $10. Founder Elon may have a right to buy additional tokens at $12. If the token price goes to $20, then Elon can make $8 on each of the tokens in the grant.

Ongoing Offers

Semi-redeemable vaults can accept continuous deposits, configured with:

• Deposit fees

• Redemption fees

• Vesting terms

This allows vaults to run "at the market" offers that are different from the vault secondary token sales. The at the market offers include redemption options, with deposit fees that represent an option premium.