Deposits & withdrawals
How deposits and withdrawals work in _gamma vaults — instant share minting, the instant and queued paths, the on-chain receipt, staged progress, and timing.
Deposits
A deposit into a _gamma vault (a Gamma Economic Agent, or G.E.A.) exchanges your assets for share tokens. Deposits settle in a single on-chain transaction that you sign with your own wallet. There is no minimum deposit and there are no lock-up periods.
Each vault takes a specific asset: gmSTBL takes USDC, gmSOL takes SOL, and plRWA takes USDC. Share tokens are standard SPL tokens that live in your wallet. Holding them is what makes your position non-custodial — only your wallet can redeem your shares.
Every vault publishes its Net Asset Value (NAV) on-chain, and the share price is
simply NAV / total shares outstanding. When you deposit, the program mints
shares at the current price (shares = deposit amount / share price), so a
deposit neither dilutes nor is diluted by existing holders. The program will not
let you deposit against a stale price: if the published NAV is too old, user
operations are blocked until it refreshes. There is no deposit fee. Once your
deposit confirms, your shares begin accruing yield immediately — reflected as
share-price appreciation over time, not as new tokens. You never need to
claim, compound, or reinvest; yield compounds inside the vault automatically.
Two withdrawal paths
You can request a withdrawal from a G.E.A. at any time — there are no lock-ups. What happens next depends on how much liquid asset the vault is holding at that moment.
- Instant path — if the vault already holds enough liquid USDC (or SOL) to cover your redemption, the withdrawal settles in a single transaction and the assets land in your wallet right away.
- Queued path — if your withdrawal is larger than the vault's liquid headroom, the program creates an on-chain withdrawal receipt recording your pending shares. The agent then exits positions to free the liquidity, and once it is ready you claim your assets in a second transaction.
The app decides which path applies by reading the vault's on-chain liquid balance against its tracked pending withdrawals, so the classification reflects real state at request time.
The on-chain receipt
The queued path is not a promise held off-chain — it is a receipt written to the Solana program. Your pending shares are recorded on-chain the moment you request, so your funds are never in limbo: the claim is enforced by the program, not by _gamma. If anything interrupted _gamma's operations, the receipt and your right to claim against it would still exist on-chain. Once the vault has freed enough liquidity the position becomes claimable; you submit a claim transaction from your wallet and the assets transfer to you. Until you claim, your shares remain recorded on the receipt.
Staged progress
While a withdrawal is queued, the app shows a live checklist so you always know where it stands:
| Stage | Meaning |
|---|---|
| Received | The on-chain receipt was created for your pending shares. |
| Freeing funds | The agent is exiting positions to fund the withdrawal. |
| Bridging | Cross-chain RWA only — funds are settling back from Plume. |
| Ready to claim | Liquidity is available; submit the claim to receive assets. |
The Bridging stage appears only for cross-chain RWA redemptions (the plRWA vault, whose positions settle back over a bridge). Stablecoin and SOL vaults free liquidity with on-chain divests and skip it entirely.
Timing
Timing depends entirely on which path your withdrawal takes. The instant path settles in one transaction — seconds. The queued path has a median around 10 minutes on stablecoin vaults (SOL vaults are similar — a few agent cadences), and cross-chain RWA is typically longer, with the bridge settling hours to about a day. These are typical figures, not guarantees.
When a withdrawal is queued, the app does not quote a hardcoded wait. It shows an arrival band derived from the vault's own recent history — the p50 (median) and p90 request-to-ready durations measured over the last 30 days — presented as a range (for example "10 min–2 h"). The estimate is hedged: it is suppressed when there is not enough recent history to be meaningful, and the displayed median is floored at roughly one agent cadence, so the app never advertises a p50 faster than the agent can realistically act. For cross-chain RWA the app merges the agent's free-up band with the measured bridge-settlement band and shows the slower of the two. You do not need to keep the app open — the receipt persists on-chain, and you can return to claim once the position is marked ready.
The withdrawal fee
A small basis-point fee applies to withdrawals. The fee is a per-vault on-chain policy, not a fixed platform constant — read the live value programmatically from the withdrawalFeeBps field of a vault's stats endpoint rather than assuming a number.
| Parameter | Value |
|---|---|
| Withdrawal fee | Currently 30 bps (0.30%) on the live vaults |
| Retained by | The vault, for the benefit of remaining depositors |
| Full-exit waiver | Waived when you redeem your entire share balance |
The fee is retained inside the vault rather than paid out to _gamma, so it accrues to the depositors who remain. When you exit your full position the fee is waived to avoid stranding dust. There is no separate deposit fee. Vaults may also charge a performance fee, which is read directly from the on-chain vault account.
Withdrawals are also subject to net-outflow guardrails (hourly and daily caps measured against NAV, with deposits offsetting withdrawals) that smooth large redemptions; in normal conditions these are not binding.
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