Staying liquid

A yield vault is only useful if you can actually get your money out. SAM is built so that everyday withdrawals are instant and full exits are always possible.

The idle buffer

Every vault keeps a slice of itself idle: liquid cash that isn’t lent out, sitting ready for withdrawals. By default that is 5% of the vault. Because most withdrawals are small relative to the whole pool, they are served entirely from this buffer, instantly, with no need to touch a lending market.

After a withdrawal draws the buffer down, the next rebalance tops it back up, so it’s ready for the next person.

Larger withdrawals

If you redeem more than the buffer holds, SAM pulls the rest straight from the lending markets in the same transaction. It draws from the most liquid, lowest-yielding positions first, leaving the high-earning capital working as long as possible. You still get everything in one transaction.

Always redeemable, down to the last unit

The accounting is careful about rounding so that even redeeming the entire remaining vault works cleanly and returns everything those shares are worth. You can never withdraw more than your shares are worth, and you should never be left unable to withdraw what they are worth.

The one real limit: market liquidity

The only thing that can slow a withdrawal is liquidity in the underlying markets. If a lending market has lent out most of its cash, the portion of your redemption sourced from it is bounded by what it can free right then.

SAM actively guards against this in two ways:

• The idle buffer keeps everyday withdrawals independent of the markets entirely.
• The depth cap (see Rebalancing) stops the vault from ever putting more into a market than a fraction of that market’s withdrawable cash, so it stays inside its own exit capacity. If a market tightens, the vault is pulled back on the next rebalance.

The full withdrawal logic, including how the amount is split across markets, is in Withdrawals math.