Earlyout
Launch app
How it works

From pending redemption to USDC in one transaction.

Earlyout turns a redemption request into a claim token, prices it against the fund's real net asset value (NAV), and lets a USDC (USD Coin) vault on Arc buy it.

The flow

Six steps. You sign once, the contracts do the rest.

  1. You send fund tokensYour pending redemption, in one transaction.
  2. Earlyout makes a claimThe redemption is filed with the issuer and becomes a claim.
  3. The vault buys itUSDC reaches you in the same transaction.
  4. The issuer pays the vaultOn the payout date, at the fund's NAV.
1

Deposit fund tokens

ClaimWrapper takes the tokens and files a redemption with the issuer. The payout date is the fund's settlement delay, rounded up to its window.
2

Mint a claim

One ERC-1155 (multi-token standard) claim id per fund and payout date, so claims for the same date are interchangeable.
3

Quote and sell

The vault quotes a verdict and a price. On BUY it takes the claim first, then pays USDC.
4

Hold or resell

The vault holds claims at cost, or sells them to an approved buyer at NAV minus the time and credit terms.
5

Settle

At the payout date anyone can call settle. The vault collects full NAV and LPs realise the spread.
6

Fail safely

If the issuer reports failure, trading halts and LP deposits and withdrawals pause until the writedown is marked.
Pricing

Four terms, all on screen.

The seller receives NAV × amount × (1 minus the spread). Terms are in basis points (bps): 100 bps is 1%.

Base50 bpsfixed, set in FundRegistry
Vault usage0 to 300 bps300 × deployed USDC / total assets
Timevol × √(years)800 bps volatility for ACRED
Credit150 bpsper fund, set in FundRegistry
ACRED terms, empty vault
Show as table
Spread by days to payout
Days to payoutSpread
02.00%
73.11%
304.29%
605.24%
905.97%
1807.62%
Safety rules

What the contracts refuse to do.

  1. You ask for a quotePick a fund and an amount.
  2. HALTIf the issuer has failed or the price is stale, nobody can trade the fund.
  3. REFUSEIf the sale would pass the fund's cap, the vault lacks USDC, or the claim is already due.
  4. BUYOtherwise the vault buys, at the price on screen.
Exposure capREFUSEper fund, in USDC
Idle USDCREFUSEthe vault never pays what it does not hold
Claim dueREFUSEmatured claims settle, they do not trade
Stale NAVHALTolder than the fund's limit, 4 days for ACRED
Issuer failedHALTreported in the same CRE report as the NAV
Written downHALTuntil the issuer recovers and the owner clears it
Questions

Frequently asked.

+Who can sell?

Holders whose wallet the fund's distributor has approved. The fund token and the claim token both enforce an allowlist, as real tokenized funds do.

+What happens to my fund tokens?

They join the issuer's redemption queue on your behalf. The claim to the payout goes to the vault, and you keep the USDC.

+Why is the spread wider for longer waits?

The time term grows with the square root of the time to payout, the way price uncertainty grows. A 15-minute demo claim costs a few basis points; a 90-day claim about 4%.

+What if the issuer fails?

The oracle reports it, every quote halts, and anyone can write the fund's claims down to their recovery value inside the vault's accounting, so every liquidity provider (LP)'s share price falls in one transaction.

+Where does the NAV come from?

Each fund's Chainlink NAV feed on Ethereum mainnet, carried to Arc by a Chainlink Runtime Environment (CRE) workflow that also reads the issuer's status.

+Can I see every open claim?

Yes. The Book screen reads them from Arkiv, and anyone can run the same query against Arkiv's public RPC.

Try it on testnet