> For the complete documentation index, see [llms.txt](https://docs.creditcoop.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.creditcoop.xyz/core-concepts/vaults/depositing-and-redeeming.md).

# Depositing & Redeeming

Lending Vaults implement **ERC-7540 asynchronous flows**: deposits and redemptions are requested first, processed by the Curator, then claimed. This matches the reality of a credit vault — capital is deployed into term positions, so liquidity is managed deliberately rather than assumed instant.

### Depositing

1. **Request.** The depositor calls `requestDeposit`, transferring assets into the vault. Pending deposits are ring-fenced: they are not part of vault assets, cannot be deployed, and earn nothing yet.
2. **Processing.** The Curator (or a vault Operator) processes the request, converting the assets to shares at the current share price. Processing enforces depositor-protective min/max share bounds, and vault fees are accrued immediately beforehand so the share price is fair to existing and new depositors alike.
3. **Claim.** The depositor claims: shares transfer to the receiver. Claims can be made in assets (`deposit`) or shares (`mint`) terms.
4. **Cancellation.** Until processed, a request can be cancelled by the depositor (or their approved operator) and the assets returned in full.

### Redeeming

1. **Request.** The depositor calls `requestRedeem`; the shares transfer to the vault and are queued.
2. **Processing.** The Curator processes the request — the vault checks it holds sufficient available liquidity, burns the shares, and ring-fences the corresponding assets. Min/max asset bounds protect the depositor, and fees accrue first.
3. **Claim.** The depositor withdraws the assets (`withdraw`/`redeem`).
4. **Cancellation.** Until processed, a redemption request can be cancelled and the shares returned.

### Share pricing

Share price = total assets / total shares, where total assets include liquid balances across the vault and both strategies **plus** deposits and interest owed on all active credit positions. Ring-fenced pending deposits and claimable redemption assets are excluded. Standard ERC-4626 `preview*` functions are intentionally disabled — pricing happens at processing time, per ERC-7540.

### Access controls

* **Whitelist.** Vaults can restrict requests and claims to whitelisted addresses (managed by the Curator; can be toggled off for permissionless vaults).
* **Operators.** A depositor can approve operator addresses to act on their behalf across the request lifecycle (ERC-7540 operator standard).
* **Pause.** Designated pausers can pause the request/claim functions in an emergency; fees are accrued at pause and the fee clock resets at unpause so no fees accrue on paused time.


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