> For the complete documentation index, see [llms.txt](https://docs.ensemble.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ensemble.io/use-ensemble/redeem.md).

# Redeem

Check exit capacity, authorize shares, redeem for USDC, and verify settlement or emergency withdrawal eligibility.

A normal redemption exchanges vault shares for USDC. The vault burns the accepted shares and pays the receiver in the same transaction, after the withdrawal fee. Check what is available now as well as what your position is worth.

## Check availability

Open the selected vault in the application and review its current status. A pause, pending capital movement, pending rebalance, emergency condition, or exhausted limit can prevent an exit.

The vault's cash on HyperEVM also limits what it can pay. If more capital must return from HyperCore, a later maintenance confirmation may be needed before you can redeem.

## Review the estimate

Choose the share amount and check the estimated USDC after fees. Compare it with the amount the application says you can redeem now.

An estimate answers what the shares are worth under the observed state. Capacity answers how many can exit. A correct estimate can still exceed available capacity, and neither reserves liquidity.

## Check the share approval

The spender depends on the transaction path. A CircuitBreaker router redemption requires approval to spend your shares. A direct vault redemption called by the share owner needs no share allowance.

Review the spender and approved amount in the wallet. An operator redeeming directly for another owner needs that owner's allowance to the operator.

## Sign and confirm

Review the vault, shares, receiver, withdrawal fee, and estimated USDC. Refresh the estimate and simulation before signing, then wait for a successful receipt.

Check the shares burned and USDC received. A submitted transaction hash alone does not establish completion.

If the request cannot execute, it reverts. There is no withdrawal queue: the rejected request does not become a claim that will be paid automatically later. Network gas may still be charged.

## Emergency withdrawals

Permanent emergency handling uses a separate recovery process. It becomes claimable only after the owner enables emergency withdrawals and the contract's recovery checks pass.

At that point, `emergencyWithdraw()` burns the caller's full share balance for a one-time pro-rata USDC claim. Ordinary share transfers are frozen. This is not a normal partial redemption. See [Emergency controls](/safety/emergency-controls.md).

## Review the exit amount

Check both the shares you intend to redeem and the USDC expected after fees. The value of your whole position may exceed what can be paid now. Review the recipient and spender before signing, and use [transaction troubleshooting](/use-ensemble/transaction-troubleshooting.md) if the exit cannot complete.