Redemption mechanics

Only the wallet that originally bought the token can redeem SOL backing. Eligibility is derived from verified on-chain purchase history, not from the wallet's current token balance.

• Buying tokens increases your eligible balance.
• Sending or transferring tokens to another wallet gives the receiver zero redemption eligibility — received tokens never count.
• Selling or sending away your tokens reduces your eligible balance accordingly.
• Buying more tokens later increases your eligible balance again.
• You can never redeem against another wallet's purchase history.

Example: Alice buys 10,000 $ASSET and sends 5,000 to Bob. Alice's eligible balance drops to 5,000. Bob holds 5,000 $ASSET but has 0 eligible balance — he can trade the tokens, but he cannot redeem any SOL backing. Only the original buyer's wallet carries redemption rights.

• Read reserve balance and total supply at the current slot inside the program.
• Verify the caller's signature and their eligible balance from verified purchase history.
• Compute gross claim, subtract the wallet's cumulative redeemed total, and apply the 10% daily cap — never from a client-supplied figure.
• Transfer SOL and increment the wallet's cumulative redeemed total atomically; either both happen or neither does.
• Start the 24-hour cooldown and record the payout in redemption history.

• Available claim = max(0, gross claim − total already redeemed); it can never go negative.
• Daily maximum = 10% of the available claim, with a 24-hour cooldown per wallet.
• Cumulative redeemed totals are permanent and are never reset when the pool changes.
• Only wallets with verified on-chain purchase history are eligible; received transfers carry no eligibility.
• Checked arithmetic on every operation; rounding always favours the pool, never the caller.
• Supply is read from the mint, not from a mutable cached value.
• State updates precede transfers, and the instruction is non-reentrant.
• Slippage bound: if state moved beyond the caller's accepted minimum, the transaction reverts.

pool              150 SOL
supply            1,000,000,000 $ASSET
eligible balance  10,000,000 $ASSET  → 1.00% ownership

gross claim       1.00% × 150 SOL = 1.50 SOL
already redeemed  0.10 SOL
available claim   1.40 SOL
maximum today     0.14 SOL          (10% of available)
executed          computed by the program at the confirming slot

Redemption is only executable when a redemption program is deployed and configured for the environment. Until then the interface computes and displays estimates but keeps the execution path disabled rather than simulating a transaction.