Your first exit
How to burn EVE and redeem ETH on Sepolia, including immediate and queued exits.
Switch the toggle to Burn. The Mint/Burn toggle is at the top of the form. Select Burn (shown in orange) to enter exit mode.
Enter the amount of EVE to burn. Type an amount or use the percentage slider to choose a portion of your EVE balance. The balance pill shows your current EVE balance.
Review the estimated ETH you'll receive. The app shows the estimated ETH based on the current exit (base) price, which equals the portfolio NAV divided by EVE supply.
Set your slippage (priceTolerance). This only matters if your exit gets queued: it sets how
much the EVE price can fall between when you submit the request and when the batch settles. If the
price drops beyond your tolerance, the request is cancelled and your EVE is returned. Immediate
exits don't use it — there, the EVE amount you entered acts as a hard cap on how much is burned
(maxTokensToBurn), and the transaction reverts if the price moves beyond it. Leave it on
Auto or enter a manual value.
Click Burn and approve in your wallet. Confirm the transaction. The app displays a transaction status dialog while the transaction is processed.
What happens next
Depending on how much free ETH the AMM holds at the moment you burn, your exit will be either immediate or queued.
If the AMM holds enough free ETH to cover your redemption, you receive ETH in the same transaction. The exit is complete as soon as the transaction confirms — no further action needed.
If the AMM doesn't hold enough free ETH, your request joins a batch in the exit queue. Here's what happens next:
- A keeper prices and processes the batch.
- Once processed, ETH is credited to your account — but not sent automatically (pull-over-push).
- Come back to the app and click Claim to withdraw your ETH.
A "Pending: [amount] EVE" card will appear in the app while your request is waiting.
Escape hatch: If your batch hasn't been paid out within 3 days of being priced (the clock starts when the keeper prices the batch, not when you submit), you can cancel it and get your EVE back. The Cancel Pending Burn action in the app will become available at that point.
Full mechanics
For the full mechanics of queued exits, price tolerance, batch timing, and cancellation rules, see Exiting and redeeming.
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