Exiting & redeeming
How to burn EVE and receive ETH back — covering immediate exits, the queued batch process, slippage protection, and the escape hatch.
Testnet only
Everstrat is currently on Sepolia testnet (chain id 11155111). Tokens have no monetary value. Do not send real funds.
When you exit Everstrat you burn EVE tokens and receive ETH at the current base price
(NAV / EVE supply). There are two exit paths depending on how much free ETH the AMM is holding at
that moment.
Two exit paths
If the AMM's free ETH balance is large enough to cover your redemption, you receive ETH in the same transaction. No waiting. No extra steps.
Immediate exits have no minimum size.
Slippage protection on this path is maxTokensToBurn — a hard cap on how much EVE can be burned
for the ETH you requested. If the price moves against you beyond that cap, the transaction reverts.
(priceTolerance plays no role in an immediate exit.)
If the AMM does not have enough free liquidity, your exit request joins a batch queue. Your EVE is escrowed and you wait for the keeper to settle the batch. See the lifecycle below.
Queued exits must be worth at least 0.001 ETH by default (DEFAULT_MIN_BATCH_EXIT_ETH). This
minimum can be raised by governance up to a maximum of 0.05 ETH
(MIN_BATCH_EXIT_ETH_UPPER_BOUND).
Queued exit lifecycle
Submit your exit request. You call the exit function with the ETH amount you want back
(requestedETH), a cap on the EVE you are willing to burn (maxTokensToBurn), and a
priceTolerance. Your EVE tokens are escrowed — they leave your wallet and are held by the
protocol until the batch is settled.
Keeper prices the batch. A keeper bot monitors the queue. When conditions are met, it prices the batch, locking in a final base price for all requests in that batch. That price is validated against the AMM's last settled base price, so a batch cannot be priced far from the protocol's checkpointed price.
Keeper processes the batch. The keeper sends ETH to cover the batch and marks each request as fulfilled.
ETH is credited to your claimable balance. After processing, the ETH you are owed is recorded
in claimableBalances[yourAddress]. It is not sent to you automatically (pull-over-push pattern).
Call Claim to withdraw your ETH. You call the claim() function to pull your ETH out of the
protocol and into your wallet.
Slippage protection (priceTolerance)
Price can fall between the moment you submit your exit request and the moment the keeper prices the
batch. priceTolerance sets your floor: if the final batch price has dropped by more than your
tolerance relative to the price at the time of your request, your request is closed for slippage —
your EVE is returned to you and you receive no ETH. You can resubmit at any time.
priceTolerance applies only to queued exits; immediate exits are protected by maxTokensToBurn
instead (see above).
Escape hatch — cancelling a redemption
There are two situations where you can cancel a pending exit and get your escrowed EVE back:
For full technical details on how the exit queue is implemented, see The redemption queue, in depth.
Step-by-step exit
Open the app and connect your wallet on Sepolia.
Enter the EVE amount you want to burn. The app shows your estimated ETH at the current base price.
Set your price tolerance. This bounds how much the price can fall before your queued request is automatically cancelled and your EVE returned.
Confirm the transaction. If the AMM has enough free ETH, you receive ETH immediately. Otherwise, your request enters the queue.
If queued, wait for the keeper to settle, then Claim. Check the app for the status of your batch. Once it is processed, call Claim to withdraw your ETH.
For a guided walkthrough of your first exit, see Your first exit.
Last updated on
Depositing & minting
How to deposit ETH and mint EVE, including the bonding curve premium, slippage protection, and the one-time bootstrap rule.
Fees & costs
A complete breakdown of what interacting with Everstrat costs you — protocol fees, the bonding curve premium, performance fees, gas, and slippage.