Deposit and Withdrawal of Funds
Last updated
Last updated
Depositing and withdrawing funds from invested strategies on Mimik Finance is a simple process that can be completed in a few easy steps.
To deposit funds, users need to select the strategy they wish to invest in and transfer the required amount from their connected web3 wallet to the Mimik Finance wallet. Once the funds are transferred, they will be reflected in the user's account within the stipulated time, depending on the cryptocurrency being deposited.
There is no lock-in period on Mimik Finance. Mimik Finance is a non-custodial platform that allows users to deposit any amount of funds and withdraw the funds at any time without any barrier.
To initiate the withdrawal, follow these simple steps:
On the right panel of the screen, click on the "Claim Shares" button.
Once done, go to the "Strategy" tab and navigate to your invested vault.
Click on the "ellipses (...)" and select "Withdraw Funds" from the displayed options.
You are all set. The money will be deposited back into your wallet. Once the withdrawal request is submitted, the withdrawal will be automatically processed by smart contract within 24 hours.
Users can monitor the status of their withdrawal request through their account dashboard.
User Vault Shares(UVS): When a user invests funds in a vault, they receive vault shares (UVS), which represent a percentage ownership of the assets held in the vault. Upon being redeemed, these shares own a right to a proportionate ownership of every asset stored in the vault.
1 USDC = 1,003,283,381,116 UVS, and
1 Share = 1,000,000,000,000 UVS
Therefore, 1 USDC = 1.003283381116 Shares
Share Price = (1,000,000,000,000 UVS/ 1,003,283,381,116 UVS)
Above 1 Share = 1,000,000,000,000 UVS
UVS is not a utility token and is not the part of protocol's Tokenomics.
The processing of investment or withdrawal requests will be completed within a 3-hour timeframe. Following this, users can claim their shares or funds in their wallets.
Overall, Mimik Finance's deposit and withdrawal processes from the vaults are user-friendly, automated, and efficient, enabling users to manage their funds seamlessly and access them when needed.
