Vault bank run · replay

Bank run, twice

Eight holders want out of the same vault. 1P waits in a FIFO redemption queue; 2P bids in the exit-priority auction.

Local run A replay of an anvil run, not live data.

1P FIFO queue vs 2P Exit auction

1PFIFO queue

Round—

FIFO redemption queue · model

First come, first paid

Model, not on-chain: same vault, same buffer refills, paid at par in arrival order. Queue price = 1 / 1.01^{wait in rounds}. A stayer joins the queue once that discount passes their threshold.

In queue—

Peg deviation—queued claim vs par

Cascade0stayers who ran

Latecomers paid—

Queue, front first · paid so far

Peg deviation by round

2PExit auction

Round—

Exit-Priority auction · on anvil

Highest discount exits first

Exit capacity—WMON of idle buffer

Clearing discount—paid by every exit

Accrued to stayers+0WMON, S1–S4

Share price1.0000WMON per share

Sealed bids, highest discount first · filled share of the bid

capacity

Share price by round

Where the numbers come from

2P, auction: ExitAuction + DemoVault on anvil
1P, FIFO: A model over the same vault and buffer refills, not on-chain.
Replay: A local anvil run, not live data. Run demo/exit/run.sh to play it again, then reload.

Snipe-resistant: submission timing no longer determines price · Privacy via commit-reveal

1P FIFO queue vs 2P Sealed exit round

1PFIFO queue

Buffer—

FIFO redemption queue · model

Fastest out, slowest stuck

Model, not on-chain: the same vault and buffer, requests paid at par in arrival order. A large request sits in a public queue, so the desks watching it move first.

Paid at par—WMON, to the first two

Still queued—WMON, waiting on the strategy

Got nothing—

Accrued to stayers+0exits at par pay no one

Queue, front first · paid now / requested

2PSealed round

Bidding open1 / 1

ExitAuction + allowlist · on anvil

One discount for every desk

Exit capacity—WMON of idle buffer

Clearing discountsealedpaid by every exit

Paid out now—WMON

Accrued to stayers—WMON, everyone still in

What the chain shows while bidding is open

Who gets out, at what cost

Why sealed bids suit a permissioned vault

Monad's Private Settlement design would let institutions run this inside a private domain. Even does it today with commit-reveal: the same sealing that is live on Monad mainnet in Even's launch engine, with bids public after the round.
Private Settlement is a design Category Labs published on 6 Oct 2026, not live yet (monad.xyz/blog). Even does not use or integrate it. Even's commit-reveal runs on Monad mainnet in the launch engine; this exit vault is not deployed there yet.

2P, auction: ExitAuction + DemoVault on anvil
1P, FIFO: A model over the same vault and buffer, not on-chain.
Replay: Run demo/exit/run-institutional.sh to play the round again, then reload.
Vault: DemoVault, an ERC-4626 over WMON with a simulated strategy, labelled "Treasury Yield Vault" here. A mainnet deploy script for it exists (contracts/script/DeployExitMainnet.s.sol); it has not been deployed.