Senior side

Lifecycle at a glance

Depositing

Approve the metavault to spend your underlying token, then make a senior deposit. The metavault wraps your assets, credits the senior side, and issues lcSEN at the current share price.

Withdrawing

1. File a withdrawal notice. The notice records when it matures (now + 5 days) and transfers the noticed lcSEN into the metavault so it can't be moved while pending. Refiling stacks the amount and resets the timer.
2. Wait the notice window. Cancellable any time, which returns the queued shares to your wallet.
3. Execute the withdrawal once matured. You redeem at whatever the senior share price is at that moment — premium accrued between filing and execution is reflected in the price.

You can file, cancel, or execute any portion of your lcSEN balance. A 5 bps fee applies when a third-party keeper cranks your matured notice; self-execution is free. The fee exists so bots push matured notices through quickly, which stops anyone from sitting on a stale notice waiting for a loss to appear. See Fees.

Where next

• Protection model: how the loss waterfall works.
• Junior tranche: the other side of the trade.