Armada

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Wind-down ​

Wind-down is Armada's orderly shutdown. If the protocol should stop operating — because governance decides it should, or because it never gained enough traction — wind-down lets ARM holders exit with a pro-rata share of the treasury, and lets shielded-pool users withdraw indefinitely.

It is a termination mechanism, not a price floor, a guaranteed return, or an arbitrage opportunity. It provides a clean, holder-controlled exit; it doesn't promise anyone a particular value.

Two ways it triggers ​

  • Permissionless. Anyone can trigger wind-down once two deterministic conditions are both true: a deadline has passed and cumulative recognized revenue is still below a threshold. Both are governance-set parameters. This is the "never gained traction" path — if the protocol hasn't earned enough by the deadline, no privileged actor is needed to wind it down.
  • Governance vote. Governance can trigger wind-down without waiting for the deadline or the revenue condition — but only by passing an Extended proposal, the highest governance bar.

Either way, wind-down is irreversible — once triggered, it cannot be undone.

What happens at the trigger ​

  • The revenue counter and lock freeze, fixing the token-unlock percentages so the redemption math can't drift.
  • ARM becomes transferable (if it wasn't already), so holders can move it to redeem.
  • Governance ends. No new proposals can be created, and no pending or queued proposal can execute — this guarantees treasury ARM can't be moved out from under the redemption math. (Votes already in progress can finish, but they can never be queued or executed.)
  • The shielded pool enters withdraw-only. New shields and in-pool transfers stop, but unshields remain available indefinitely — there is no exit window; users can always withdraw.
  • The treasury is swept. Its non-ARM assets are moved into the redemption contract by permissionless calls (anyone can sweep any token); ARM itself cannot be swept and stays locked.

Post-wind-down ​

After the trigger, the protocol is in a permanent terminal state. Everything left is permissionless: holders redeem their treasury share, and shielded users unshield whenever they want. Governance is gone, and no role can pause or restrict withdrawals.