Redemption

After wind-down, the treasury's non-ARM assets sit in a dedicated redemption contract, and ARM holders claim their share of them there. Redemption is entirely permissionless — no vote, no snapshot, no merkle tree, no claim window, and no deadline. You deposit ARM, you receive your share, whenever you choose.

How a redemption works

You deposit ARM into the redemption contract and name the treasury assets you want to claim. For each asset, you receive:

your share = (contract's balance of the asset) × (your ARM) ÷ (circulating ARM)

The ARM you deposit stays locked in the redemption contract permanently (it isn't burned — ARM has no burn function — but the redemption math excludes it, so the accounting stays correct). Redeeming is self-service, and you can split your ARM across as many redemptions as you like.

List every asset

Each redemption pays out only the assets you list. Any swept asset left out of a call is forfeited for the ARM deposited in that call — it can't be claimed later. To make this hard to get wrong, a redemption router can be deployed during the delay window, once all sweeps are complete, with the full list of swept assets built in: one call through it claims your share of every asset. The router is immutable and its asset list is public, so anyone can check it before using it.

The circulating denominator

"Circulating ARM" in that formula is the ARM genuinely in holders' hands. From the total supply, the contract subtracts:

• the treasury (its ARM is locked permanently and never redeems),
• the redemption contract's own holdings (ARM already deposited to redeem),
• the still-locked early-network ARM (the portion that never unlocked), and
• the unsold crowdfund ARM.

Because those are excluded, the per-ARM payout reflects only ARM that actually belongs to participants. Claiming or releasing ARM before redeeming doesn't change your outcome — the same ARM is counted as circulating either way — so early and late redeemers receive the same rate.

The 14-day delay

Redemptions can't begin until 14 days after the trigger. This window exists because sweeping the treasury into the redemption contract is itself permissionless and done token-by-token — the delay gives anyone time to move all of the treasury's assets in before the first redemption executes, so early redeemers don't miss assets that hadn't been swept yet. After the delay, redemption is open indefinitely.

Who can redeem, and the fairness property

• Crowdfund participants (who claimed their ARM) and early-network beneficiaries (whose ARM actually released) can redeem.
• Early-network ARM that never unlocked — because the protocol didn't earn enough revenue to reach its milestones — cannot redeem; it stays locked.
• Treasury ARM never redeems.

This is the intended fairness outcome: those who paid for their ARM have priority on the remaining treasury, while team and contributor tokens only share in it to the extent the protocol earned the revenue to unlock them. If Armada failed before earning, its unvested tokens have no claim on what's left.

The redemption contract is immutable and has no admin — like the rest of the wind-down machinery, it runs on its own once triggered.