Redemption mechanics

Only the wallet that originally bought the token can redeem a reserve share. Eligibility is derived from verified on-chain purchase history, not from the wallet's current token balance.

• Buying tokens increases your eligible balance.
• Sending or transferring tokens to another wallet gives the receiver zero redemption eligibility - received tokens never count.
• Selling or sending away your tokens reduces your eligible balance accordingly.
• Buying more tokens later increases your eligible balance again.
• You can never redeem against another wallet's purchase history.

Example: Alice buys 10,000 $STOCKED and sends 5,000 to Bob. Alice's eligible balance drops to 5,000. Bob holds 5,000 $STOCKED but has 0 eligible balance - he can trade the tokens, but he cannot redeem any reserve value. Only the original buyer's wallet carries redemption rights.

• Read all 15 reserve token balances, their live prices and the $STOCKED supply at the current slot.
• Verify the caller's signature and their eligible balance from verified purchase history.
• Compute gross claim, subtract the wallet's cumulative redeemed total, and apply the 10% daily cap - never from a client-supplied figure.
• Transfer the proportional stock quantities and increment the wallet's cumulative claimed total; failed settlement rolls the accounting back.
• Start the 24-hour cooldown and record the payout in redemption history.

• Available claim = max(0, eligible share of the pool minus value already claimed).
• Daily maximum = 10% of the available claim, with a 24-hour cooldown per wallet.
• Cumulative redeemed totals are permanent and are never reset when the pool changes.
• Only wallets with verified on-chain purchase history are eligible; received transfers carry no eligibility.
• Checked arithmetic on every operation; rounding always favours the pool, never the caller.
• Supply is read from the mint, not from a mutable cached value.
• State updates precede transfers, and the instruction is non-reentrant.
• Slippage bound: if state moved beyond the caller's accepted minimum, the transaction reverts.

pool value        $250,000 across 15 stocks
supply            1,000,000,000 $STOCKED
eligible balance  10,000,000 $STOCKED  → 1.00% ownership

gross claim       1.00% × $250,000 = $2,500 in stock tokens
daily maximum     10% of the available claim
executed          computed by the program at the confirming slot