Depositing and redeeming

Money goes in as a USDC deposit to your CoresRent balance, which you then use to buy shares of a machine or the pool. Rent comes back to that balance every day, and you can withdraw it whenever you like. Your capital comes back through the monthly redemption window at NAV. All of it is explained here, with the waiting times, because they matter.

Before you deposit#

• A wallet on Ethereum mainnet, with USDC to deposit and a little ETH for gas. You connect it to the dashboard.
• At least $50 for the pool, $100 for a sled or $500 for a rack.
• Money you can leave in for a while. Rent is yours to withdraw at any time, but the capital in your shares comes back through monthly redemptions, with 30 days' notice.

Your balance and your shares are held by the Subscription contract. Check the address before you approve anything:

Depositing and buying shares#

1. Approve USDC. Your wallet asks you to let the Subscription contract spend USDC. Approve the exact amount you are depositing, not an unlimited amount.
2. Deposit to your balance. Call deposit, or use the dashboard. The USDC moves from your wallet to your CoresRent balance. Until you buy shares with it, it is still yours to withdraw.
3. Pick a machine, a rack or the pool. The dashboard lists every sled and rack with its site, its current price and the shares still available, next to the pool.
4. Buy shares. Call buy, or use the dashboard. The contract takes USDC from your balance and issues your shares in the same transaction at the current price: the machine's or the pool's NAV per share. The shares are recorded against your wallet, and the USDC belongs to the SPV, never to CoresRent.
5. Start earning. Your shares earn from the next daily settlement at 00:00 UTC. Because shares are issued at NAV, new money neither dilutes existing holders nor shares in rent it did not pay for.

Each machine has a fixed number of shares. When they are all owned, the dashboard shows the machine as fully owned and it takes no more purchases. The pool and any machine with shares left stay open.

The fleet grows over time. When CoresRent adds a machine, it is entered in the Registry and opens for purchase once it is installed and renting.

Getting paid#

Net rent settles daily at 00:00 UTC. The Distributor contract credits it to each holder's dashboard balance in USDC, in proportion to the shares they hold at that moment. There is nothing to claim: the rent is in your balance as soon as the day settles. It does not expire and is not reinvested unless you choose to buy more shares with it.

Withdrawing#

Your available balance is your money: deposits you have not spent on shares, every day's rent and any redemption proceeds. Withdraw any part of it to your wallet at any time, from the dashboard or by calling withdraw. It arrives in the same transaction. Nothing is locked and there is no withdrawal fee, only Ethereum gas.

Redeeming#

To turn shares back into USDC, you sell them back to the pool in the redemption window, monthly, on the 1st, with 30 days' notice. You ask, your shares are locked, and on the first window at least 30 days away they are bought back at that day's NAV. Locked shares keep earning rent until then.

1. Request. Call requestRedemption with the machine (0 for the pool) and the number of shares, or use the dashboard.
2. Wait for the window. A request made three days before the 1st misses that window, because it is less than 30 days away, and is processed on the 1st of the following month.
3. Get paid. On the window date the shares are cancelled and their value at NAV, less the 0.5% redemption fee, is credited to your balance. Withdraw it to your wallet whenever you like.

The fee goes to the pool, not to CoresRent. It covers the cost that one holder leaving imposes on the rest. Why NAV is below $1 in this example is explained in What you own.

When there is not enough cash#

Redemptions are paid from cash the pool holds: new share purchases, resale proceeds and the part of the reserve above its target. The machines themselves are not liquid. If the requests in a window add up to more than that cash, each request is filled pro rata and the rest moves to the next window.