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Overview

Tokenized vaults allow investors to deposit assets and receive share tokens representing their ownership. This guide covers subscription (deposit) and redemption (withdrawal) operations for tokenized vaults.
These operations only apply to tokenized vaults and single asset vaults. Basic vaults do not support investor subscriptions.

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Subscription Modes

GLAM supports two subscription modes:
  1. Instant Subscription: Immediate share token issuance based on current vault price
  2. Queued Subscription: Subscription request that settles at a specific time
The mode depends on the vault’s notifyAndSettle configuration.

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Subscribing to a Vault

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Instant Subscription

Deposit assets and immediately receive share tokens: 
glam invest subscribe <amount> [state]
Parameters:
  • amount - Amount of base asset to deposit (e.g., SOL, USDC)
  • state - (Optional) Vault state pubkey. Omit to use active vault.
Examples: 
# Deposit 10 SOL to active vault
glam invest subscribe 10
Terminal output: 
Confirm instant subscription with 10 SOL (Wrapped SOL)? (y/n): y
5mQ2...3nLw instant subscription: 2Tx9...4kPq

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Queued Subscription

Request a subscription that settles at a future time: 
glam invest subscribe <amount> [state] --queued
Example: 
# Queue subscription for 10 SOL
glam invest subscribe 10 --queued
Terminal output: 
Confirm queued subscription with 10 SOL (Wrapped SOL)? (y/n): y
5mQ2...3nLw queued subscription: 3Yz8...5mNq
Queued subscriptions require a second step to claim share tokens after the settlement period.

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Claiming Subscription

After the settlement period, claim your share tokens: 
glam invest claim-subscription
Terminal output: 
5mQ2...3nLw claimed shares: 4Bx7...6pQr
The claim operation is automatic (no confirmation prompt). It will fail if the settlement period hasn’t passed.

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Minimum Subscription

Vaults can enforce minimum subscription amounts. If you try to subscribe below the minimum: 
glam invest subscribe 0.01
Error: 
Amount must be at least 0.1 SOL
Check the vault configuration to see minimum requirements: 
glam vault view
Look for minSubscription in the output.

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Redeeming from a Vault

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Request Redemption

Request to redeem share tokens for base assets: 
glam invest redeem <amount>
Parameters:
  • amount - Amount of share tokens to redeem
Examples: 
# Redeem 5 share tokens
glam invest redeem 5
Terminal output: 
Confirm queued redemption of 5 shares? (y/n): y
5mQ2...3nLw requested to redeem: 5Lx9...7rTp
All redemptions are queued and require a settlement period before claiming assets.

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Claiming Redemption

After the settlement period, claim your base assets: 
glam invest claim-redemption
Terminal output: 
5mQ2...3nLw claimed tokens: 6Nz2...8vQs
The settlement period is defined in the vault’s notifyAndSettle configuration. It can range from 0 seconds (instant) to several days.

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Minimum Redemption

Vaults can enforce minimum redemption amounts: 
glam invest redeem 0.001
Error: 
Amount must be at least 0.01 shares

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Canceling Requests

Cancel a pending subscription or redemption before it’s fulfilled: 
glam invest cancel-request
Terminal output: 
Confirm canceling queued subscription or redemption? (y/n): y
5mQ2...3nLw cancelled queued request: 7Py3...9wRt
You can only cancel requests that haven’t been settled yet. Once claimed, requests cannot be canceled.

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Fee Structure

Tokenized vaults may charge fees on subscriptions and redemptions: 
"feeStructure": {
  "vault": {
    "subscriptionFeeBps": 10,    // 0.10% fee on deposits
    "redemptionFeeBps": 10        // 0.10% fee on withdrawals
  },
  "manager": {
    "subscriptionFeeBps": 0,
    "redemptionFeeBps": 0
  },
  "management": {
    "feeBps": 0                   // Annual management fee
  },
  "performance": {
    "feeBps": 2000,               // 20% performance fee
    "hurdleRateBps": 500,         // 5% hurdle rate
    "hurdleType": "hard"
  }
}
Fee calculation:
  • Subscription fee: Deducted from deposit amount
  • Redemption fee: Deducted from withdrawal amount
  • Management fee: Accrued over time
  • Performance fee: Charged on gains above hurdle rate

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Complete Investor Workflows

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First-Time Investment

1

Find vault to invest in

glam vault list --all --type tokenizedVault
2

View vault details

glam vault view 8x7F...9zKp
Check fees, minimums, and settlement periods.
3

Subscribe to vault

glam invest subscribe 10 8x7F...9zKp
4

Wait for settlement (if queued)

For queued subscriptions, wait for the settlement period to pass.
5

Claim shares (if queued)

glam invest claim-subscription
6

Verify share balance

Check your wallet for share tokens using a Solana wallet viewer.

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Exiting an Investment

1

Set active vault

glam vault set 8x7F...9zKp
2

Request redemption

glam invest redeem 5
3

Wait for settlement period

Redemptions always require waiting for the settlement period.
4

Claim base assets

glam invest claim-redemption
5

Verify asset balance

solana balance

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Managing Multiple Requests

1

Submit first request

glam invest subscribe 10 --queued
2

Wait for settlement

Cannot submit another request until the first is claimed or canceled.
3

Claim or cancel

# Claim after settlement
glam invest claim-subscription

# Or cancel before settlement
glam invest cancel-request
4

Submit next request

Only after the previous request is resolved.
You can only have one pending request (subscription or redemption) per vault at a time.

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Notify and Settle Models

Vaults use different settlement models:

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Continuous Model

Immediate subscription/redemption with minimal settlement period: 
"notifyAndSettle": {
  "model": "continuous",
  "subscribeSettlementPeriod": 0,     // Instant
  "redeemSettlementPeriod": 0,        // Instant
  "timeUnit": "slot"
}

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Notice Period Model

Requires advance notice before subscription/redemption: 
"notifyAndSettle": {
  "model": "continuous",
  "subscribeNoticePeriod": 86400,     // 1 day notice
  "subscribeSettlementPeriod": 0,
  "redeemNoticePeriod": 259200,       // 3 day notice
  "redeemSettlementPeriod": 604800,   // 7 day settlement
  "timeUnit": "second"
}

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Understanding Time Units

  • slot - Solana slot (approximately 400ms)
  • second - Real-world seconds
Example: 604800 seconds = 7 days

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Subscription vs Redemption Settings

Vaults can have different settings for subscriptions and redemptions:
SettingSubscriptionRedemption
Notice PeriodTime before subscription is acceptedTime before redemption starts
Settlement PeriodTime until shares are issuedTime until assets are returned
Cancellation WindowTime window to cancel subscriptionTime window to cancel redemption
FeesubscriptionFeeBpsredemptionFeeBps
MinimumminSubscriptionminRedemption

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Lockup Periods

Some vaults enforce lockup periods: 
"lockupPeriod": 2592000  // 30 days in seconds
You cannot redeem shares until the lockup period has passed after subscription.

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Troubleshooting

Solution: Check the vault’s minimum subscription:
glam vault view | grep minSubscription
Increase your subscription amount to meet the minimum.
Possible causes:
  • Settlement period hasn’t passed yet
  • No pending subscription to claim
  • Request was already claimed
Solution: Wait for the full settlement period and verify you have a pending request.
Possible causes:
  • Insufficient share token balance
  • Below minimum redemption amount
  • Lockup period not expired
Solution:
# Check your share balance
spl-token accounts

# Verify vault minimums
glam vault view
Issue: Cancellation fails or request already settledSolution: Requests can only be canceled during the cancellation window before settlement. After settlement, claim instead of canceling.

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Command Reference

CommandDescriptionOptions
invest subscribe <amount> [state]Subscribe to tokenized vault-y skip confirmation
-q, --queued queued mode
invest claim-subscriptionClaim shares after queued subscriptionNone
invest redeem <amount>Request redemption of share tokens-y skip confirmation
invest claim-redemptionClaim base assets after redemptionNone
invest cancel-requestCancel pending subscription/redemption-y skip confirmation

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Next Steps

Creating Vaults

Learn how to create your own tokenized vault

Managing Assets

Manage vault assets and balances

Configuration Guide

Configure your GLAM CLI environment

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