> For the complete documentation index, see [llms.txt](https://perena.gitbook.io/perena/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://perena.gitbook.io/perena/products/yield-bearing-risk-assets/redemptions.md).

# Redemptions

How SOL\* redemptions settle when you sell.

Selling SOL\* burns the token and returns SOL according to the current on-chain redemption price, subject to fees and available protocol liquidity.

### Immediate redemptions

If the protocol has enough readily available SOL, a sale can settle in the same flow.

SOL transfers directly to your wallet after the transaction confirms.

### Asynchronous redemptions

If liquidity is not immediately available, your sale may settle asynchronously.

This can happen when SOL collateral is deployed into strategy positions and must be freed before it can be returned.

During an asynchronous redemption:

1. SOL\* is burned or escrowed by the protocol.
2. A redemption request is recorded on-chain.
3. Perena's operator services unwind the required positions.
4. The protocol processes requests according to its rules.
5. SOL transfers to your wallet after processing completes.

{% hint style="info" %}
The interface may estimate settlement time. Timing is not guaranteed.
{% endhint %}

Network conditions, liquidity, strategy positions, and operator processing can affect settlement timing.

### Why asynchronous settlement exists

SOL\* deploys assets into strategy positions to earn yield. Not all collateral remains idle and available for immediate redemption.

Two factors can require asynchronous settlement:

* **Freeing liquidity.** Perena must unwind deployed positions before returning SOL.
* **Transaction limits.** Solana limits transaction size, accounts, and instructions. Larger redemptions may require several transactions to unwind and settle safely.

Asynchronous settlement lets the protocol handle both cases while preserving redemption ordering and accounting.

### What to check before selling

* The amount of SOL\* you are selling.
* The estimated SOL you will receive.
* Any asynchronous settlement warning.
* Network and protocol fees.
* The transaction details in your wallet.