> ## Documentation Index
> Fetch the complete documentation index at: https://docs.vibetoken.cn/llms.txt
> Use this file to discover all available pages before exploring further.
# Exiting Your Token Position: Burn, Queue, and Receive
> Exit your stake by burning tokens at the current bonding-curve price and joining the FIFO queue, paid out from future revenue distributions.
Exiting converts your tokens back to cash. You burn the tokens you want to exit, lock in their value at the current price, join a first-in-first-out queue, and receive payment as future revenue distributions flow through the queue. There is no counterparty to negotiate with and no market to time — the exit price is determined by the bonding curve at the moment you burn.
## The Exit Formula
```
exit_value = tokens_burned × P
```
`P` is the token price at the moment you initiate the exit, calculated from the bonding curve as `P = k × √S`. Once your tokens are burned, your exit value is fixed. Price movements after you exit do not affect your payout.
## How the Exit Process Works
Decide whether you want to exit all of your tokens, a portion of them, or even a single token. Partial exits are fully supported — you are never forced to exit your entire position. Whatever you don't exit continues earning distributions.
The tokens you've chosen to exit are destroyed. Circulating supply S decreases by exactly that many tokens. Because price follows the bonding curve `P = k × √S`, the reduction in supply causes P to drop slightly for all remaining holders. The size of that drop depends on how large your exit is relative to total supply — a small exit in a large supply has a negligible effect.
You are added to the FIFO (first-in, first-out) exit queue. Your position in the queue records your calculated `exit_value = tokens_burned × P`. Earlier exits are paid before later ones.
As the business generates revenue, each distribution event flows to the exit queue first. The queue works through positions in order, paying out accumulated funds until each queued position is fully satisfied before moving to the next.
When your position reaches the front of the queue and sufficient distributions have accumulated to cover your `exit_value`, you receive your cash payout. You don't need to do anything — payment is sent automatically when the funds are available.
## Partial Exit Example
You hold **500 tokens** and the current price is **P = \$2.00**.
You decide to exit 200 tokens and keep the rest.
* **Exit value locked in:** 200 × $2.00 = **$400\*\*
* Your 200 tokens are burned. Circulating supply S drops by 200.
* You join the exit queue for \$400, paid out as future distributions arrive.
* You continue holding **300 tokens**, which keep earning distributions from every future revenue event.
Your remaining 300 tokens may appreciate or depreciate as supply and revenue change. If other holders also burn tokens, per-token distributions for your 300 tokens increase. If new contributors earn tokens and supply grows, your per-token distributions decrease. You remain fully exposed to the upside of the business on your remaining position.
## What Happens to Price When You Exit
Burning tokens reduces S. Since `P = k × √S`, price falls when S falls. The relationship is not linear — the square root means large exits have a diminishing marginal impact on price compared to small exits. As an example: burning 100 tokens from a supply of 10,000 reduces S by 1%, but price only falls by about 0.5% (since price scales with √S, not S directly). The remaining holders experience a small, permanent price decrease as a result of your exit.
## Supply Floor: You Cannot Burn Below Smin = 1,000
Circulating supply S has a hard minimum floor of **1,000 tokens** (`Smin`). You cannot burn tokens that would push S below this floor. If you hold a large enough share of total supply that your requested exit would reduce S under 1,000, your exit will be capped to the number of tokens that bring S exactly to 1,000. Any remaining tokens you intended to exit will need to wait until other contributors hold enough supply to absorb the burn.
In practice this only matters in very early-stage or very small token economies. Once a meaningful contributor base exists, total supply is well above the floor and the cap never applies.
## The Queue Is Self-Funding
There is no reserve pool, no escrow account, and no liquidity fund backing the exit queue. Future distributions are the only source of exit payments. This keeps the system structurally simple — no capital is locked up to support exits, and the founder doesn't need to maintain a cash reserve. Exits are funded by the same revenue stream that pays distributions to continuing holders.
## What Happens If Revenue Stops
If the business stops generating revenue, distributions stop, and the exit queue stalls. Token value was always a claim on **future revenue** — not a guaranteed buyback or a promise of liquidity on demand. If the business shuts down, exits pause indefinitely. This is an honest representation of what tokens are: they are not bonds, they are not insured, and they are not redeemable on a fixed schedule. Their value is tied to the ongoing productive output of the business.
Partial exits let you lock in some liquidity while staying exposed to future distributions. If you believe the business will keep growing, exiting a portion gives you immediate cash from your contribution while your remaining tokens continue earning. You don't have to choose between liquidity and participation.
Do not expect immediate payment after initiating an exit. Your exit value is funded entirely by future revenue distributions. In a high-growth business with strong recurring revenue, the queue may clear quickly. In a slow period, it may take months. Size your exit expectations against the business's actual revenue trajectory, not against an assumption of instant liquidity.