> For the complete documentation index, see [llms.txt](https://takes.gitbook.io/takes-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://takes.gitbook.io/takes-docs/start-here/how-takes-works.md). # How Takes works A creator chooses a basket and funds it with USDC. Takes sets up a trading account and manages positions toward that basket's target. As a holder, choose **Buy** to purchase pool shares with USDC or **Sell** to exchange shares for USDC. These are the app’s names for the protocol’s mint and redemption requests. ```mermaid flowchart LR A["Submit a buy or sell request"] --> B["Process as soon as ready"] B --> C["Settlement fixes the payout"] C --> D["Automatic tokens or USDC delivery"] ``` Each buy or sell has its own **request ID**. A **settlement** records that request's final payout. **Delivery** transfers it to your wallet; a manual **claim** is the fallback if automatic delivery fails. Requests are processed individually, with one capital-changing execution at a time per pool. You sign approvals and requests; Takes submits automatic delivery. Manual claims remain available if delivery fails. Takes does not hold your wallet keys. Contracts record your entitlement, while Takes runs the trading and processing steps between request and settlement. See [Fund custody](/takes-docs/security-and-trust/fund-custody.md#fund-custody). ## Buying pool shares Your buy request is accepted with its USDC held by the token contract. When execution starts, buying fees are deducted, and the remaining USDC moves to the trading account. Once the deposit is confirmed and settlement completes, tokens are delivered automatically to the original controller. You can cancel an accepted buy request before execution starts. See [Buy pool shares](/takes-docs/holders/mint-tokens.md#buy-pool-shares). ## Selling pool shares Your tokens are locked while Takes prepares the account and returns USDC. Once your request settles, net proceeds are delivered automatically to the original controller. Sell requests cannot be cancelled. Selling is not instant: submitting a request does not lock a sale price or immediately deliver USDC. See [Sell pool shares](/takes-docs/holders/redeem-tokens.md#sell-pool-shares). The amount shown before settlement is an estimate. A confirmed request is not a completed payout. See [Request status](/takes-docs/reference/status-reference.md#request-status) and [Fees and limits](/takes-docs/reference/fees-and-limits.md#fees-and-limits). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://takes.gitbook.io/takes-docs/start-here/how-takes-works.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.