⏪Unvaulting
How to unvault your assets
Last updated
How to unvault your assets
Last updated
To successfully navigate the process of unlocking a vault and transferring your assets to another wallet or blockchain within the Emblem Vault ecosystem, certain prerequisites must be met. This ensures a smooth and secure transition of your assets. Here's what you need to know:
Possession of a Compatible Wallet: You must have a native wallet prepared to receive the assets you intend to import. This wallet should support the specific cryptocurrencies or tokens you're moving from the vault.
Knowledge of Security Essentials: A thorough understanding of how private keys and mnemonic phrases work is crucial. These are fundamental to accessing and managing your assets securely in the blockchain space.
Awareness of the Unvaulting Consequences: Initiating an unvaulting process (during which private keys are revealed) results in the underlying NFT being burned. This action renders the NFT non-transferrable, permanently removing it from circulation within the blockchain.
Provision of Transaction Fee for Transfer (Optional): Although not always required, it's advisable to send some of the native cryptocurrency to the address in the vault. This amount will cover the transaction fee necessary for transferring to asset to a new wallet after the unvaulting process is complete.
By adhering to these requirements, users can confidently manage their assets within Emblem Vault, leveraging its capabilities for secure and efficient asset transfer across wallets and blockchains. This process underscores the importance of understanding and respecting the technical and security nuances inherent in the blockchain ecosystem.
Unvaulting, a term unique to the Emblem Vault ecosystem, describes the process of extracting digital assets from a vault and transferring them into a user-selected, native blockchain wallet. Users may choose to unvault their NFTs for various reasons, including but not limited to enhancing security through self-custody, optimizing asset storage, or facilitating transactions.
Upon the approval of an unvaulting request, the vault in question (represented as an NFT) is effectively burned, with ownership transferring to the null address (0x000000...). This action renders the vault non-transferrable, thereby safeguarding against potential misuse. In the case of Emblem Open vaults, the mnemonic phrase and private keys become accessible to all associated deposit addresses. For Curated Collections, these critical details are revealed for a singular deposit address. This measure is specifically designed to deter the sale of vaults by individuals with prior knowledge of the private keys, which could otherwise enable the unauthorized extraction of the vault's contents at any time.
Following the disclosure of the private keys, users are empowered to import their assets into any compatible native wallet that supports the relevant blockchain. This step concludes the unvaulting process, granting users full control over their assets in their chosen environment. Through this procedure, Emblem Vault ensures that asset transfer is secure, transparent, and aligned with the user's preferences for asset management.
Upon successfully completing the one-time approval process, you will encounter the "Unlock Vault" option. Initiating this gas transaction transitions your interface to offer the "Get Keys" selection, indicating readiness for the next step. A visual confirmation, marked by a green "CLAIMED" status at the vault's footer, signifies that the NFT has been burned and its ownership transferred to the Null Address (0x000000...). Consequently, this vault becomes ineligible for sale on platforms like OpenSea and remains accessible exclusively via Emblem.Finance. This process does not destroy the assets inside of the vault, just removes the private key from tokenization and transferability.
Choosing the "Get Keys" option reveals a set of private keys corresponding to each blockchain associated with the vaulted assets. The responsibility then shifts to you, the user, to determine the most appropriate method for importing these assets into an alternative wallet of your choice. This critical juncture in the unvaulting process emphasizes user autonomy in asset management, allowing for tailored approaches to securing and utilizing digital assets across various blockchain ecosystems.
Upon the completion of a one-time approval process, users are provided with the option to "Unlock Vault." Successfully conducting this gas transaction triggers the interface to update, offering the subsequent option to "Get Keys." Additionally, a green "CLAIMED" indicator will appear at the vault's footer. This status confirms that the NFT has been incinerated, transferring its ownership to the Null Address (0x000000...). Consequently, this vault becomes ineligible for sale on platforms such as OpenSea, remaining exclusively accessible via Emblem.Finance.
When "Get Keys" is selected, users will be presented with a set of private keys and a mnemonic phrase specific to the blockchain of the Curated Collection. The responsibility to decide how to import their assets into another wallet lies with the user, emphasizing the importance of user autonomy in managing and securing their digital assets.
