Technical reference
ERC-4626: a vault share is not an immediately withdrawable balance
Read conversion rates, fees and withdrawal limits as separate quantities.
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Assets and shares
An ERC-4626 vault manages an underlying ERC-20 asset and issues shares. A share balance is a claim calculated by the vault, not a promise that the same number of underlying tokens can leave immediately. The standard distinguishes deposit and mint operations from withdraw and redeem operations.
A conversion is not a withdrawal quote
convertToAssets describes an idealised conversion without operation-specific fees. previewRedeem estimates the assets returned for a particular redemption, while maxRedeem expresses the permitted limit. A positive conversion value can therefore coexist with a zero withdrawal limit. Using one of these functions as a substitute for the others hides an important part of the position.
Review the actual exit
For a lending integration, compare the share conversion with executable redemption, any queue and the liquidity available in the underlying strategy. Record rounding direction and the output minimum used by the transaction. A frontend showing only an appreciating share price does not establish that holders can exit at that price.