A Transmuter position locks alUSDb until a maturity counted in blocks, converting a little every block, and a claim pays out the converted part in mixUSDC. The holder can claim before maturity: the claim then hands back the part not yet converted as alUSDb, less an early exit fee, so claiming early gives up converting that part and pays the fee on it. Every figure here is one of the Transmuter’s events, replayed, or arithmetic over them; none is read from the contract at a block.

The position is a token that can be sold until it is claimed, so the address above is who holds it now and need not be who staked.