When a validator defaults

A default is declared the moment any matured bond cannot be paid in full from its Coffer contract. From that moment every bond of that coffer, whatever its maturity date, is claimable at its full remaining value, first come, first served. Bond sales and the validator’s withdrawals freeze until every bond is settled.

What you see

Your bond’s card shows the default plainly. The app’s own words, “The validator is in default. Your bond is redeemable at its full remaining value, first-come, first-served.”

What you can do

Redeem what is there. If the contract holds funds, press Redeem. If it holds less than your bond’s remaining value, the button offers a partial redeem for the amount available. A partial payment lowers your bond’s remaining value and leaves the bond live for the rest, “redeem again as more of the stake lands.”

Request the exit. While the default stands and bonds are outstanding, anyone can press Exit Validator, which requests the validator’s full exit on the beacon chain, the caller pays the network’s small request fee. “Once a validator is defaulted, anyone can initiate its exit so bonds can be redeemed.” The beacon chain’s exit and withdrawal queues take time, roughly a day at minimum and about two days in practice, then the swept stake lands in the contract and redemption continues.

Wait when there is nothing yet. When the contract holds nothing the card says so, “The validator is in default and the Coffer contract holds nothing right now. Funds arrive once the validator’s stake is exited, which anyone can request.” The button reads Waiting For Funds, and the app adds, “Leave this page freely. The bond stays yours and the redemption will be here once funds land.”

First come, first served

If the balance and the incoming stake cover less than the total owed, the earliest claimants are paid in full and the last are not. Being early matters, which is exactly why the declaration and the exit are open to anyone.