Net Asset Value

The Net Asset Value (NAV) represents the total value of all assets held by a vault, denominated in the vault’s underlying LST. It includes both on-chain assets held directly by the vault contract and capital deployed into lending markets and other yield sources.

NAV is updated on-chain when settlements occur. Each settlement revalues the vault’s total portfolio and records the updated NAV, creating a transparent and verifiable history of vault valuations.

NAV is the key input for determining the price per share (PPS). As the vault generates yield and NAV grows while the share count remains stable, PPS increases — reflecting the returns earned by the vault.

When you redeem your receipt tokens, the amount of underlying LST you receive is determined by the NAV-derived PPS at the time of settlement. A higher NAV means each receipt token is worth more of the underlying asset.