vaultsDocumentation
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Portfolio and shares

Testnet only

What a vault share is, how it is valued, and why a share price can be unavailable rather than zero.

Testnet. A connected wallet is read automatically. The manual lookup stays alongside it — reading someone else's ledger is a legitimate thing to want, and requiring a connection for public information would be asking for an address in exchange for it.

#What a share is

A vault share is an ERC-20 token representing a pro-rata claim on everything the vault holds: the base asset and every position token, in proportion.

It is not a claim on a cash value. It is a claim on the basket. That distinction is what makes the in-kind exit possible without a price feed.

#How a share is valued

Share value derives from NAV:

text
value per share = totalAssets() / totalSupply()

totalAssets() sums the vault's base-asset balance (less anything reserved for pending claims) plus the base-asset value of every tracked position, using the vault's own price router.

#Why a share price can be unavailable

totalAssets() reverts if any held position cannot be priced. It does not skip the position and return a smaller number.

That is deliberate. A NAV that quietly omits an unpriceable position would be too low, so a deposit against it would mint too many shares and dilute everyone already in. Rather than produce a number it does not stand behind, the vault produces nothing.

When that happens the interface shows an em-dash with the reason attached, never a zero. Unknown and empty are different states.

#What the portfolio shows

Once a wallet is connected:

  • Vault positions — every vault you hold shares in, with the source it mirrors.
  • Shares — your balance of each vault token, read from the contract.
  • Current value — your shares at the vault's own NAV, or an explicit unavailable state.
  • Pending exits — base-asset redemptions you have requested, their epoch, and what is claimable now.
  • Deposit history — deposits and withdrawals per vault, each attributable to a transaction.

No sample portfolio is displayed in place of real holdings at any point.

#High-water mark

Each vault tracks a high-water mark for performance-fee purposes, so the same gain is never charged twice after a drawdown and recovery. See Fees.