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NAV per shUSD is the vault’s assets (loans outstanding, accrued interest, cash) less liabilities, divided by shUSD outstanding.
  • NAV rises as the unstaked share of net interest is retained in the vault.
  • NAV falls if loans are impaired or written off beyond the first-loss reserve.
[TBD: NAV methodology and update frequency]

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Oracle

NAV comes from the offchain loan book, so it is written onchain by an authorized updater. [TBD: oracle / attestation design, signers and bounds on each update]

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Proof of reserves

The offchain loan book backs the vault’s NAV. [TBD: proof-of-reserves and loan book audit arrangement]

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Reporting