Transparency and proof of reserves

Outline. This page is a draft and will be completed before launch.

Shores publishes what depositors need to check the vault for themselves.

Published data

Data	Where	Frequency
NAV per shUSD	Onchain and in the app	[TBD]
Loans outstanding and cash	Dashboard	[TBD]
Loan-level report (anonymized)	Monthly updates	[TBD: monthly]
Monthly yield paid to stakers	Dashboard	Monthly
Late, impaired and defaulted loans	Monthly updates	[TBD]
First-loss reserve balance	Dashboard	[TBD]
Proof of reserves / loan book attestation	[TBD]	[TBD]

[TBD: dashboard link and data API]

shUSD has two prices:

NAV per shUSD. The vault’s value per token, updated from the offchain loan book. See NAV, oracles and reporting.
Secondary-market price. What shUSD trades for in pools. It can be above or below NAV.

[TBD: proof-of-reserves and loan book audit arrangement] Borrower identities and personal data are never published.

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