> ## Documentation Index
> Fetch the complete documentation index at: https://docs.shores.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# Transparency and proof of reserves

> The vault data Shores publishes, and how to check it.

<Info>
  Outline. This page is a draft and will be completed before launch.
</Info>

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](/depositors/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]

## NAV and market price

shUSD has two prices:

* **NAV per shUSD.** The vault's value per token, updated from the offchain loan book. See [NAV, oracles and reporting](/technical/nav-oracles-and-reporting).
* **Secondary-market price.** What shUSD trades for in pools. It can be above or below NAV.

## Proof of reserves

\[TBD: proof-of-reserves and loan book audit arrangement]

Borrower identities and personal data are never published.


This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.