NAV-driven accounting

VaaS uses NAV-driven accounting to keep vault shares aligned with the value of underlying assets.

The simplified share price formula is:

Vault share price = total vault NAV / total shares outstanding

For liquid onchain strategies, total vault NAV may be calculated from onchain positions and pricing feeds. For RWA-backed products or offchain strategies, NAV may depend on external administrator reports, reserve data, collateral values, and third-party verification.

The NAV process generally includes:

1. asset and position data collection;

2. reserve or collateral verification;

3. fee accrual;

4. liability adjustment;

5. deviation check;

6. signer review or oracle quorum;

7. onchain NAV publication;

8. reporting and dashboard update.

NAV updates should be frequent enough for the vault's liquidity profile. Liquid vaults may update more often. Private credit or structured yield vaults may update on a daily, weekly, or scheduled basis depending on available data and redemption terms.