dToken price calculation

NAV = vault TVL in USDC ÷ total dToken supply.

The value of a dToken (portfolio token) is always tied to the assets held inside its vault. Each dToken represents a proportional share of the vault’s Total Value Locked (TVL).

In other words:

{Token Price (NAV)} = {Vault TVL (USDC)} / {Total Supply of dTokens}

This section explains how the price behaves in two situations:

• General Case → when deposits, withdrawals, or market moves occur.

• Vault Opening → how the very first token price is defined at launch.