> For the complete documentation index, see [llms.txt](https://docs.diversifi.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.diversifi.trade/index-token-price-calculation.md).

# dToken price calculation

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:

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

This section explains how the price behaves in two situations:

* [General Case](/index-token-price-calculation/general-case.md) → when deposits, withdrawals, or market moves occur.
* [Vault Opening ](/index-token-price-calculation/vault-opening.md)→ how the very first token price is defined at launch.