The value of an index token is always tied to the assets held inside its vault. Unlike standalone tokens, each index token represents a proportional share of the vault’s Total Value Locked (TVL).
In other words:
{Token Price (NAV)}={Vault TVL (USDC)}/{Total Supply of Index Tokens}
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.
