Vault Opening

What happens when a vault is opened?

Step 1 — Vault opens

• We fix that 1 dToken (portfolio token) = 1 $USDC NAV at the start.

• First depositor puts in 1,000 $USDC.

• Vault buys 1,000 $USDC worth of the portfolio assets (say BONK, BERN, GP, ART, MF).

• In return, vault mints 1,000 dTokens, each worth $1.00.

Now:

• TVL = 1,000 $USDC

• Supply = 1,000 tokens

• Price per token = 1,000 ÷ 1,000 = 1.00 $USDC

Step 2 — Second deposit

• Another user deposits 500 $USDC.

• Vault buys 500 $USDC of assets.

• TVL = 1,500 $USDC

• Vault mints 500 new tokens (still at $1 each).

• New supply = 1,500 tokens.

Price per token = 1,500 ÷ 1,500 = 1.00 $USDC (unchanged).

Step 3 — Market moves

• Suppose one token in the portfolio pumps, so vault’s assets are now worth 2,000 $USDC.

• Supply = still 1,500 tokens.

• Price per token = 2,000 ÷ 1,500 = $1.33.

So every token now reflects the gain.

Simple rule:

• Deposits/withdrawals → don’t change price, only change supply.

• Market performance → changes vault TVL, which changes token price.