Share price and valuation

basket_supply = total_supply − locked_seed_shares
share_price   = gross_asset_value / basket_supply

gross_asset_value is the dollar value of every token the vault holds. The locked seed share is left out of the supply, as it is left out of every mint and every redemption. The same basis is used everywhere — the share price you see, the minimums a deposit is planned with, and the agent’s answers — so two screens cannot disagree about what a share is worth.

The programs never read a price. Minting and redeeming are arithmetic on token balances, which is why a price feed going down cannot stop a redemption. Dollar values — share price, TVL, returns, P&L — are computed offchain by the API: each balance the vault holds onchain, times a market price. Charts are offchain estimates built the same way.

• A deposit buys its tokens in its own escrow before shares exist, so its slippage cannot lower the share price for anyone else.
• A redemption takes its slice of the tokens out and sells them outside the vault, so it does not sell the other holders’ tokens.
• Between those two, only market prices and the creator’s rebalances move the value of a share.