Net asset value
The value of one token calculated from the assets behind it, less fees and liabilities, at a stated time.
NAV is the reference price for minting and redemption. It is published to four decimal places with the time it was calculated and the source of the valuation.
NAV is not the market price. A token can trade above or below NAV on a secondary market, and that difference is not a yield.
Related terms
Target yield
The annualised return an asset aims to produce, before it happens, shown net of fees.
RedemptionExchanging a token back for its value in cash or the underlying asset under the published schedule.
Proof of reserveA published comparison of the reserves held against a token and the supply of that token, with the time it was read.