What sets the share price
NAV is the USDG the vault holds divided by the shares outstanding. That is all of it.
price = USDG the vault holds ÷ vDEED shares outstandingNothing is pushed on chain to set it. No appraisal, no oracle, no operator number. Read it yourself with convertToAssets(1e18), which is what the site displays.
The vault opened at 6,300,000 shares backed by 6,300,000 USDG, so one vDEED was worth $1.0000.
The three things that move it
The USDG the vault holds changes for exactly three reasons, and all three are USDG actually moving:
| Net rent | Rent collected, plus arrears banked, minus every cost and fee |
| The curve tax | 1% of DEED community-token trading on Pons, routed to the vault, claimed in ETH and converted to USDG |
| Deposits and redemptions | Change the USDG held and the share count together, so they move the price for nobody |
The Roll reports the first two separately and never netted. One blended inflow figure would make the price change impossible to reconstruct, which is the failure this product exists to avoid.
Three things that do not move it
- A revaluation. It resets the basis that property taxes and insurance are charged on, and appears in the Roll for that reason. It adds no USDG.
- A deposit or a redemption by someone else. Flows are struck at the price after the close, so they cannot dilute or accrete anyone.
- Rent that was due but not paid. Only money that landed counts.
Precision
The price is carried at 12 decimals internally, not at USDG's six. Rounding to six would strand a few dollars of dust per close across six million shares. Every division in the close engine truncates toward zero, so the remaining dust falls to the vault rather than to any individual holder.
Can it fall?
Yes. A month where costs exceed rent collected lowers the price. See What can go wrong.