Claim Value
What one vPILE is actually owed.
ts
claimValue = NAV / vaultTokenSupplyClaim value is the per-token intrinsic value of vPILE. It rises when the Stockpile acquires assets, when acquired assets appreciate, or when supply falls through redemption fees retained by the protocol.
What moves it
| Event | Effect on claim value |
|---|---|
| Reserve engine acquisition | Up — NAV increases, supply unchanged |
| Asset appreciation | Up — NAV increases, supply unchanged |
| Wrap | Neutral — supply and claim base scale together |
| Redemption | Neutral to up — the retained fee stays in the protocol |
| Asset depreciation | Down — NAV falls |