NAV & Peg Analysis
Tracking the token's relationship to its underlying physical assets.
Backing Spectrum
Progress towards full collateralization
Expanding
Reserve assets are currently expanding through trade fee capture. Once backing hits 100%, the protocol enters "Overflow Stability" mode.
Convergence Spread
Market price vs NAV deviation
NAV Mechanics
NAV increases when creator trading fees purchase gold reserves. Each transaction directly expands the reserve floor, creating upward pressure on intrinsic value.
Peg Stability
At 100% backing, redemption activates. This creates a natural price floor as arbitrageurs can burn tokens for silver value, naturally stabilizing the peg and preventing sustained discounts.
The market is pricing in future growth. Accumulation is active as users anticipate NAV protocol enters go-protocol value reserves cycles. As backing approaches 100%, the spread naturally compresses as redemption mechanics become accessible.