NAV Calculation Methodology

How NAVgator calculates Net Asset Value for MetaDAO futarchy tokens. Every number on the dashboard traces back to the formulas below.

The Core Formula

NAV per Token = Treasury Value / Effective Supply

Treasury Value sums the project's DAO-controlled stablecoins, SOL, and the stablecoin side of its DAO-owned liquidity positions.

Effective Supply is the public float — total supply minus tokens that are locked, vesting, or DAO/MetaDAO-controlled. Tokens supplied by independent third-party LPs are NOT deducted; they can be withdrawn or sold at any time, so they remain in effective supply.

If NAV is $1.00 and the token trades at $0.80, the market is pricing it at a 20% discount to its treasury backing.

FutAMM is MetaDAO's per-token AMM — each project has its own FutAMM that holds DAO-controlled tokens and USDC. References to "the FutAMM" below mean this pool.

Treasury Value

Component	Description
DAO wallet stablecoins	USDC and USDv held in the DAO treasury wallet
FutAMM stablecoins	Stablecoin side of MetaDAO's per-token AMM
Meteora LP stablecoins	Stablecoin side of the DAO-owned Meteora position (DLMM or DAMM v2)
SOL holdings	SOL in DAO wallet(s), priced at the live SOL/USD rate
Buyback wallet USDC	USDC sent to a buyback wallet for DCA — DAO-controlled until spent
Proposal-window AMM claims	During active proposals, backend FutAMM values include spot AMM reserves plus AMM-owned pass/fail conditional claims. Raw ConditionalVault underlying balances are excluded.

Balances come from Helius RPC reads of known wallet and pool addresses.

Effective Supply

Start with on-chain total supply. Subtract tokens that aren't part of the public float.

Deduction	Description
Team / locked tokens	Tokens in performance lock or migration wallets
DAO-owned LP tokens	Tokens the DAO has paired into LP positions (FutAMM + Meteora). They back DAO-controlled USDC, not the public market.
DAO-held tokens	Tokens in the DAO's own treasury wallet
Buyback tokens	Tokens acquired through buyback programs and held off-market
Investor / Ambassador locked	Tokens still vesting under the configured schedule (cliff + step, or linear over N months from TGE)
Claimed MetaDAO fee tokens	Tokens already claimed into MetaDAO's fee wallet. Claimed fees are real accounting events and are no longer circulating.
Proposal-window AMM claims	During active proposals, backend FutAMM token values include AMM-owned pass/fail conditional claims. Raw ConditionalVault underlying balances are excluded.

Tokens supplied by independent third-party LPs are NOT deducted. They can be withdrawn or sold at any time, so they remain in effective supply.

Unclaimed fees are not deducted from effective supply. FutAMM protocol fee balances and Meteora/DLMM pending LP fee accumulators are tracked as pending evidence, but they remain in public effective supply and are not shown as NAV deductions until claimed.

Frontend NAV displays should treat /api/current-nav and /api/historic-nav as canonical. Use nav, spot, treasuryUSDC / treasury_usdc, and effectiveSupply / effective_supply directly from those endpoints. Historical claimed-fee charting comes only from /api/historic-nav rows: metadao_claimed_fee_tokens for bucket-local token claims, cum_metadao_claimed_fee_tokens for cumulative token claims, project_claimed_fee_usdc for bucket-local project-owned USD claims, and cum_project_claimed_fee_usdc for cumulative project-owned USD claims. Do not use /api/fee-history as a fallback for NAV fee math until that endpoint has a claim-only display contract.

Proposal Vault Accounting

When a futarchy proposal goes live, half of the FutAMM's liquidity moves into the proposal's pass/fail conditional markets. Without tracking this, NAV would show an artificial drop when the proposal starts and a jump when it settles.

Live NAV: uses the AMM's claim basis: spot AMM reserves plus AMM-owned pass/fail conditional claims.
Historical NAV: uses the same recomposed FutAMM fields exposed by the backend. If AMM-owned conditional balances cannot be recovered exactly, the point can be marked estimated, but the accounting shape stays the same.
Excluded: raw ConditionalVault underlying vault balances are not counted directly because they can include external depositor collateral.
Fees: unclaimed protocol fees stay separate and are not included in NAV until claimed.

Price / NAV Ratio

Price / NAV = Spot Price / NAV per Token
Premium/Discount = (Price - NAV) / NAV × 100

Price / NAV	Meaning
> 1.0	Premium — market values the project above its treasury backing
= 1.0	At NAV — price equals treasury backing per token
< 1.0	Discount — market values the project below its treasury backing

Neither premium nor discount is inherently good or bad — context matters.

Data Sources

Source	Role
Helius RPC	Token balances, SOL balances, on-chain supply
MetaDAO Market API	Primary spot price when the FutAMM has recent volume; DAO holdings and validation
Birdeye	Primary external spot price; OHLCV candle data
DexScreener	Last-resort spot price fallback
Meteora API	Reserves for DLMM and DAMM v2 pools
CoinGecko	BTC, SOL, ZEC reference prices

NAV snapshots run every 15 minutes for current/live data, with a canonical hourly snapshot for historical charts. The dashboard reads the latest persisted snapshot; live on-chain recomputation is available via an opt-in flag.

Limitations

Estimate, not audit. NAVgator reads on-chain balances and applies a formula. It does not verify legal or governance status.
Slippage not modeled. DAO-owned LP positions and large stablecoin sells can incur slippage on exit; treasury values assume current market prices hold at any size.
Stablecoin risk. USDC and USDv are treated as $1.00. A depeg would reduce treasury value.
SOL volatility. SOL is priced at the current spot rate. SOL price drops directly reduce NAV.
Wallet completeness. Wallets the DAO controls but hasn't configured in NAVgator are missed.
Vesting schedules. Calculated from configured schedules. Actual unlock behavior may differ if schedules change on-chain.
Not real-time. Snapshots run every 15 minutes; displayed NAV may lag on-chain reality.

Other Dashboard Metrics

These are tracked alongside NAV but aren't part of the NAV formula:

Treasury Health. Monthly burn allowance, runway in months (treasury ÷ monthly burn), and post-ICO allocation spent.
Buyback Tracking. Total USD spent, weighted average buyback price, tokens acquired, period covered. Bought-back tokens are deducted from effective supply.