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A Meta Vault issues a single share token even though its assets sit in several places at once: idle underlying held directly by the vault, and positions in each whitelisted strategy. The accounting model is what lets one share price represent all of it.

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How the share price is built

totalAssets() is the sum of two things:
  • Idle underlying held directly by the vault, not deployed into any strategy.
  • The redeemable value of every strategy position, computed by converting each strategy’s shares back to underlying through that strategy’s own ERC-4626 conversion functions.
Because every strategy in the set exposes an ERC-4626 interface (natively or through a wrapper), the vault can value heterogeneous strategies with the same conversion logic, and sum them into one number.

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What moves the share price

Share value rises when the vault’s aggregate assets grow relative to its share supply:
  • Strategy yield. Interest, fees, or emissions accrued inside a strategy raise that strategy’s redeemable value.
  • Reward compounding. Incentive tokens claimed from strategies, swapped into the deposit asset, and returned to the vault raise its idle balance.
Compounding raises the vault’s idle balance immediately, but that new idle balance is not deployed into a strategy until a rebalance runs. Until then, the vault temporarily holds more idle than its target.

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Fees are dilution, not withdrawal

Deposit, management, and performance fees are all collected by minting new vault shares to the configured fee recipient, the same model OAV v3 uses. A deposit fee mints fee shares alongside the depositor’s shares in the same transaction; management and performance fees are realized at harvest, based on elapsed time and the portfolio’s value growth since the previous checkpoint. No fee is collected by withdrawing underlying out of a strategy; every holder’s shares are diluted proportionally instead, so the strategies themselves are never disturbed to pay a fee.

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Next steps

Allocation and rebalancing

How target weights are set and enforced.

Monetization

Platform-wide fee configuration and types.