> ## Documentation Index
> Fetch the complete documentation index at: https://docs.ix.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# Ownership & IX-CORE

> IX-CORE is the single ERC-4626 index token that represents your fractional ownership of IX RWA's compute book.

When you invest, you deposit stablecoins and mint **IX-CORE** — one ERC-4626 index token that represents your fractional ownership of IX RWA's entire compute book. You do not buy assets one at a time: IX-CORE owns the whole index, and its value tracks the net asset value (NAV) of everything inside it.

## IX-CORE at a glance

| Property         | Value                                                                                                                           |
| ---------------- | ------------------------------------------------------------------------------------------------------------------------------- |
| Standard         | ERC-4626 vault share (ERC-20), 6 decimals                                                                                       |
| Symbol           | `IX-CORE`                                                                                                                       |
| Behaviour        | **Accumulating** — revenue raises NAV-per-share, no separate payout                                                             |
| Deposit asset    | USDC (test), 6 decimals                                                                                                         |
| Network          | Base Sepolia testnet (chain id `84532`)                                                                                         |
| Share price      | `totalAssets ÷ totalSupply`                                                                                                     |
| Entry / exit fee | `0%` / `0.10%` (testnet defaults)                                                                                               |
| Management fee   | `1%/yr`, streamed (testnet default)                                                                                             |
| Contract         | [`0x0dE437Ab692B0BD7baF158815ac08412A1680D73`](https://sepolia.basescan.org/address/0x0dE437Ab692B0BD7baF158815ac08412A1680D73) |

<Note>
  IX-CORE is currently backed \~100% by the compute sleeve, shown as a live weight — not described as "diversified." New sectors enter the index by a published, rules-based weight as cohort vaults are onboarded.
</Note>

## Share price, exactly

Price is not set by anyone — it is computed from two on-chain terms:

```text theme={null}
totalAssets   = USDC held by the vault (cash + accrued revenue)
              + navOracle.hardwareValueUSD()   (off-chain hardware value)

NAV-per-share = totalAssets ÷ totalSupply
```

Both terms are readable on-chain at any time, so **NAV-per-share is recomputable**, never asserted. Revenue raises the cash term; hardware depreciation lowers the oracle term.

## How ownership is issued

You mint IX-CORE by depositing into the vault; shares are issued at the current NAV-per-share. Redeeming burns your shares and returns value at NAV.

```mermaid theme={null}
flowchart LR
    U[Investor] -->|deposit USDC| V[IX-CORE vault ERC-4626]
    V -->|mint shares at NAV| U
    N[NAV Oracle] -->|hardwareValueUSD| V
    R[Revenue accrual] -->|raises NAV/share| V
    V -->|redeem at NAV| U
```

<Steps>
  <Step title="You deposit">
    Approve, then `deposit(assets, receiver)` USDC into the IX-CORE vault.
  </Step>

  <Step title="Shares are minted at NAV">
    The vault mints IX-CORE to you at the current NAV-per-share — your slice of the whole book.
  </Step>

  <Step title="Your holding is your on-chain balance">
    `balanceOf` is the record of what you own; its value is `shares × NAV-per-share`.
  </Step>
</Steps>

## Fees

IX-CORE follows OpenZeppelin's **ERC-4626 fees** pattern, so a `preview*` call always equals the actual result — no hidden slippage. Full schedule and redemption terms: [Fees & terms](/protocol/fees-and-terms).

| Fee           | Parameter         | Testnet default | How it's taken                                                                  |
| ------------- | ----------------- | --------------- | ------------------------------------------------------------------------------- |
| Entry         | `entryBps`        | `0` (0%)        | Skimmed on deposit, sent to the fee recipient                                   |
| Exit          | `exitBps`         | `10` (0.10%)    | Deducted on redeem; on the queued path it stays in the vault as buffer          |
| Management    | `mgmtBpsPerYear`  | `100` (1%/yr)   | **Streamed** — dust shares minted to the fee recipient pro-rata to elapsed time |
| Reserve floor | `reserveFloorBps` | `0`             | Share of assets held back from instant redemption (queue-only buffer)           |

The streaming management fee accrues on every deposit, redeem, and param change (and can be poked with `pokeFees()`), so it dilutes at a smooth, predictable rate rather than in lumps. All four parameters are admin-settable and capped at 100%.

<Accordion title="Worked example — depositing 1,000 USDC">
  Suppose NAV-per-share is `1.05` and the entry fee is `0%`.

  1. You deposit `1,000` USDC.
  2. Entry fee `0%` → the full `1,000` is priced in.
  3. Shares minted `= 1,000 ÷ 1.05 ≈ 952.38` IX-CORE.
  4. As revenue accrues, NAV-per-share rises; your `952.38` shares are worth more USDC on redeem — you never claim a separate payout.

  With the testnet `0.10%` exit fee, redeeming those shares later returns NAV minus `0.10%`.
</Accordion>

## What IX-CORE entitles you to

* **A pro-rata claim on the index's NAV** — the underlying compute assets plus revenue accrued into the vault. See [Revenue & distributions](/protocol/revenue-and-distributions).
* **A verifiable position** reflected in live NAV, reserve coverage, and the on-chain asset registry. See [Transparency & NAV](/protocol/transparency-and-nav).
* **Redemption at NAV** — burn shares to withdraw, paid instantly when cash allows or via a FIFO queue drained from the smoothing reserve.

## Redeeming: instant or queued

Because a liquid token sits on top of illiquid hardware, redemptions are paid instantly only up to `availableCash` (vault balance minus the reserve floor). Larger exits **burn now and queue** — the request is paid FIFO by a keeper (`processQueue`) or pulled by you (`claim`) once the vault balance plus smoothing reserve can cover it. This is what stops a liquid share token from bank-running the hardware behind it.

## Supply & bootstrap

IX-CORE supply is **dynamic**: shares are minted on deposit and burned on redemption, ERC-4626 style. There is no fixed cap and no pre-mine. The initial supply that represents existing hardware is minted once — either by the admin `seedShares` bootstrap or by the migration [Merkle claim](/protocol/smart-contracts) — which also prevents a "zero-share trap" where hardware value exists but no shares do.

## Migrating from the old BNB token

Former holders of the retired BNB-era ownership token convert into IX-CORE **once**, via a [one-time Merkle claim](/protocol/smart-contracts) on Base, valued at NAV, value-for-value. Ongoing distributions are **not** Merkle-based — that mechanism now exists only for the migration airdrop, and unclaimed shares are swept to the treasury after the window closes.

<Warning>
  All testnet figures are **simulated and clearly labeled**. Treat IX-CORE as an ownership instrument within IX RWA, not as a general-purpose traded currency, until mainnet launch after audit.
</Warning>