> ## 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.

# Transparency & NAV

> How IX RWA reports net asset value, reserve coverage, and an on-chain asset registry you can verify.

Transparency is a core design principle: ownership and value should be **checkable**, not taken on faith. IX RWA publishes an on-chain asset registry alongside live NAV and reserve coverage.

## Net Asset Value (NAV)

**NAV** is the total value of the compute assets under management. It is derived from the per-asset values recorded in the on-chain registry and updates as assets are onboarded and as capital is deployed.

<CardGroup cols={2}>
  <Card title="On-chain registry" icon="database">
    Each asset's value and metadata are recorded on-chain, with explorer links for independent verification.
  </Card>

  <Card title="Live NAV" icon="chart-line">
    Aggregate asset value, computed from the registry rather than asserted.
  </Card>
</CardGroup>

## Reserve coverage

**Reserve coverage** compares the on-chain asset value backing the protocol to the capital deployed by investors. It is presented as a transparency ratio so anyone can see how deployed capital maps to asset value.

<Note>
  Reserve coverage is an accounting ratio derived from on-chain figures. It is **not** an oracle-attested proof of reserve. Independent, oracle-attested **Proof of Reserve** is a roadmap item — see [Roadmap](/why-ix-rwa#roadmap).
</Note>

## Verify it yourself

<Steps>
  <Step title="Open the transparency page">
    Visit [testnet.ixrwa.capital/transparency](https://testnet.ixrwa.capital/transparency).
  </Step>

  <Step title="Follow the on-chain links">
    Each asset and the ownership token link to the block explorer.
  </Step>

  <Step title="Read the contracts">
    Use the explorer's read functions (including **Read as Proxy** for upgradeable contracts) to confirm values directly on-chain.
  </Step>
</Steps>

## Testnet disclosure

<Warning>
  All figures are **testnet** values today. NAV, reserve coverage, AUM, and asset counts reflect the testnet deployment and will be re-established at mainnet launch.
</Warning>