> ## 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 **recomputable**, not taken on faith. IX RWA publishes an on-chain asset registry alongside live NAV and reserve coverage — so you can rebuild the numbers yourself instead of trusting a dashboard.

## Net Asset Value (NAV)

**NAV** is the total value backing the index. IX-CORE's share price is simply `NAV ÷ supply`, and every input is on-chain:

```text theme={null}
NAV (totalAssets) = USDC.balanceOf(vault)        ← cash + accrued revenue
                  + navOracle.hardwareValueUSD()  ← Σ active-cohort hardware value

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

`hardwareValueUSD()` sums **only cohorts with ≥1 Active asset** in the registry, so a quarantined or retired cohort drops out of NAV automatically.

<CardGroup cols={2}>
  <Card title="On-chain registry" icon="database">
    Each asset's identity and value are recorded on-chain (machine + GPU serials, hashed), with explorer links for independent verification.
  </Card>

  <Card title="Live NAV-per-share" icon="chart-line">
    Computed from cash, oracle hardware value, and supply — rebuildable from on-chain inputs, not asserted.
  </Card>
</CardGroup>

## Per-cohort values & freshness

The NAV oracle exposes each cohort's value and the timestamp of its last update (`cohortValueUSD(cohortId) → value, updatedAt`), plus a global `lastUpdate()` and `isStale()`. That lets the transparency surface show not just what each sleeve is worth but how fresh the number is — and the vault refuses to price against a stale feed.

## Reserve coverage

The **smoothing reserve** backs redemptions and buffers yield. Its balance is public on-chain, so reserve coverage — how the deployed capital maps to asset value plus buffer — is a verifiable ratio rather than a claim.

## Verify the hardware identity yourself

Each asset can carry an on-chain **identity anchor**: `identityHash = keccak256` of the canonical off-chain identity bundle (machine id, host id, motherboard, geolocation, and the per-GPU serial list), plus the GPU model and serial count.

<Steps>
  <Step title="Read the anchor">
    Call `identityOf(assetId)` on the Asset Registry to get the `identityHash`, `machineId`, model, and `serialCount`.
  </Step>

  <Step title="Fetch the bundle">
    Retrieve the full off-chain identity bundle served by the transparency surface.
  </Step>

  <Step title="Re-hash and compare">
    Recompute `keccak256` of the bundle and check it equals the on-chain `identityHash`. A match proves the anchored machine is the one backing the asset.
  </Step>
</Steps>

<Note>
  On testnet, NAV and revenue are **simulated in settlement but driven by live market data**, published by a `LiveDataNAVOracle` behind a swappable `INAVOracle` seam. Independent, oracle-attested **Proof of Reserve** — where a whitelisted attestor records a value plus an evidence hash — is gated on-chain by the [Attestor Registry](/protocol/proof-of-reserve); real third-party attestors are a pre-mainnet trust item. See [Roadmap](/why-ix-rwa#roadmap).
</Note>

## Verify NAV on-chain

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

  <Step title="Follow the on-chain links">
    Each asset, the NAV oracle, the reserve, and the IX-CORE vault link to [BaseScan](https://sepolia.basescan.org).
  </Step>

  <Step title="Recompute NAV">
    Use the explorer's read functions (including **Read as Proxy** for upgradeable contracts) to pull `totalAssets`, `totalSupply`, and `hardwareValueUSD`, and rebuild NAV-per-share directly on-chain.
  </Step>
</Steps>

## Testnet disclosure

<Warning>
  All figures are **simulated testnet** values today — NAV, reserve coverage, AUM, and yield reflect the Base Sepolia deployment settled in test tokens, and are re-established with a fully attested feed at mainnet launch after audit.
</Warning>