> ## Documentation Index
> Fetch the complete documentation index at: https://docs.kamui.finance/llms.txt
> Use this file to discover all available pages before exploring further.
# Transparency
> On-chain asset transparency, NAV and pricing, methodology and definitions, and the underlying assets.
## Asset Transparency
All assets inside the vault are curated by Kamui Finance, minted and redeemed directly with the issuer or tokeniser from the vault. There is no on/off-ramp or intermediary conversion step, so the full fund inflows and outflows are verifiable on-chain. Holdings and NAV are verifiable on-chain in real time.
Planned transparency surfaces:
* **Daily NAV**, published per vault on every operating day via an independent oracle.
* **Position view**, showing holdings and pending withdrawals per wallet.
* **Proof of reserves**, a reserve view of total AUM and per-vault reserve ratio. Publication cadence is being finalised.
* **Dashboards**, a public analytics dashboard (Dune) and a standalone transparency dashboard covering the contract registry, attestations, and a live-activity feed, scheduled post-launch.
## NAV & Pricing
An off-chain NAV is calculated for each vault and published every operating business weekday via an independent oracle, based on the performance of the underlying assets. NAV is independent of the on-chain share-token price or secondary-market demand, and it is the reference used for deposits and withdrawals. All underlyings are accumulating, meaning yield compounds into NAV rather than being distributed, so the value of a receipt token grows over time as the published NAV rises.
### Oracle and pricing safeguards
The pricing pipeline includes staleness checks on provider feeds and a maximum NAV delta threshold, so anomalous NAV movements are caught at the contract level before they can affect settlement prices. Provider feed divergence or staleness is a documented trigger for automated pausing.
NAV and pricing risk: because NAV is calculated off-chain from underlying performance, valuation depends on accurate, timely issuer data.
## Methodology & Definitions
### Fee Calculation
Kamui charges a performance fee on the yield a vault generates and no management fee. The performance fee is 0% for the Stable Vault, 15% for the Balanced Vault, and 20% for the Boosted Vault, and it applies only to yield, never to principal. Net yield is gross yield reduced by the performance fee: net = gross × (1 − performance fee). The management fee is 0% across all three vaults.
For more information on the fee calculation logic, please visit [Lagoon Finance](https://docs.lagoon.finance/vault/fees).
### Yield Calculation
Gross APY is the modelled yield of the vault's composition before Kamui's performance fee. Net APY is after it: net equals gross times one minus the performance fee. The basis, gross or net, is always stated wherever a figure is published. Yield targets are indicative, forward-looking figures; realised yield varies with the performance of the underlying assets.
### NAV Calculation
An off-chain NAV is calculated for each vault every operating business day from the performance of its underlying assets, and published via an independent oracle. NAV is independent of the on-chain token price and of secondary-market demand, and it is the reference used to price both deposits and withdrawals. Because all underlyings are accumulating, yield compounds into NAV rather than being distributed, so the value of a receipt token equals the vault's NAV divided by the token supply and rises as NAV rises.
### Glossary
| Term | Definition |
| - | - |
| RWA | Real-World Asset. An off-chain asset, such as Treasuries or private credit, tokenised on a public blockchain. |
| NAV | Net Asset Value. The per-share value of a vault, published each operating day. |
| TVL | Total Value Locked. Total assets under management across vaults. |
| ERC-7540 | Asynchronous tokenised vault standard used for Kamui's deposit and withdraw flow. An extension of ERC-4626. |
| ERC-4626 | Tokenised vault standard for yield-bearing vaults. |
| Liquidity buffer | Portion of a vault's TVL, 5-10%, held in stablecoins and short-dated tokenised Treasuries to serve withdrawals. |
| Receipt token | Token representing a depositor's share in a vault: USDst, USDbd, or USDbt. |
| Curator | The party that operates vault allocations programmatically within the tier's constraints. |
| Gate (pro-rata) | Backstop mechanism that shares withdrawal capacity proportionally among requesting holders in a stressed window. |
| Liquidity waterfall | The layered architecture of buffer, ladder, and gate through which withdrawal requests are served. |
## Underlying Assets
All current underlyings are Ethereum-mainnet, daily- or up-to-weekly-NAV, accumulating instruments from established issuers. Composition reflects the vault target and may be rebalanced over time through the vault operations team under the guidance of internal risk and security committees.
| Asset | Issuer | Exposure | Risk Rating Scorecard | Used in |
| - | - | - | - | - |
| USDY | Ondo | Tokenised US Treasuries / bank deposits | — | Stable, Balanced |
| uMINT | UBS AM (via DigiFT) | Tokenised money-market fund | — | Stable |
| ONyc | OnRe | Reinsurance-linked yield | — | Balanced, Boosted |
| PRIME | Hastra / Figure | HELOC-backed credit | — | Balanced |
| mF-ONE | Midas / Fasanara | Diversified private credit | — | Boosted |
The underlying issuers operate their own regulatory and audit regimes. Kamui's diligence reviews these audits and regulatory standings as part of its own due diligence process, but Kamui does not itself warrant third-party issuers. Issuer-level risk is disclosed and managed through maximum allocation limits.
Kamui works with third-party risk assessors and issuers directly to provide independent valuations and further primary documentation on the risk profile of the underlying asset.
This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.