This is where most confusion comes from.
People think in balances.
“How much do I have?”
But vaults don’t work like that.
They work in layers.
You don’t hold assets directly.
You hold shares.
Those shares point to a portion of NAV.
And NAV is always changing.
So your real position is:
Shares × eRate
Not just a number in your wallet.
And once you see that…
Everything shifts.
You stop checking your balance.
You start watching value.
You stop asking:
“Did I get more?”
You start asking:
“Did each unit become more valuable?”
Because that’s what actually matters.
And that’s also why time matters.
Because value doesn’t jump instantly.
It builds.
Through:
yield generation
reinvestment
active management
All feeding into NAV.
All pushing eRate upward.
So yeah—
Stop thinking in balances.
Start thinking in systems.
That’s how you understand vaults.
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