You connect your wallet to Concrete, click "Deposit," and confirm the transaction. Almost instantly, your dashboard updates: you now own vault shares, and you see two mysterious acronyms—eRate and NAV. As you watch, your balance begins to tick upward. It feels like magic, but what is actually happening "under the hood"? If you’re new to DeFi vaults, this can feel confusing. Let’s break down the mechanics of Concrete vaults using simple mental models so you can understand exactly how your capi...