Shares and Accounting

Asset-native accounting

Each Lucida Vault is accounted for in its underlying asset. The SOL Vault is denominated in lamports, while the USDC Vault is denominated in USDC base units. USD prices are used only for informational display and LUX calculations and do not affect deposits, withdrawals, share accounting, redemptions, or settlement.

Lucida shares

Users hold internal Lucida shares. Shares represent a proportional claim on redeemable assets in the matching Vault and are not a dollar-denominated instrument.

Shares are minted and redeemed with integer arithmetic based on pre-deposit Vault accounted assets and total shares. The first deposit can establish the initial ratio using the underlying asset unit. The actual on-chain program implementation is the final authority for exact behavior.

shares minted = deposited assets x total shares / pre-deposit accounted assets
assets redeemed = shares burned x redeemable assets / total shares

Results are rounded according to the underlying asset's smallest unit.

NAV concept

Lucida may use NAV-style language to explain a Vault's redeemable assets per share. This is an asset-native concept inside each Vault, not a formal USD settlement process.