Understanding vault APY & NAV

NAV (net asset value): the vault's total value. The base↔receipt exchange rate is NAV per receipt token. As the vault earns, NAV rises and each receipt token redeems for more.
APY (annual percentage yield): shown as Since Inception APY (realized yield since launch, annualized), plus a 30-day Rolling APY and a Daily Yield Rate chart.
No fees: your return is pure interest; nothing is taken on stake, unstake, or claim.

Note: APY is historical, not a guaranteed forward rate — it moves with borrow demand and the interest traders pay.

Recap: NAV rises as the vault earns → your receipt token redeems for more → APY is the annualized version of that.