What a share is worth
Your share balance stays fixed between transactions. What changes is the price per share, which moves with the fund’s reported NAV. If the fund earns, each share is worth more of the underlying asset; if the fund takes a loss, each share is worth less. Shares are priced as asset-per-share, scaled to 18 decimals:You hold them, and you can move them
FundShare is a normal, transferable ERC-20. Once shares are minted to you (after your deposit batch settles and you claim), they sit in your own wallet. You can transfer them, hold them, or use them wherever ERC-20s are accepted — subject to any fund-specific controls. Only the Fund can mint or burn shares, and it does so exclusively inside settlement:- Minted to you when your deposit batch settles.
- Minted to the fee recipient(s) when fees accrue (fees are always paid in shares — see Fees).
- Burned from the fund when your redemption batch settles.
How you get and give back shares
You never mint shares directly. The lifecycle is:1
Deposit an asset
Deposit an asset into the DepositQueue. Your request joins the current batch.
2
Batch settlement
When the batch settles, the Fund mints the batch’s shares to the queue.
3
Claim your shares
Claim your pro-rata share of that mint from the queue — now the shares are in your wallet.
4
Redeem and claim assets
To exit, redeem shares through the RedeemQueue; after the batch settles and is funded, claim your assets.
Things worth knowing
- Dilution from fees is expected. Because management, performance, and protocol fees are paid by minting new shares to the fee recipient, your proportional ownership decreases slightly as those fees accrue. This is by design and disclosed in each fund’s fee schedule.
- Share price can fall. A share is a claim on fund value, not a fixed redemption right. If strategies lose money, the reported price drops and your shares are worth less.
- Claims never expire. Once a batch settles, the shares owed to you remain claimable indefinitely — there is no deadline.