NAV

Net Asset Value is the total market value of the fund's assets, net of liabilities, computed daily from chain state.

Syncrone computes NAV from on-chain state: token balances, liquidity positions, and staked assets. It produces a daily series starting at the fund's inception date. The computation is deterministic, so the same block and the same prices always produce the same NAV. The headline figure and its daily series are on Dashboard.

What is NAV?#

NAV is the total market value of all assets held by the fund, net of liabilities. In DeFi, "assets" include:

Wallet balancesERC-20 tokens, native gas tokens (ETH, MATIC, BNB, etc.), and non-indexed assets held in wallets.
Protocol positionsLP shares in AMMs, lending supply/borrow balances, staked positions, vault shares, perpetual futures on Hyperliquid.
Accrued rewardsUnclaimed protocol rewards and Merkl reward distributions not yet harvested.
Manual entriesPositions authored directly by the fund operator when they are not captured by on-chain indexing. They use the same portfolio and the same metrics engine.

Every one of these appears as a row in Portfolio → Explorer. Opening a row reveals the position drawer: valuation history, P&L decomposition, holdings, and the events that shaped it.

Daily & intraday NAV#

NAV is computed daily at a fixed snapshot time (typically UTC midnight). The same engine can produce intraday NAV on demand for operational monitoring.

The historical NAV series covers every day from your fund's inception date, including periods before Syncrone was connected. The historical reconstruction engine makes this possible; see Historical reconstruction. To inspect the portfolio as it stood on a specific day, use the snapshot date selector on Explorer or Snapshots.

Raw vs adjusted NAV#

Syncrone maintains two parallel NAV series:

Raw NAV

Pure on-chain computation. No overrides. The ground truth that every adjusted figure traces back to.

Adjusted NAV

Applies operator-defined corrections: NAV overrides, NAV policy rules, yield attribution adjustments. What LPs and auditors receive.

Spam token filtering#

DeFi wallets routinely receive unsolicited "airdrop" tokens with zero legitimate value. Without filtering, these inflate NAV and produce phantom P&L.

Syncrone classifies tokens before they enter NAV, in two automatic stages with a safeguard, plus your own marks:

Heuristic layerFlags tokens with URL fragments or emojis in name/symbol, zero decimals, or implausible decimal values. These patterns are common in airdrop spam.
Data warehouse labelingChecks contract addresses against a curated malicious-address list maintained in the data warehouse.
DeFi position safeguardA token that appears as a non-liquidity leg of a real DeFi position is never treated as spam, even if a stage above flagged it.
Your own spam marksOpen a holding and choose “Mark as spam” to hide that token for your organization only: every wallet holding it, including wallets that receive it later, drops out of NAV, PnL and every view. Restore it from Registry → Holdings → Spam.

Filtered tokens are excluded from NAV computation but remain visible in the raw transaction history; nothing is deleted. Token metadata and inclusion rules are managed in Registry.

Look-through pricing#

For LP tokens and vault shares, Syncrone prices the underlying assets directly rather than using the LP token market price. This eliminates liquidity-driven price dislocations and produces a NAV that reflects the actual asset exposure.

For example: a Uniswap v3 LP position is valued by computing the underlying token quantities at the current pool tick, then pricing each token at its on-chain reference price.

Look-through also drives the Unwrap control in the portfolio filter bar: switch between Receipt to see the token you hold and Underlying to see what it represents. Unwrap is a display transform and does not change the NAV total.

Reproducibility#

Each daily NAV record is stored with: the snapshot block height, the price source used for each asset, the raw token balances, and the final USD value. An auditor or LP can verify any data point independently.

Where this lives in the app#

Next →How Syncrone works