NAV Track Record

The off-chain fund/valuation analogue of Peg Track Record. A tokenized asset tracks its net asset value rather than a $1 peg, so the metric assesses whether NAV has behaved as expected against the accrual curve and, where a secondary market exists, whether the token trades close to NAV.

Two axes drive the score. The first is NAV integrity: whether the reported NAV moved cleanly along the accrual curve, with any unexplained break, restatement, or discontinuity penalised. The second is secondary-market price tracking: the size and persistence of any premium or discount of the token's traded price to NAV, and whether that gap closed after discrete shocks. A partial-data penalty applies where the history is short (under a full observation window) or daily volume is below a minimum threshold, because a clean record through a single calm period is weak evidence. The metric is most relevant for collateral applications, where a stale or mispriced NAV can misprice liquidations; for a buy-and-hold, non-collateral holder it matters far less.

How NAV reaches the chain is scored explicitly. An on-chain NAV or proof-of-reserves feed that can actually move is the strongest form; an off-chain transfer-agent feed that always displays the struck value is weaker, because a real impairment is not observable on-chain until it is struck. Where the token has no secondary market at all, price-versus-NAV deviation is not computable and is marked not-applicable, and the metric reduces to that observability caveat.

Tier	Reasoning	Evidence
Clean NAV, tight tracking through stress	NAV has tracked the accrual curve without unexplained breaks, and the token has traded close to NAV across an observation window that included at least one dislocation. Reward is bounded because tracking NAV is the expected behaviour, not exceptional.	Mature tokenized money-market and Treasury wrappers that have held their reported NAV and cleared redemptions at par through a stress event anchor the strong tier.
Clean NAV, short or lightly-tested history	NAV behaviour is clean but the record is short (under a full observation window) or the token has only traded through calm conditions, leaving residual uncertainty about behaviour under stress.	Recently launched fund wrappers in their first year, with clean but untested NAV histories, sit here.
Off-chain NAV with observability gap, or repeated dislocation	Where NAV reaches the chain only through an off-chain transfer-agent feed that always displays the struck value, a real impairment would not surface on-chain until struck — an observability caveat that becomes a liquidation risk once the token is used as levered collateral. Repeated price-versus-NAV dislocation on thin liquidity anchors the weak tier.	A stable-$1.00 money-market wrapper whose on-chain feed always reads $1.00 cannot show a break-the-buck on-chain; an on-chain NAV or proof-of-reserves feed is the mitigant. Where the token has no secondary market at all, price-versus-NAV deviation is not computable and is marked not-applicable, reducing the metric to the fixed-NAV observability caveat.