How NAVgator calculates Net Asset Value for MetaDAO futarchy tokens. Every number on the dashboard traces back to the formulas below.
NAV per Token = Treasury Value / Effective Supply
Treasury Value is the total USD value of all assets the DAO controls — across wallets, AMMs, and liquidity positions.
Effective Supply is the number of tokens that could realistically be sold on the open market — total supply minus everything that's locked, paired, or otherwise out of circulation.
If NAV is $0.50 and the token trades at $0.40, the market is pricing it at a 20% discount to its treasury backing.
We sum every asset the DAO controls, converted to USD. Each MetaDAO project typically has a DAO treasury wallet, a futarchy AMM (or combinator pool), and a Meteora liquidity position. We read the stablecoin, SOL, and yield-bearing balances in each.
| Component | Description |
|---|---|
| DAO wallet stablecoins | USDC, USD*, and USDv held in the project's DAO treasury wallet |
| Fut LP stablecoins | Stablecoins in the Fut LP or combinator pool — MetaDAO's conditional market |
| Meteora LP stablecoins | Stablecoin side of the DAO-owned Meteora position (DLMM or AMM v2) |
| SOL holdings | SOL held in DAO wallet(s), converted at the live SOL/USD rate |
| MetaDAO multisig | USDC and SOL in the MetaDAO multisig — protocol fee revenue (META only) |
getTokenAccountsByOwner calls against known wallet addresses. Covers USDC, USD* (yield-bearing), and USDv.getBalance calls, multiplied by live SOL/USD price.Start with the on-chain total supply. Subtract everything that isn't freely tradeable.
| Deduction | Description |
|---|---|
| Team / locked tokens | Tokens in team performance lock wallets or migration wallets |
| AMM tokens | Project tokens in AMM pools (futarchy AMM + Meteora LP). Paired with stablecoins already counted in the treasury — not circulating independently. |
| DAO-held tokens | Tokens held directly by the DAO treasury. The DAO isn't going to sell its own tokens on the open market. |
| Buyback tokens | Tokens acquired through market buyback programs. Deliberately removed from circulation. |
| Investor locked | Tokens under investor vesting. Linear unlock over N months from TGE. Decreases over time. |
| Ambassador locked | Tokens under ambassador vesting. TGE unlock + linear vest. Decreases over time. |
| MetaDAO fee tokens | Project tokens in MetaDAO's protocol fee wallet. Revenue, not circulating. |
A floor of 1 is applied to effective supply to prevent division by zero.
The goal is to answer: what is each freely-tradeable token backed by? Including locked or paired tokens in the denominator would dilute the NAV and misrepresent the value available to open-market holders.
When a futarchy proposal goes live, half of the Fut LP's liquidity is moved into the proposal's conditional markets (pass/fail decision markets). This is standard MetaDAO behavior — the protocol splits the AMM to fund the conditional trading.
Without accounting for this, NAV would show an artificial drop when a proposal starts (half the Fut LP USDC disappears from treasury) and an artificial jump when it settles (USDC returns). NAVgator prevents this discontinuity by tracking proposal vault balances.
Because proposals typically last 3 days and token prices don't move dramatically in that window, the vault USDC (frozen at the creation price) closely approximates what the full Fut LP would have held. The net effect on NAV during proposal windows is usually small (<0.5%), but the accounting eliminates the artificial discontinuity at proposal start and end.
P/NAV = Spot Price / NAV per Token Premium/Discount = (Price - NAV) / NAV × 100
| P/NAV | Meaning |
|---|---|
| > 1.0 | Premium — market values the project above its treasury backing |
| = 1.0 | At NAV — price equals treasury backing per token |
| < 1.0 | Discount — market values the project below its treasury backing |
A sustained discount may signal expected treasury drawdowns, governance concerns, or low confidence. A sustained premium may reflect growth expectations or speculative interest. Neither is inherently good or bad — context matters.
For tokens with a monthly burn allowance (most MetaDAO projects receive a monthly USDC allocation), NAVgator calculates:
| Metric | Description |
|---|---|
| Monthly allowance | The approved monthly spend from the treasury |
| Runway | Treasury value ÷ monthly burn — how many months the treasury can sustain current spending |
| Post-ICO allocation | How much of the ICO-raised funds have been spent to date |
Some tokens run active buyback programs where the DAO purchases its own tokens on the open market.
| Metric | Description |
|---|---|
| Total spent | USD value spent on buybacks |
| Average price | Weighted average price paid per token |
| Tokens acquired | Total tokens bought back |
| Period | Date range of buyback activity |
Bought-back tokens are deducted from effective supply.
| Source | What it provides |
|---|---|
| Helius RPC | Token balances, SOL balances, on-chain supply (Solana JSON-RPC) |
| MetaDAO Market API | DAO token holdings, address validation, volume, liquidity |
| DexScreener | Spot price (primary source) |
| Birdeye | Spot price (fallback), OHLCV candle data |
| Meteora DLMM API | DLMM pool reserves |
| Meteora AMM v2 API | AMM v2 pool reserves |
| CoinGecko | BTC, SOL, ZEC reference prices |
NAV snapshots are taken every 5 minutes via a cron job. Each snapshot records all treasury components, supply figures, and the computed NAV. Historical snapshots power the NAV overlay on charts.
Live data on the dashboard is fetched on-demand and may be slightly more current than the last snapshot.
Each token has a unique set of wallets and deductions. Select a token to see exactly what feeds into its NAV calculation.
| Date | Change |
|---|---|
| 2026-03-15 | Added proposal vault accounting — tracks liquidity moved from Fut LP to conditional markets during active proposals |
| 2026-03-12 | Rewrote methodology docs to reflect current state of NAVgator |
| 2026-03-02 | Added MetaDAO fee wallet token deductions to effective supply for all tokens |
| 2026-03-02 | Added META Meteora AMM v2 pool to treasury; relabeled META team-locked as migration wallet |
| 2026-03-02 | Deleted all historical META NAV snapshots (incorrect data) |
| 2026-02-28 | Removed metaHoldingTokens from effective supply deduction for all tokens |
| 2026-02-28 | Added MetaDAO multisig USDC to META's treasury value |