Two assets with different roles
Eligible base tokenized equity is the asset accepted by a campaign vault, such as a fictional tokenized share of the target company. A campaign token is a separate participation token minted against that campaign’s backing. Holder balances do not rebase; total supply changes when tokens are minted or burned.
Holding a campaign token does not by itself establish direct ownership of the target company, a direct vote, an SPV interest, or guaranteed delivery. Those rights depend on external agreements and evidence that are absent from the local demo.
A fixed balance can represent changing backing
Your campaign-token balance stays fixed when modeled fee proceeds acquire more backing. Instead, gross backing per token can rise. New deposits mint at the prevailing backing ratio so they do not receive the earlier accretion for free.
In the canonical example, 100 campaign tokens backed by 120 share-equivalents have a gross ratio of 1.2. Depositing 12 more share-equivalents mints 10 tokens, leaving 110 tokens backed by 132 share-equivalents at the same 1.2 ratio.
The current campaign fixtures use their own fictional supplies, backing balances, prices, and ratios. The 100-token example explains the rule; it is not a quote for any campaign shown in the UI.
Keep entitlement, value, and NAV separate
Portfolio therefore shows campaign balances separately, distinguishes locked backing from value eligible for direct redemption, and shows campaign expense reserves separately from personal balances; final legal ownership and treatment remain unresolved.
- Gross backing entitlement is your proportional share of the campaign’s tracked backing before fees, liabilities, and delivery constraints.
- Modeled value multiplies that backing by an illustrative reference price. It can change without changing your campaign-token balance.
- Market price is the executable price available for a specific trade and depends on venue liquidity and price impact.
- NAV requires approved asset values, liabilities, policy, and a timestamp. The local prototype has no authoritative NAV.
Read a position carefully
Check the campaign-token symbol, backing-asset symbol, gross entitlement, reference price, lifecycle state, and current exit route. Do not add token counts from different campaigns because VOICE, GRID, and other campaign tokens are unlike units.