Net Asset Value (NAV) is now live for every ownership coin on the 01Resolved home page.
NAV is derived from the work we've been doing on treasury intelligence and OpenBooks, the system behind these numbers, which is rolling out now.
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Our methodology:
▪️ NAV measures the value of non-native assets held by the DAO treasury less its liabilities.
▪️ On 01Resolved, we show NAV per token using an Adjusted Supply (AS) framework. We divide DAO-owned non-native asset value by the economically active token supply. This excludes protocol controlled tokens, unvested team and investor allocations and tokens held in protocol owned LP positions.
▪️ We also added a column showing the spot price premium or discount to NAV. If NAV (AS) is greater than spot price, the project is trading at a relative discount. If NAV (AS) is less than spot price, the project is trading at a relative premium.
▪️ Finally, we added a column showing mNAV. This compares fully diluted market cap against DAO-owned non-native asset value.
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In simple terms, these metrics help investors understand financial fundamentals of a project and whether a token is trading at a premium or discount to its non-native asset backing, and how much the market is valuing the project above or below its balance sheet.
This is not the full value of an ownership coin. It does not capture user retention, growth, competitive moat, revenue potential, governance quality, community strength or future cash flows. But it gives investors, teams and launchpads a cleaner baseline.
One caveat. NAV is an estimate and relies on some of our own assumptions. Without direct input from project teams, three things limit its accuracy:
(1) Offchain and custodial holdings that can't be verified onchain
(2) Revenue accrual that isn't cleanly traceable
(3) Wallet scope (which addresses actually hold DAO-owned value)
We want to work directly with teams on bookkeeping, account registries, movement classification and offchain attestations to make sure the numbers reflect reality.
01Resolved was built on a foundation of trust and accuracy. The metrics only matter if they're right.
If you're a project team and want your NAV to be accurate, get in touch.
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