RRHVault$RHV

Accounting

One formula. No folklore.

Machine NAV is settled vault equity plus unbridged treasury plus Relay in-flight. Unconfirmed hops are excluded. Multiple and backing are shown together so nobody confuses a 3× token with a fully reserved one.

Observable

Operator-controlled custody

machineNavUsd

—

  1. 01machineNav = vault equity (HL) + RH treasury + in-flight Relay
  2. 02pending / unconfirmed hops are in-flight, never counted as settled
  3. 03principal deposits raise HWM; vault PnL does not
  4. 04distributable = max(0, vault equity − HWM); 90% holders / 10% team

Vault equity (HL)

Settled

—

RH treasury

Not yet bridged

—

In flight

Quoted / submitted, not filled

—

Token mcap

If priced

—

Multiple

mcap / machine NAV

—

Backing

machine NAV / mcap

—

PnL vs high-water mark

Confirmed vault deposits raise HWM. Vault trading PnL does not. Distributable profit is max(0, equity − HWM). After an epoch, HWM locks to then-current equity.

HWM
—
Principal
—
Above HWM
—

Not enough snapshots to draw PnL.

Epochs

v1 epochs are accounting records. Merkle claims are a v2 interface. 90 / 10 split is applied to profit above HWM only — never to principal.

No epoch has been opened. Profit above HWM is unrealized until an operator commits one.