Llamaairforce: uCRV Value in cvxCRV
Llama Airforce’s uCRV is a vault share that represents a variable quantity of cvxCRV. Dividing the Pounder’s underlying cvxCRV by its total uCRV supply gives the amount represented by one share.
- Underlying Position
- cvxCRV staked single-sided on Convex.
- Share Conversion
-
totalUnderlying / totalSupplygives cvxCRV per uCRV for the uCRV Pounder. The share supply must be greater than zero.
Share Balances
The two contract totals must describe the same uCRV Pounder at the same point in time. Express the underlying amount in cvxCRV token units and the share supply in uCRV token units.
A holder’s uCRV balance measures shares in that vault. Multiplying the balance by the cvxCRV-per-uCRV ratio gives the underlying cvxCRV equivalent of that holding.
When the Pounder harvests and reinvests profits, each share represents more underlying cvxCRV. Existing holders retain the same uCRV count through that reinvestment.
Hypothetical Share Calculation
A hypothetical holding of 68 uCRV represents 83.64 cvxCRV under the assumed vault totals used here.
All inputs are hypothetical: the vault holds 4,428 cvxCRV, its total supply is 3,600 uCRV, and the holder owns 68 uCRV.
The share ratio is
4,428 / 3,600 = 1.23
cvxCRV per uCRV. Applying it to the holding gives
68 * 1.23 = 83.64
cvxCRV.
The holder’s fraction of the total share supply determines the corresponding fraction of the vault’s underlying cvxCRV. At a fixed supply and holder balance, increasing the vault’s underlying cvxCRV raises the represented amount proportionally.
The result measures the cvxCRV that the shares represent; it does not establish their dollar value.
Dollar Valuation
Llama Airforce’s documented withdrawal preview can display the dollar value of 1 uCRV using market rates. Market-price changes can offset an increase in cvxCRV per share, so growth in underlying tokens and dollar value can differ.
· updated