Fund PNL, TVL, and Price

A fund's PNL (Profit and Loss) indicates the fund's overall performance, and is determined by the price movements of the underlying assets held in the fund.

A fund's TVL (Total Value Locked) is the combined dollar amount of all assets in the fund.

Fund Token Price

Fund tokens are all minted at $1 upon fund creation, and increase or decrease in price depending on the performance of the underlying assets, irrespective of TVL.

Example:

The starting capital in X fund is $500, and the starting token price is $1. John enters the fund by depositing $1000, but the assets in the fund have not increased or decreased in price, so the token price remains $1 while the TVL is now $2000. The assets in the fund increase in value by 50%, so the token price increases to $1.5, with a new TVL of $3000.