Transparency

The two things that matter most can be verified by anyone at any time: where the money is right now, and whether it covers what the vaults owe. The Transparency page in the app shows both: every few minutes it takes one snapshot from public sources and compares two numbers. See Infrastructure for how the funds are set up.

What it compares

• What the vaults owe: the total value of all outstanding share tokens, read directly from the vault contracts.
• What the treasury holds: the balances of every treasury wallet on the venues it operates on, priced at market.

Formula

Liabilities = Σ over vaults   ( shares outstanding × share price )
Assets      = Σ over wallets  ( token balance × market price )

Coverage    = Assets / Liabilities
Surplus     = Assets − Liabilities

• Liabilities is what all share tokens are worth together. For each vault, shares outstanding times the share price equals the vault's total assets, which is read from the vault contract.
• Assets sums every wallet the treasury controls, including balances still waiting inside a vault before deployment. Stablecoins are valued at $1; volatile assets are priced from the same source that marks their hedge, so a price move affects both sides equally.
• A position that is itself a claim on another Syntropia vault is counted on both sides so it cancels out. The synUSD position is the main case; see below.

The page shows Collateralised when Surplus is zero or higher, which is the same as Coverage at or above 100%. For example, with Assets of $10.1M and Liabilities of $10.0M, Coverage is 101% and Surplus is $0.1M.

How to read it

When the assets cover the liabilities, the page shows a Collateralised badge with the coverage ratio, the surplus and the time of that reading.

A brief shortfall while capital is in transit between venues is not treated as a problem: the page keeps showing the last covered reading and its timestamp, so a snapshot that stops advancing is the thing to watch. If any source cannot be read, the page hides the verdict rather than reporting a number it cannot back.

Below the headline figures you will find the breakdown by venue and every tracked wallet with a link to its block explorer, so you can check each balance yourself.

The synUSD position

This is the line that raises the most questions. synUSD+ and synUSDx do not run a strategy of their own: their USDC is deposited into synUSD through the leverage loop described in Risk levels. As a result the same dollars appear twice in the vault figures, once as synUSD+ and synUSDx shares and again inside synUSD's total assets.

The page keeps this honest in three ways:

• Leveraged TVL is shown as its own figure. It is the synUSD shares the strategy wallet holds, valued at the current synUSD share price, and it also appears in the breakdown as the synUSDx leverage position.
• The coverage check counts it on both sides. The position is already inside Liabilities through Total TVL, so it is added to Assets as well and cancels out. Coverage and surplus are not inflated by the loop.
• TVL in strategies excludes it. That figure is the capital actually at work, measured where it sits. The USDC behind the position has already left synUSD for the venues and is counted there, so the position is a claim on money already in the figures, not extra money.

Links

• Transparency dashboard: syntropia.ai/security