Stockpile Accrual
Why the claim per vPILE only moves one way from protocol activity.
ts
claimValue = NAV / vPILE.totalSupply
// Acquisition: NAV up, supply flat -> claim up
// Wrapping: NAV flat, supply up -> claim flat
// Redemption: NAV down, supply down -> claim flat to up (fee retained)Protocol activity cannot reduce claim value. Only the market value of the underlying assets can, which is ordinary asset risk rather than a mechanism risk.
- Wrapping is claim-neutral: new supply arrives with its own backing
- Acquisitions are claim-positive: backing arrives without new supply
- Redemption is claim-neutral to positive: the retained fee stays behind