Proof of Reserves
Proof of Reserves (PoR) is an on-chain verification mechanism that lets anyone confirm a vault’s obligations to token holders are fully backed by reserves recorded on the blockchain. This replaces trust with verifiable truth, allowing users to independently verify:
Token Supply: The total number of tokens issued.
Backing Reserves: The underlying assets held in the vault.
Mint/Burn Activity: All token creation and destruction events.
5.3.1 How to verify vault balances on Etherscan (step-by-step)
You can verify proof of reserves and underlying assets directly through blockchain explorers like Zonescan or Etherscan by navigating to the published vault contract addresses.
Transparency dashboard
[Link to transparency dashboard to be added when available]
Contract addresses: [NUVA contract addresses to be added for Ethereum Mainnet]
Step 1: Navigate to the vault contract on Etherscan
Go to etherscan.io
Search for the vault contract address (e.g., nuYLDS vault address)
You will see the contract page with all transactions
Step 2: Check the contract's asset holdings
Look at the "Token Tracker" or "Balances" section to see:
Total USDC held by the vault
YLDS or other asset holdings
Real-time balance updates
Step 3: Calculate vault assets
Sum all assets held:
USDC balance
YLDS balance (at current price)
HELOC token balance (at current valuation)
Step 4: Find total vault token supply
Look at the vault token contract (e.g., nuYLDS token contract) and note:
Total token supply
Your personal balance
Step 5: Calculate vault token price
Vault Token Price = Total Assets / Total Token Supply
Step 6: Verify on your own
You can verify this calculation independently:
Check asset prices from reliable sources (DEX pricing, oracle data)
Confirm the vault token price hasn't changed dramatically
Compare against the price displayed in the NUVA app
nvYLDS verification path
Key holdings to verify
The nvYLDS vault should hold:
USDC (primary liquidity)
YLDS (the underlying yield-bearing asset)
Checking YLDS holdings
Find the YLDS token contract on Etherscan
Search for the nuYLDS vault address in YLDS token holders
Note the YLDS balance held
Multiply by current YLDS price to get total YLDS value
YLDS price sources
You can find YLDS price on:
Uniswap (if YLDS/USDC pair exists)
Other DEXs where YLDS trades
DeFi price aggregators (CoinGecko, etc.)
NVHELOC verification path
Key holdings to verify
The nvHELOC vault should hold:
USDC (primary liquidity)
HELOC tokens (representing ownership of HELOC loans)
Checking HELOC loan holdings
Find HELOC loan token contracts on Provenance Blockchain
Verify nuHELOC vault's holdings of HELOC tokens
Check the total value of HELOC loans in the pool
HELOC loan valuation
HELOC loans are valued based on:
Principal amount outstanding
Accrued interest
Overcollateralization ratio
Expected default rates
This information should be available from Figure or in the vault documentation.
Live proof of reserves dashboard
[Link to real-time proof of reserves dashboard to be added]
The dashboard displays:
Total assets in each vault in real-time
Asset breakdown by type
Vault token price and supply
Historical asset trends
Dashboard metrics
The dashboard includes:
Total Value Locked (TVL) per vault
Asset composition breakdown
Vault token price history
Yield accrual tracking
Verification in the dashboard
You can use the dashboard to:
Monitor vault health in real-time
Track yield accumulation
Verify asset holdings match your expectations
Compare historical data