> For the complete documentation index, see [llms.txt](https://docs.nara.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.nara.io/nara-protocol/transparency.md). # Transparency **Nara is built so that trust is not the mechanism.** Supply, the NaraUSD+ exchange rate, the reward-issuance cap, redemption queue state, the Insurance Fund balance and every privileged action are public chain state that anyone can read and recompute. What cannot live on-chain, the off-chain credit positions, is reported by managers, reconciled by Nara and published on a fixed cadence. #### Three layers | Layer | What it holds | Who verifies | | ------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------- | | Data | NaraUSD supply on every chain; NaraUSD+ vault shares, assets and live exchange rate; the unbacked-mint cap and any pending change; redemption requests and fulfilments; every admin action (mints, parameter changes, upgrades, signer changes); the Insurance Fund wallet | The chain itself | | Verification | Global supply equals the sum of per-chain supplies (burn-and-mint conservation); the exchange-rate history can be replayed; reward issuance cannot exceed the cap. Nara also runs public, CORS-open GraphQL indexes over protocol state, a convenience rather than a dependency | Anyone, permissionlessly | | Disclosure | This site, the [dashboard](https://app.nara.io/transparency) and the reports below | Nara, with the public as reviewer | #### What is published and when | Evidence | What it shows | Cadence | Where | | --------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | ---------------------------------- | | Dashboard | Supply per token, staked ratio, backing ratio, exchange rate, APR (7/14/30-day), asset allocation, every position with amount and expected APR, Insurance Fund balance | Real time | | | Portfolio report | Liquid reserve, credit exposure by position, allocation ranges and any excess, tenor, concentration, performance, breach log | Every 7 days | | | Insurance Fund report | Balance, coverage ratio, inflows from the yield share, any draws and their disclosure | Every 7 days | | | Incident log | Material incidents: what happened, impact, response, remediation, status | As required | | | Stress tests | Borrower delay, redemption spike, stablecoin depeg, reserve-venue illiquidity, credit impairment | As operating data supports them | Portfolio report | #### What is verifiable in real time | Claim | How anyone verifies it | | ---------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------- | | Total NaraUSD supply | Read `totalSupply` on each chain; omnichain transfers burn on the source and mint on the destination, so the global figure is conserved by construction | | NaraUSD+ value | Read the vault exchange rate from the contract; its full update history is immutable | | Issuance bounds | Read the unbacked-mint cap from the contract; an oversized reward mint reverts; any pending cap change sits publicly in a 2-day timelock | | Insurance Fund balance | | | Redemption behaviour | Withdrawal requests, queue state and fulfilments are on-chain events | | Privileged actions | Every administrative transaction executes from the known 3-of-5 multisig addresses listed on Contract addresses | --- # Agent Instructions This documentation is published with GitBook. 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