🪙 Portfolio Tokens (pTokens): Your Tokenized Portfolio

A pToken is a standard SPL token, just like USDC or SOL. However, what it represents is fundamentally different: a proportional share of a specific Solancer vault. This tokenization of a portfolio is the key to providing a composable and liquid asset.

The value of a single pToken is a direct reflection of its share of the vault's Net Asset Value (NAV). The NAV is calculated on-demand by summing the market value of all underlying assets in the vault, determined by real-time swap quotes from Jupiter. This ensures that the pToken's value is always grounded in the true market value of its underlying assets, and not an arbitrary off-chain price.

By holding a pToken, a user effectively holds a diversified, automatically-managed portfolio within a single, tradable asset.