Tokenized vaults require accurate pricing to function correctly. Vault shares cannot be issued without a precise calculation of Assets Under Management (AUM). To determine AUM, GLAM must price each DeFi position held by the vault.

For example, consider a tokenized vault that allocates capital across Drift and Meteora DLMM. At the time of subscription, GLAM computes the exact AUM to determine how many shares to issue:


AUM=∑i∈Driftvi+∑j∈Meteoravj+⋯\text{AUM} = \sum_{i \in \text{Drift}} v_i + \sum_{j \in \text{Meteora}} v_j + \cdots

Where:

  • viv_i is the value of each individual position in Drift
  • vjv_j is the value of each individual position in Meteora

GLAM supports pricing AUM in SOL, USD, or a custom asset, using a curated set of oracles from Pyth and Switchboard.

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Functional Pricing for LSTs

For liquid staking tokens (LSTs), GLAM uses functional pricing whenever possible. This approach relies on deterministic valuation logic rather than spot market prices, helping protect users from depegging risks during periods of high volatility.