> ## Documentation Index
> Fetch the complete documentation index at: https://docs.areal.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# Real World Token (RWT)

> A share in the RWA basket, priced by Book NAV

export const BookNavLive = () => <iframe src="https://0xrealist.github.io/docs-widgets/book-nav/?v=20260616c" title="RWT Book NAV (live)" loading="lazy" scrolling="no" className="wfr wfr-booknav" style={{
  colorScheme: "normal"
}} />;

**RWT is the protocol's base utility token.** It represents your participation in the RWA basket:
holding RWT is holding a share of the basket's value and the yield it generates.

**Contract address (Solana)**

```text Real World Token CA theme={null}
RWTeFt9M635Tf6w6yveAoXQR2ZwfXs7MfA7W3grDuGT
```

<BookNavLive />

## Book NAV Value

**Book NAV** (net asset value) is the total value of the real-world assets held in the basket.
Divided by the total RWT supply, it gives the **Book NAV Price**: the fundamental, on-chain value
of a single RWT.

<div className="formula">Book NAV Price = Book NAV / total RWT supply</div>

It is computed directly from the on-chain protocol state (`EarnConfig`, which tracks the basket's
invested capital) and the RWT mint supply, so it is always verifiable. The widget above reads it
live, refreshed every 30 seconds.

## Minting

New RWT can be minted directly from the protocol at the current Book NAV Price plus a **1% fee**
that goes to Areal Finance.

<div className="formula">Cost to mint 1 RWT = Book NAV Price x (1 + 1%)</div>

The mint body (at Book NAV) enters the basket, so supply and NAV grow together. This is the
**mint invariant**: existing holders are never diluted.

## Compounding

The income earned by the RWA in the basket is reinvested straight back into the basket, **without
minting any new RWT**. The basket's invested capital (the total invested amount) grows while the
RWT supply stays the same, so the **Book NAV Price grows**:

<div className="formula">invested capital ↑ , RWT supply unchanged → Book NAV Price ↑</div>

This is the protocol's base mechanism for delivering yield: value accrues to every existing RWT as
the basket compounds, instead of through inflation.

## Price anchor

Minting sets a ceiling on the market price. Whenever the market rises above `Book NAV x 1.01`,
it becomes profitable to mint and sell, which pushes the price back toward Book NAV. So minting
is mostly active when the market trades above Book NAV; below it, buying RWT on the secondary
market is cheaper.

<Note>
  There is no redeem. A holder exits only through the secondary market (DEX). The price is
  supported from below by buybacks (from the 30% reward share) and by liquidity depth, but it can
  temporarily trade below Book NAV.
</Note>