Every token is backed 1:1 by a specific graded slab we custody. Supply can never exceed the vault.
| Market | Cards held | Tokens / card | Supply | Reserve value | Reserve root | Status |
|---|---|---|---|---|---|---|
| ZARD9Charizard | 4 | 10,000 | 40,000 | $14.4K | b9abb853c151… | 1:1 backed |
The backing invariant (shards outstanding equals cards held times shards per card) holds for every market above. The reserve root is a SHA-256 content hash over each market's custodied cert set + supply. These roots are computed from the vault records; on-chain verification (reading the root stamped by slab_vault#attest_reserves and matching it) activates once the tokens are governed by the vault program on-chain.
