USDC distributed per share (lazy index)
NDL circulating as Coin<T>
Holder concentration & supply breakdown
Deeds (yield-bearing) + wrapped Coin<T>
Share of supply held as Coin<T>
Wrapped tokens earn no yield while wrapped — the index denominator is unwrapped supply only, so unwrapped holders earn the wrapped holders' share.
Buffer $1,320 — truncation dust that keeps the pool solvent. 1 share = 1 USDC.
The TreasuryCap<NDL> is custodied inside the accumulator forever — only the wrap machine can mint/burn, so supply always equals wrapped shares.