> For the complete documentation index, see [llms.txt](https://docs.gypsytoken.org/tokenomics/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.gypsytoken.org/tokenomics/tokens/gpsy/gypsy-backing-price.md).
# Gypsy Backing Price
The backing price is the estimated value per token. Each token is backed by the Gypsy Treasury, which holds real estate and fiat.
The backing price is determined by first getting the NAV or net asset value of the Gypsy Treasury. This is the sum of all the assets held. To do this, we sum up all of the most recent home appraisal prices and add it to the amount of cash held.
$$
NAV=\sum\_{}^{}HomeAppraisals + TreasuryCash
$$
After the NAV is determined we need to divide it by the current supply of Gypsy. This gets the assets held per token.
$$
GypsyBackingPrice = \frac{NAV}{GypsySupply}
$$
The Gypsy Backing price is displayed on the protocol page of the app. The backing ratio is the percentage of the NAV that is real estate.
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