Ratio-Based NFT Claims: Directional Burns, Redemption Choice and Delayed Settlement in PegVaultV2

A fungible token representing an NFT basket needs explicit rules for deposits, redemption choice, fees and delayed settlement. This report examines PegVaultV2, which prices one NFT in claims using the ratio of outstanding claim supply to inventory count. Deposits round down; redemptions round up. Selected transfers burn claims, while donations add inventory without minting claims. Users can redeem the first available deposited NFT, pay a premium for a specific token, or escrow claims for later selection using a future block hash. A fresh isolated build passed eight existing local tests covering ratio changes, donations, fee transfers, premium charging and selected delayed-settlement cases. Source inspection also identifies boundaries beyond those tests: entropy fallback changes with settlement time, selection uses the current basket, automatic settlement handles a bounded subset of open pulls, and administrative settings affect access and transfer costs. These observations support a version-specific accounting study, not a proof of unbiased selection, universal router compatibility or improved financial inclusion. The contribution is an inspectable account of the rights and dependencies attached to the claim token. Preparation of this report was assisted by Codex. The research programme is directed toward human agency, financial inclusion, and evidence-based accountability. Intended social benefits are distinguished from measured technical results in the manuscript. The manuscript and newly authored analysis are offered under CC BY 4.0. Any supplied source files retain the license terms stated in the supplement; the record license does not replace third-party source licenses.