In the guarded launch phase of Sherlock, SHERX does not have a ton of value-add. Because all protocol premiums will be paid in USDC, SHERX does not contribute to the gas efficiency of paying stakers in the same way it would have if many tokens were being paid in as premiums by protocols.
Therefore, in the guarded launch, SHERX is simply the vehicle which represents the owed underlying USDC interest. At any time, SHERX can be redeemed for the proportional amount of underlying USDC.
Important: SHERX will always be redeemable for its proper underlying collateral so it will always have intrinsic value. All underlying funds are held by the Sherlock protocol to ensure this.