Oracle & NAV

A vault's capital can be deployed into a strategy whose value can't be read directly onchain: a CEX position, an OTC trade, a real-world asset. The oracle is how the vault knows what it's worth.

Net asset value (NAV) is the total value of everything the vault holds, in the underlying asset. Combined with the share count, it sets the price per share:

price per share = NAV (totalAssets) / totalSupply

The curator pushes a valuation to the oracle, and the vault uses that figure when it settles. The reference oracle records the timestamp of every valuation and enforces deviation bounds, limits on how far the price per share can move in a single update, so one bad or malicious valuation can't move the price wildly in one step.

Why it matters to you

The price you get at settlement comes from the NAV the curator reported. Its accuracy depends on the curator and the oracle's safety bounds. The vault page shows the last valuation and how long ago it happened, treat the valuation cadence and the curator's reputation as part of your risk assessment. See Risk disclosure and, for curators, Operations.