Strategy and NAV model
Net ETH accounting, live supply, weighted strategy allocation, and oracle dependencies.
Accounting
gross assets = strategy NAVs + StrategyManager ETH + Controller ETH
+ AMM free ETH + supported ERC-20 value held by StrategyManager
net NAV = gross assets - in-window priced queued ETH liabilities
live supply = total EVE supply - matching priced queued EVE
base price = net NAV / live supplyAMM free balance excludes ETH already locked for processed claims. Unpriced queued EVE remains equity. Priced outstanding requests are excluded during their processing window; those offsets lapse after expiry. See EVE & NAV.
See the NAV and EVE pricing diagram.
Strategy allocation
Governance sets independent deposit and withdrawal weights, each in 0..100. A zero weight
excludes the strategy from that batch path. Routine operations come from the registered
Controller, subject to strategy capacity and eligibility.
Valuation dependency
AMM price functions consume protocol NAV in ETH. They do not directly request an ETH/USD quote for normal entry or exit; asset valuation can require Oracle feeds and pool TWAP data. A required NAV read failure can block minting, redemption, and batch pricing.
Read more in StrategyManager and Strategies & yield.
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