Protocol
Strategy and NAV model
How StrategyManager, Controller, and Oracle support ETH-first NAV and strategy operations.
NAV Model
The protocol calculates NAV in ETH first:
- total strategy NAV in ETH
- plus Controller ETH balance that has not yet been distributed
USD views are derived later through Oracle conversion.
StrategyManager Responsibilities
- track registered strategies
- distribute ETH based on safety levels
- withdraw or queue withdrawals based on withdrawal priorities
- rebalance unhealthy strategies
Why This Matters To Pricing
AMM price functions depend on protocol NAV. Because that NAV comes from StrategyManager in ETH terms, the enter/exit hot path stays oracle-free.
Read more in StrategyManager and Trust assumptions.
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