NAV

How a fund is valued onchain, and how that valuation becomes the price used to settle requests.

The Net Asset Value (NAV) is the total USD value of all assets held by the fund across every chain. It is the basis for pricing shares and for the amounts exchanged during subscriptions and redemptions.

NAV is computed onchain

Each chain has its own NAV Calculator contract, which:

• Reads the Portfolio Safe's portfolio balances directly from token contracts or via balance adapters (for positions not held as plain ERC-20 tokens).
• Prices those balances using price feeds (Chainlink, Redstone, API3, or custom composite feeds).
• Produces a chain-local NAV, normalized to 8 decimals.

An offchain worker aggregates the per-chain NAV values into a single global NAV. This hybrid model combines transparent onchain valuation with consistent multichain accounting. For the full contract reference, see Onchain Accounting.

From NAV to a settlement price

The kpkShares contract does not read NAV itself. Instead, when an operator settles a batch of requests, they pass a share price — the global NAV divided by circulating supply — into processRequests(...). That price is denominated in normalized USD units (8 decimals) and is used to convert between assets and shares for every request in the batch.

After a successful settlement, the contract stores the price as the last settled price for that asset:

// last settled price per share, in 8-decimal USD; 0 if never settled
function getLastSettledPrice(address asset) external view returns (uint256);

The last settled price has two uses:

• It backs previewSubscription / previewRedemption when callers pass sharesPrice = 0, so integrators can estimate amounts without sourcing a live price (reverts NoStoredPrice if none exists yet).
• It anchors the price-deviation guard below.

Price-deviation guard

To contain operator error or manipulation, each settlement price is checked against the last settled price for that asset:

deviationBps = abs(newPrice - lastPrice) * 10_000 / lastPrice

If the deviation exceeds 3000 bps (30%), processRequests reverts with PriceDeviationTooLarge. The first settlement for an asset has no prior price and is therefore not checked.

A NAV reading should only be used for subscriptions/redemptions when it is complete — for example, when no cross-chain transfer is mid-flight. See Bridging and Calculate share price.