> For the complete documentation index, see [llms.txt](https://docs.kpk.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.kpk.io/funds/infrastructure/onchain-accounting.md).

# Onchain Accounting

KPK's onchain accounting system produces a verifiable, manipulation-resistant **Net Asset Value (NAV)** for each fund by composing three layers of onchain infrastructure into a single contract — the **NAV Calculator** — deployed once per chain.

{% hint style="info" %}
Each fund's NAV is computed independently on every chain where it operates, then aggregated offchain into a single global figure. Every computation input — balances and prices — is read from onchain sources and is independently verifiable.
{% endhint %}

### How it fits together

The NAV Calculator inherits two libraries of behaviour — **Balances** and **Prices** — and combines them into the NAV layer.

{% stepper %}
{% step %}

#### Balance layer

For each tracked asset, the NAV Calculator collects the account's holdings from a set of registered **balance adapters**. A built-in `ERC20DefaultBalanceAdapter` reports plain wallet balances; protocol adapters report positions that are not visible as a simple `balanceOf` (Morpho supply shares, Aave aTokens, staked LP, reward accruals, …). Each adapter returns balance-only **`PositionBalance`** entries tagged with a machine-readable identity (the `protocolBrand`/`protocolId`/`protocolSubId` taxonomy, `positionId`, `positionKind`, `isLocked`).
{% endstep %}

{% step %}

#### Price layer

Each balance is priced by the asset's single **primary price feed** (Chainlink, Redstone, API3, or a custom composite adapter). Any additional trustworthy source is a **monitor feed**, read only to check the primary for divergence — never to price NAV. If the primary is stale, the asset is added to `NAV.stalePriceAssets` and the reading is flagged unreliable; if the primary diverges from a monitor (or, for stablecoins, strays from $1) beyond tolerance, the asset is added to `NAV.irregularPriceAssets` as a soft alert. If monitors are configured but **none of them was readable**, the divergence check could not run at all, and the asset is added to `NAV.monitorsUnhealthyPriceAssets` — so a clean `irregular` flag is never mistaken for a check that actually happened.
{% endstep %}

{% step %}

#### Aggregation layer

On each chain, the NAV Calculator prices every position and sums them into a **chain-local NAV** (`int256`, in the quote asset's decimals — 8 for USD). Debt positions subtract. The offchain **NAV Worker** collects per-chain values and sums them into the **global NAV** used for subscriptions and redemptions.
{% endstep %}
{% endstepper %}

<figure><img src="/files/sh0OGUhbuVfMevTiF9cw" alt="Flowchart: getAccountNav gathers balance-adapter positions, prices each, aggregates a per-chain NAV, and an off-chain worker sums healthy chains into a global NAV."><figcaption><p>NAV computation pipeline: balance adapters report positions, prices value them, the per-chain NAV is aggregated, and the off-chain worker sums chains into the global NAV.</p></figcaption></figure>

### Architecture

* A single **`NAVCalculator`** is deployed per chain as a UUPS proxy at a canonical CREATE2 address (identical across chains). It is **fund-agnostic** — one instance prices any account on that chain.
* It inherits the `Prices` and `Balances` registries, and delegates heavy registry mutations and read loops to external libraries (`NAVRegistryLib`, `PriceFeedLib`) to stay under the EIP-170 contract-size limit.
* Human-readable labels come from the NAV Calculator's own **verbose read methods** (`getAccountNavVerbose` / `getAccountPositionsVerbose`) — the label-enrichment path is inlined into the contract rather than split into a separate lens. There is no standalone lens contract.
* Chains where the funds hold positions: **Ethereum, Optimism, Arbitrum, Base, Gnosis** — the NAV is also live (canonical layer only) on 19 more chains. See [Deployment addresses](/funds/infrastructure/onchain-accounting/deployment-addresses.md).
* **License:** the contracts are released under **BUSL-1.1** (licensor KPK; converts to GPL-2.0-or-later on 2030-07-01), with a GPL-2.0-or-later exception for the bundled Uniswap V3 math libraries.

### Key contracts

| Component       | Contract                             | Purpose                                                                                                                                |
| --------------- | ------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------- |
| NAV Calculator  | `NAVCalculator` (UUPS proxy)         | Registers assets, feeds, and adapters; prices balances; returns chain NAV and positions, plus labelled `*Verbose` reads for dashboards |
| Default adapter | `ERC20DefaultBalanceAdapter`         | Reports plain wallet balances for every registered ERC-20 + the native token                                                           |
| Balance adapter | Various (plain & meta)               | Report protocol positions as balance-only `PositionBalance` entries                                                                    |
| Price feed      | Chainlink / Redstone / API3 / custom | Return a price and staleness signal per asset                                                                                          |

### Explore the section

<table data-view="cards"><thead><tr><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><strong>Contracts</strong></td><td>The NAV Calculator — the contract you read from.</td><td><a href="/pages/ak6r52XnPrtcv9I94JJf">/pages/ak6r52XnPrtcv9I94JJf</a></td></tr><tr><td><strong>Concepts</strong></td><td>Position identity and the stale-price / sequencer model.</td><td><a href="/pages/IDHZP5LmfUqUT9S04APr">/pages/IDHZP5LmfUqUT9S04APr</a></td></tr><tr><td><strong>Price feeds</strong></td><td>The 27 custom feeds and how prices are resolved.</td><td><a href="/pages/Myx8yVbXzc9sXEcD0YPP">/pages/Myx8yVbXzc9sXEcD0YPP</a></td></tr><tr><td><strong>Balance adapters</strong></td><td>The default + singleton adapters that locate positions.</td><td><a href="/pages/DUJjfVIW8kmMnZQjtppj">/pages/DUJjfVIW8kmMnZQjtppj</a></td></tr><tr><td><strong>Meta balance adapters</strong></td><td>One adapter per protocol, serving many instances.</td><td><a href="/pages/WVS5FrCAb7oPDpSaxXEw">/pages/WVS5FrCAb7oPDpSaxXEw</a></td></tr><tr><td><strong>Assisted balance adapters</strong></td><td>Permissionless, owner-fed adapters for positions not discoverable on-chain.</td><td><a href="/pages/5jla9uxBHtbur2nGloBe">/pages/5jla9uxBHtbur2nGloBe</a></td></tr><tr><td><strong>Deployment addresses</strong></td><td>Per-chain contract addresses for each chain.</td><td><a href="/pages/fIz7s9PU3bussEkJhewJ">/pages/fIz7s9PU3bussEkJhewJ</a></td></tr><tr><td><strong>Code examples</strong></td><td>Read NAV, positions, and prices in TypeScript / Python.</td><td><a href="/pages/38GRfyQJrH7sfAjMKAIq">/pages/38GRfyQJrH7sfAjMKAIq</a></td></tr></tbody></table>


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