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

# Accountable NAV

### Cryptographically Verified NAV

Accountable NAV is a continuously verified net asset value feed for onchain protocols, vault managers and tokenized products. 

NAV calculation runs continuously from live positions and applied pricing rules. Every data acquisition step produces a cryptographic attestation, and every transformation is recorded in an append-only tamper-evident ledger. All sensitive data like API keys, wallet addresses or other authentication credentials remains within the controlled environment.

### Key Benefits

* **Real-time onchain feed with cross-check safety:** Live balances marked to market, cross-checked with a trade-reconstructed Shadow NAV
* **Continuous solvency proof with circuit breakers:** Real-time proof of assets and liabilities with configurable protections
* **Verifiability without disclosure:** Publish onchain NAV backed by zero-knowledge proofs without disclosing the underlying portfolio

### How Accountable NAV works?

Accountable NAV is built on a dual-method validation architecture. Two complementary calculation paths run in parallel and cross-validate each other to produce deterministic financial truth.

<figure><img src="/files/VRymJXhnHgpfHvv0YTBv" alt=""><figcaption></figcaption></figure>

* **Balance-based NAV:** Position balances are retrieved from connected sources, marked to market using the active pricing rules for each instrument, and aggregated into a total portfolio value. Liabilities, accrued fees, and other deductions are applied in a custom layer to derive NAV.
* **Trade-Reconstructed NAV / Shadow NAV:** Starting from a verified opening balance, all subsequent transactions are processed in sequence: trades, transfers, deposits, withdrawals, fee deductions, corporate actions. This path serves as an independent verification of the balance-based calculation.

Discrepancies between the two paths are flagged and routed to a reconciliation workflow. In a correctly operating system the two paths converge to the same figure. Persistent discrepancies indicate a missing transaction record, an incorrect opening balance or a data integrity issue.

### Primary Usages

* **Oracle source for secondary markets:** Powers verified share prices for collateral listings (Euler, Curvance) and downstream DeFi integrations.
* **NAV publishing into vaults:** Writes verified asset values into our vaults and partner vaults (Lagoon, K3, Tori, OpenDelta, Agora).

### Verifiability and Data Integrity

A published onchain NAV figure may carry a TEE attestation for the computation, a ZK proof for privacy-preserving external verification, zkTLS attestations on individual source data points, and an onchain transaction hash providing immutability. Any verifier with access to the proofs can independently confirm the entire lineage.

For the full 10-level trust hierarchy, see [Data Verification Network (DVN)](/accountable-documentation/data-verification-network-dvn.md).

### Data Feed Protections

Published data feeds, including NAV feeds consumed by onchain oracles, are subject to multiple automated protection layers guarding against both technical failures and operational issues, implemented in two separated code-bases for safety redundancy.

### Onchain NAV Publication via Oracles

NAV figures and redemption rates computed by the platform are made available via authenticated API data feeds suitable for onchain oracle networks. The API source is the secure enclave node, and published figures carry the full attestation chain of the underlying computation.

The data that ends onchain might be stripped of details, but can be linked to the original proof structure published that, alongside the NAV, includes:

* The collateralization ratio (reserves divided by liabilities)
* The net position (reserves minus liabilities)
* Merkle sum-tree roots for verifiable aggregation and inclusion checks
* ZK proofs over both the assets and liabilities totals

Any third party can verify data integrity and inclusion checks in a zero-knowledge fashion using the published Merkle proofs.

The onchain NAV feed connects to consumers through two possible channels:

* **Oracle network integrations:** The platform's API endpoint is configured as a data source for the connected oracle network.
* **Direct onchain publication:** For deployments where oracle network dependency is undesirable, such as publishing the NAV in an Accountable Vault, the platform supports direct onchain publication by a designated signing key that is attested to the enclave. The smart contract consuming the NAV verifies that the published value was signed by the expected enclave key before accepting it.

### Tokenized Product Infrastructure

For funds that have issued tokenized shares, the onchain NAV feed enables the full share lifecycle to be executed onchain with minimal trust assumptions:

* **Subscription:** The subscription contract reads the current NAV from the oracle feed, computes the number of shares to issue at the current NAV per share, and mints the corresponding token quantity to the subscriber's wallet.
* **Redemption:** The redemption contract reads the current NAV, computes the redemption proceeds, burns the tokens, and initiates the payment.
* **NAV per share tracking:** The NAV per share is published onchain continuously, enabling token holders, secondary market participants, and DeFi protocols to read the current value of fund tokens without relying on offchain data.
* **Secondary market pricing:** AMMs or order books for secondary market trading of fund tokens can use the onchain NAV as a price anchor, enabling trading at or near NAV rather than at prices disconnected from fund value.


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:

```
GET https://docs.accountable.capital/accountable-documentation/accountable-nav.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.