NAV Oracle
A tokenized fund, a yield vault, or a structured position onchain needs a per-share value that a smart contract can trust at every block. That value is Net Asset Value: the worth of the portfolio behind each token, computed from the holdings themselves. DIA Fundamental Feeds compute NAV from resolved onchain state and deliver it as a verifiable feed. For holdings that originate offchain, attestations are relayed onchain and cryptographically verified via DIA ZK.
The Per-Share Value Everything Downstream Depends On
Net Asset Value is the oldest pricing primitive in fund management: assets minus liabilities, divided by shares outstanding. In traditional finance a fund administrator strikes it once a day, and every subscription, redemption, and collateral decision runs on that number.
Onchain, the same number is needed at every block. Lending markets use it to decide how much can be borrowed against a vault token. Liquidation engines use it to decide which positions are solvent. Redemption contracts use it to determine what a withdrawing depositor receives. A wrong NAV misprices everything downstream: set it too high and bad debt accumulates; set it too low and solvent positions get liquidated.
The problem is not the arithmetic. It is resolving what the portfolio behind each share is actually worth, reliably and continuously, when the holdings span multiple contracts, strategies, and vault layers.
Where Naive NAV Fails
Two approaches dominate, and both reintroduce a trust dependency the computation itself does not require. Reading a vault's own convenience call trusts a single-block, single-source number that EIP-4626 itself warns is manipulable. Trusting an issuer-reported figure transports a number onchain without verifying the portfolio behind it. The incidents below show what each shortcut costs.
Cream Finance: $130M lost when a flash-loan donation doubled a vault's per-share value and the oracle read it as collateral (Oct 2021)
Sonne Finance: $20M drained via the classic first-depositor rounding attack on an empty ERC-4626 market (May 2024)
Stream Finance: $93M loss masked by an opaque, self-reported NAV, triggering $285M+ of contagion across curators (Nov 2025)
EIP-4626 warns its own preview methods are "not always safe to be used as price oracles"
Nested vaults where a single convertToAssets() trusts another convertToAssets(), compounding manipulation surface
Offchain fund NAV struck daily by an administrator and trusted on delivery without independent verification
How DIA Computes NAV
Computed From Resolved Contract State
DIA Fundamental Feeds compute NAV from onchain portfolio state: assets minus liabilities, divided by total supply. No issuer report. No single contract call trusted at face value. For each asset, more than ten independent feeders resolve the underlying positions directly from contract state, then submit their readings to Lasernet, DIA's purpose-built ledger for fundamental data. An aggregator consolidates those readings into one canonical value, and a messaging layer delivers it to every chain where the token is used. Consensus across independent feeders is what makes the feed resistant to single-block manipulation: no single reading, no single source, no single block moves the price.
Attestation Relayed Onchain, Verified via DIA ZK
Where holdings originate offchain, such as custodied treasuries or fund balances, attestations are relayed onchain and cryptographically verified via DIA ZK. The trust boundary at the custodian remains. The delivery channel becomes verifiable. This is the same onchain/offchain split DIA uses for Proof of Reserves: for holdings with deterministic onchain state, no trust dependency exists; for offchain holdings, the attestation channel is made continuously checkable rather than opaque.
NAV Approaches Compared
Price feed data source
What is publicly proven
Onchain vault handling
Offchain fund handling
User's trust assumption
Vault's own convertToAssets()
Nothing: reads raw state
One source, one block, one call
It is not applicable here
Trust the contract call
Fund administrator's calculated NAV
Origin and transit integrity only
Treated as offchain regardless
Admin calculates, oracle delivers
Trust administrator and cadence
Resolved onchain portfolio state
Computation is onchain, auditable
Consensus from contract state
Attestation relayed, ZK-verified
None onchain; verifiable offchain
Live Across the Institutional DeFi Stack
DIA NAV feeds are live on the lending and vault platforms where per-share valuation is a collateral-critical input. Morpho's MetaMorpho vaults are the strongest proof: each vault is a book of positions across multiple Morpho Blue markets, each with its own collateral and health. DIA resolves the underlying book, not a single top-level call.
Euler: vault share pricing for lending collateral
Morpho: MetaMorpho vault NAV resolved across nested positions
Silo: isolated lending market vault pricing
Hydration: cross-chain vault pricing on Polkadot
Verifiable NAV, From Portfolio State
If your protocol prices vault tokens, structured positions, or tokenized fund shares, talk to us about a NAV feed computed from the holdings themselves.
