Managers

Overview

Managers operate Aleph Vaults and offer yield strategies to Restakers, leveraging proprietary expertise to generate returns. Each Vault has a single Manager responsible for executing yield strategies on the LST held in that Vault. Managers have discretion over how capital is deployed - the Vault infrastructure handles accounting, settlement, and restaker interactions.

NAV Settlement

The NAV reflects the current value of Vault assets and determines the price at which deposits and redemptions settle.

Before settlement, Managers calculate NAV based on the current value of Vault assets. When ready to settle, they submit the NAV to the Oracle, which posts it on-chain with the Manager's signature. This signature attests to the accuracy of the reported value. The Oracle posts NAV updates on-chain to Vault contracts, enabling settlement of deposits and redemptions.

The Vault contracts read from the Oracle to determine share pricing for all settlement operations.

Evaluation

Managers are identified and whitelisted. Their performance is visible through NAV history, and their signed attestations create an auditable trail. Restakers and Operators can evaluate Managers based on track record before allocating capital.