What is a NAV oracle?

A fund's net asset value (NAV) is what its holdings are worth per share. A NAV oracle is a contract that publishes that number onchain so other contracts, such as lending markets, can use it.

What we check

Who writes it: a single key, the issuer's multisig, a single data provider, or an independent oracle network.
Where the number comes from: the issuer itself, or a fund administrator or custodian.
How fresh it is: the time since the last update compared with the expected cadence. Within cadence is on schedule, 1–3× is late, and more than 3× is stale.

Stable $1 tokens

Some funds keep the token at $1 and pay yield as new tokens. Lending markets often hardcode $1 for these. That works until the fund's real value drops below $1, and then nothing onchain notices.