> ## Documentation Index > Fetch the complete documentation index at: https://docs.railnet.org/llms.txt > Use this file to discover all available pages before exploring further. # Ecosystem > How asset managers, platforms, issuers, and protocols connect through Railnet Now that you've seen how the building blocks fit together, here's who uses them and why. Railnet is a multi-sided network. Its value grows as more participants join — each new yield source expands the composition space for every manager, and each new platform expands distribution for every strategy. Four types of participants connect through the protocol. ## Asset managers Asset managers are the cornerstone of the Railnet ecosystem. They operate [Strategies](/strategies/index) — allocating capital across yield sources, rebalancing positions, and managing deposit and redemption flows. This group includes crypto-native firms with demonstrated risk management at scale and forward-looking traditional asset managers looking to distribute their strategy onchain. **Why they participate:** * One interface for every yield source — DeFi and real-world assets speak the same [STEAM](/developers/contracts/steam-standard) language * On-chain books and records eliminate off-chain reconciliation * Built-in distribution — strategies reach every platform on the network via [Conduits](/conduits/index) * Focus on portfolio construction and risk management, not integration engineering Deploy and operate Strategies with step-by-step guides. ## Platforms Platforms include exchanges, wallets, custodians, fintechs, and fund allocators. They seek diversified yield beyond the crypto "risk-free rate" of staking. Railnet gives platforms access to managed strategies that combine DeFi and real-world assets within a single on-chain fund. Platforms deploy [Conduits](/conduits/index) to distribute strategies to their users with custom fees, compliance controls, and branded shares. **Why they participate:** * Access any strategy and yield source available on the railnet infrastructure without bilateral integrations * Custom fee structures with flexible revenue distribution * Built-in compliance: allowlists, blocklists, sanctions oracle support, and configurable transfer modes * Automated operations — keepers handle async settlement so end users get a seamless experience Deploy Conduits, configure fees, and distribute strategies. ## Real-world asset issuers Asset issuers — including tokenization platforms, exchanges entering tokenized securities, and traditional financial institutions — benefit from broader distribution of their assets across strategies and products. STEAM models off-chain lifecycle constraints on-chain: settlement windows, KYC gates, redemption cutoffs, and repayment events. This makes tokenized assets composable with DeFi protocols within the same Strategy. **Why they participate:** * Additional distribution channel for tokenized products * STEAM explicitly models real-world timing constraints (T+1 settlement, 30-90 day lock-ups, multi-year redemption periods) * Reach asset managers and platforms across the network through a single adapter integration ## DeFi protocols Dominant protocols in each DeFi category build and maintain their own Railnet adapters. Protocols own their integration lifecycle — updating it as their core logic evolves, without depending on a central team. **Why they participate:** * One adapter integration reaches every asset manager and platform on the network * Railnet brings additional capital flow from managed strategies, not just individual depositors * Adapter ownership means the protocol controls its own integration Build a STEAM-compliant adapter for your protocol. ## How participants connect Each group amplifies the others: more yield sources mean more composition options for asset managers, better strategies attract more platforms, and more platforms expand distribution for every strategy. The result is a composable value chain where protocols, managers, platforms, and issuers each benefit from the others joining the network.