How it works

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The problem

Managing yield across multiple protocols requires custom infrastructure for every integration — its own accounting, permissions, failure handling, and timing logic. Existing vault standards don’t solve this: ERC-4626 handles synchronous operations but can’t track async flows, and ERC-7540 added async requests but remains all-or-nothing with no way to compose multiple sources.

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Three composable layers

Railnet standardizes yield management through three layers connected by STEAM — a standard interface that tracks every operation from creation through settlement, handling both instant and multi-day flows.

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Layer 1: Yield Sources

Protocols wrap their yield source in a STEAM adapter. Whether the protocol completes in one transaction (Aave, Morpho) or takes days to settle (Ethena, tokenized bonds), every operation follows the same lifecycle: create → process → settle. One integration makes the source composable with every Strategy and Conduit on the network. The protocol owns its adapter and updates it independently. On-chain implementation: Vehicle

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Layer 2: Strategies

Asset managers compose yield sources into managed allocations. A single Strategy can hold both synchronous and asynchronous sources — routing capital through priority queues, tracking every asset via sector-based accounting, and enforcing guardrails set by the Strategy owner. For complex operations not available as standard adapters — swaps, borrows, bridges, perps — asset managers can use Advanced Strategies via Specialized Vehicles. On-chain implementation: MultiVehicle

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Layer 3: Conduits

Platforms deploy a Conduit on any Strategy — or directly on a single Yield Source — to create a branded entry point for their users. Each Conduit has its own share token, fee structure, compliance controls, and automated settlement via Keepers. One Strategy can serve many Conduits simultaneously. Each platform gets its own configuration while the underlying strategy is shared — scaling distribution without fragmenting liquidity. On-chain implementation: Conduit

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What this replaces

Railnet serves the same function on-chain that fund administration platforms serve in traditional finance — standardized accounting, consolidated books and records, compliance enforcement, NAV calculation, and uniform operational workflows.

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Network effects

Each participant amplifies the others:

• Every new Yield Source adapter expands the composition space for every asset manager
• Every new Strategy gives platforms more products to offer their users
• Every new Conduit expands distribution reach for every strategy — without additional work from asset managers
• Greater capital flow incentivizes more protocols to integrate

The value of joining Railnet increases with every new participant at every layer.

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