> For the complete documentation index, see [llms.txt](https://docs.taler.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.taler.finance/overview/what-is-taler.md).

# What is Taler

Taler is vault infrastructure for curated on-chain yield.

It provides the smart contract framework that teams use to deploy, operate, and integrate non-custodial, curator-managed vaults. Curators build on Taler's standardized infrastructure for deposit mechanics, share accounting, redemption flows, fee logic, and permission systems.

***

## What Taler Provides

Every credible on-chain vault needs the same core components:

* a deposit asset and share token
* NAV and share price calculation
* a defined redemption flow
* fee accounting and distribution
* permissioned strategy execution
* valuation adapters for yield positions
* operational safety controls
* clear integration paths for frontends and partners

Taler standardizes all of these so curators focus on strategy.

***

## The Division of Responsibility

A Taler-powered vault has three distinct layers:

| Layer              | Who      | Responsibility                                                                      |
| ------------------ | -------- | ----------------------------------------------------------------------------------- |
| **Infrastructure** | Taler    | Deposits, share issuance, accounting, redemptions, fees, execution controls, safety |
| **Strategy**       | Curator  | Where to allocate, which markets to use, how to manage risk                         |
| **Distribution**   | Partners | Wallets, Earn interfaces, dashboards, aggregators                                   |

Users deposit assets into a vault and receive shares. Curators manage the vault's strategy within configured constraints. Taler enforces the mechanics underneath.

***

## What is TalerOS?

TalerOS is the protocol layer that powers Taler vaults.

It is a modular system of smart contracts that coordinates everything required to run a curator-operated vault:

* **Vault:** main contract for deposits, redemptions, and configuration
* **ShareToken:** ERC20 token representing proportional vault ownership
* **Accounting:** calculates NAV and share price via supported adapters
* **AccountingLens:** adapter and position discovery helper for frontends and integrations
* **AsyncRedemptionModule:** handles redemption requests, epoch settlement, and claims
* **ExecutionGateway:** routes approved strategy actions through Zodiac Roles Modifier
* **FeeModule:** manages multi-recipient fee accrual and distribution
* **AdapterRegistry:** tracks approved valuation adapters
* **OracleMiddleware:** standardizes oracle price-feed access
* **VaultFactory:** deploys and wires vault systems

***

## Design Principles

TalerOS is built around five core properties:

**Non-custodial.** Assets are held by vault smart contracts. No Taler infrastructure holds user funds.

**Clear accounting.** Vault value is calculated through defined, on-chain valuation logic using audited adapters and oracle feeds.

**Controlled execution.** Strategy actions pass through Zodiac Roles Modifier before reaching the vault. Each action is validated against a curator-configured permission set.

**Modular adapters.** New yield sources can be supported by adding new valuation adapters, without changing core vault contracts.

**Structured redemptions.** Redemptions follow a request → settlement → claim flow, giving the vault time to handle liquidity and accounting correctly.

***

## Current Scope

Taler is currently deployed on Ethereum Mainnet. The architecture is designed to expand to additional chains in future versions.

These docs cover the Ethereum Mainnet deployment.


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