The mechanism of asymmetric hydroformylation generally involves several key steps: coordination of the alkene to the metal center, migratory insertion of the alkene into the metal-hydride bond, CO insertion to form an acyl complex, and finally, reductive elimination to release the aldehyde product and regenerate the catalyst. The chiral environment provided by the ligand influences each of these steps, leading to the preferential formation of one enantiomer over the other.