Solana launches new tool to accelerate institutional trading

Securities trading requires simultaneous actions by both parties

When institutions purchase tokenized bonds, fund shares, or other digital assets, buyers and sellers are often reluctant to take the lead. The buyer needs to obtain the assets before paying, and the seller needs to receive the payment before transferring the assets.

Traditional markets solve this problem through clearing houses, custodians and custodians. Although these controls reduce settlement risk, funds can be occupied for a day or two during the ownership and payment confirmation process.

On October 6, the Solana Foundation announced Solana DvP (Voucher Payment), an open source hosting program for delivery and payment settlement. The program is designed to put both parties to a transaction on the chain into custody and then exchange it through a single transaction.

Settlement process

First, both parties reach an agreement on assets, payment amount, authority and deadline. Subsequently, each party used the token to inject funds into their respective escrow accounts. The designated authorized party completes two transfers through one transaction. If this cannot be done, the exchange will not happen.

This "all-or-nothing" result is called atomic settlement. Catherine Gu, director of digital assets products at the Solana Foundation, described the process as "the single open standard in the Solana ecosystem" and its finalization takes seconds rather than days.

Shared process can replace a one-time settlement system

一旦双方能够共同结算，下一个问题就是每个机构是否都必须从头构建该流程。Solana DvP被设计为可重用的代码，允许银行、托管机构、交易所或交易场所集成一种通用的托管模型。

该程序支持SPL Token和Token-2022资产，包括发行人所需的转移和控制功能。这些功能可能有助于机构运营代币化资产，同时让发行人保留在交易结算前对手方需要评估的权力。

技术文档详细说明了工作流程。各方记录条款，通过常规代币转账向各自的独立托管账户注资，然后由结算授权方签署交换两笔腿的交易。任何能够发送标准代币转账的钱包或托管机构都可以为一个环节注资，而无需构建单独的DvP功能。

这种便利性并不能消除验证的需求。任何人都可以创建交易记录，因此各方在注资到任一托管账户之前，需要检查存储的资产、金额、目标地址、过期时间和结算授权方。

JPMorgan提供了输入，但未承诺使用该程序

JPMorgan的角色是最容易被夸大的一部分。在该程序开发过程中，摩根大通为Solana基金会提供了关于机构结算实践和要求方面的意见。

“我们很高兴贡献我们的结算专业知识。”——摩根大通市场数字资产负责人Rhodel D’Souza表示。

Solana's statement stated that JPMorgan did not design, develop, operate, approve, endorse or warrant the Solana DvP. The announcement shows the bank contributed settlement expertise; however, it does not confirm that JPMorgan has deployed the program or used it in actual institutional transactions.

Faster settlement depends on what is inside the transaction

The promised speed only applies if both parties to the transaction are tokens on Solana. If the cash payment remains in the traditional bank account, it will follow a separate settlement process and will still need to be reconciled after the fact.

Settlement authorizers remain important

A third-party address named when creating a transaction must sign the final transaction. The process does not independently determine when to settle.

Token control remains in effect

Issuers with suspend, freeze, or permanent delegation powers can still influence the tokens held in escrow accounts.

Legal finalization requires a separate agreement

Finalized blockchain transaction confirms the transfer on Solana. Whether this also resolves the parties 'legal obligations depends on their contracts and the rules governing the transaction.

Trading terms and token controls are only part of due diligence. Agencies will also need to evaluate the process itself, which is documented as upgradable on the main web, and includes their audit history and governance structure around future changes. The external audit of the process provided part of the review.

接下来的证据将来自常规使用

Solana已经拥有代币化资产活动，尽管市场仍然集中。我们对Solana的RWA和支付增长的分析发现，相对较少的发行商和场所占据了大部分活动。共享的结算程序可以使更多公司更容易参与，但它并不会创造机构交易所需要的代币化资产、支付代币和法律协议。

Solana基金会表示，该程序已通过外部审计，可以在寻求更广泛生产推广的设计合作伙伴之前，使用真实资金进行测试。下一个有意义的证明将是知名机构的重复交易，其中代币化资产、链上支付和明确定义的结算授权方协同工作。

目前，Solana DvP为机构提供了他们可以针对特定任务测试的代码：在不让任何一方先行动的情况下，用代币化资产交换链上支付。