Solana推出秒级结算银行交易的新工具

The Solana Foundation launches an open source settlement program to realize atomic settlement of institutional assets and payments.

The Solana Foundation recently released an open source settlement program-Solana DvP. The program allows financial institutions to exchange tokenized assets and make payments in the same transaction, and claims that the transaction can be finally settled in seconds.

Core mechanisms and JPMorgan's role

Solana DvP allows institutions to simultaneously settle asset transfers and payment transfers through a single atomic blockchain transaction. During this process, JPMorgan provided input on securities clearing practices, but was not involved in the design, operation, approval or endorsement of Solana DvP.

The system supports assets under the SPL Token and Token-2022 standard, including control functions currently used by regulated issuers. Before the foundation publicly announced the launch, Cantina audited the code and fixed four moderately serious security issues.

Technical principles: Atomic delivery and payment

"Delivery-versus-payment"(DvP) links the delivery of an asset to its corresponding payment. Under the Solana DvP architecture, both parties either complete settlement at the same time, or no transfer occurs to either party. The design is designed to replace the custom settlement contracts that institutions typically require when moving tokenized securities on public blockchains, shortening settlement times from days to seconds.

根据官方文档，每笔交易使用两个托管账户，分别用于存放资产和支付款项。每个参与者使用标准的代币转账指令将其部分交易资金存入托管账户。随后，由交易创建时指定的结算授权方签署结算指令。所有转移操作均在同一笔 Solana 交易内执行。如果完整交易无法完成，则没有任何一方发生所有权变更。

结算授权方可以是银行、托管机构、交易所或其他由交易双方选择的实体。一旦交易创建，支付目的地地址即被记录，授权方无法更改。在结算前，任一参与者均可收回其已注资的部分，而结算授权方有权取消交易。

此外，每笔交易可设定截止时间。文档指出，程序会在过期后拒绝结算，并可在指定最早时间之前阻止结算。

系统边界与局限性

需要注意的是，Solana DvP 并不提供完整的交易平台功能。它不包含订单簿、价格发现、撮合、轧差或部分成交等功能，也不执行 KYC（了解你的客户）或持有人资格检查。任何资格限制必须依赖于代币本身附带的安全控制措施。

DvP 交易的两侧必须是 Solana 上的代币账户。如果其中一侧使用现有的链下支付通道，程序将无法对该侧进行原子化结算，需单独进行对账处理。

合规性与风险控制

Solana DvP 兼容原始 SPL Token 标准和 Token-2022 标准，允许结合这两种系统创建的资产进行交易。基金会表示，程序支持 Token-2022 的某些特性，如永久代理、可暂停代币和传输挂钩等，这些控制功能可由需要限制、冻结或管理代币转移的发行商使用。

然而，并非所有 Token-2022 配置都受到支持。技术文档指出，使用 TransferFee（转账费）、InterestBearing（计息）、ScaledUiAmount（缩放数量）或 NonTransferable（不可转让）扩展功能的代币，在创建或结算交易时将被拒绝。

该程序并未消除资产本身的风险。虽然原子化结算消除了交易对手方一方交付而另一方违约的风险，但并未消除发行商的信用风险或赎回风险。冻结权限持有者可冻结托管账户，暂停权限持有者可停止转移，永久代理也可根据代币规则对托管代币进行操作。

安全审计与市场反应

Cantina completed an external security review of the DvP program. The audit results showed that a total of 21 issues were found, of which four were medium risks, six were low risks, and 11 were informational reminders. All four medium-risk issues were fixed before release. Cantina verified the foundation's fix for a medium-level risk that funds on the other side of the transaction could not be recovered due to the closure of the token foundry; another issue involving token accounts that require a transaction memorandum that could cause settlement to fail has also been fixed by updating the program to add support for the required memorandum instructions.

The Solana Foundation said the DvP has passed an external security audit and is "ready to be used for real money." At the same time, the foundation is still recruiting design partners and early participants, has not yet announced a release date for the production environment, nor has it disclosed that institutions use the standard for real-time commercial settlements.

Privacy aspects still need to be improved. The current system only settles the number of publicly disclosed tokens, even for assets that support Confidential Transfer extensions. The foundation said it plans to launch the confidential settlement function in a future version, but did not give a specific release time.

Market performance and ecological development

Despite the above announcement, SOL prices did not show significant independent fluctuations. As of October 6, SOL was trading close to $120.93, down about 0.8% in 24 hours and up about 1.8% in 7 days. Solana has a market value of approximately US$71.15 billion, with 24-hour trading volume of approximately US$2.55 billion.

In the real-world asset (RWA) space, the Solana Network has accumulated billions of dollars in tokenized assets. Previous data showed that the network had held approximately $4.23 billion in distributed RWA value, including products from institutions such as BlackRock, Franklin Templeton, VanEck, Circle, Ondo and WisdomTree. In addition, State Street and Galaxy are also using the network to develop institutional tokenized cash products.

Currently, Solana DvP is accessible through the Markets module of the developer platform. As more institutional users join, the Solana ecosystem is accelerating its move towards institutional financial infrastructure.