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ETH 
SOL Core Points
The Solana Foundation launched Solana DvP (Delivery-versus-Payment Settlement) on Monday, an open-source, MIT licensed atomic settlement standard. The standard was developed with consulting support from J.P. Morgan. The Solana Foundation said that the plan replaces the organization's previous smart contracts tailored for each on-chain transaction by settling the two trading legs of assets and funds in an atomic transaction, otherwise they will not be executed.
Solana DvP has passed an external security audit and can be operated with real funds. However, there are currently no major banks that have committed to real-time transaction settlement through the platform.
DvP settlement mechanism explains in detail
Delivery-versus-Pay (DvP) settlement ensures that assets move simultaneously with their payments, thereby preventing either party from making payments without receiving payment, or delivering without receiving payment. Traditional markets handle this process through a multi-day chain of clearing houses and custodians. According to the Solana Foundation, Solana DvP compresses it into an atomic transaction and achieves final certainty in seconds.
How it works
This open source hosting program is released under an MIT license and provides APIs for atomic settlement, isolated hosting, and execution deadlines. It builds on Solana's SPL Token standard and Token-2022, and includes extended features used by regulators such as permanent delegation, suspendable token and transmission pegs. Any two parties can use any settlement agent (including a bank, custodian, or exchange) to settle through it.
Catherine Gu, head of digital asset products at the Solana Foundation, said: "Atomic settlement eliminates the counterparty risk inherent in traditional finance." Rhodel D'souza, head of digital asset markets at JPMorgan Chase, said the shared DvP open standard is "exactly the type of infrastructure needed by institutional market participants to operate at large scale." JPMorgan's role is limited to advising on settlement practices and requirements; the bank does not build, operate or endorse the project itself.
Solana's competitive landscape with Ethereum
The Solana Foundation described Solana's performance in its announcement as a "primary venue for tokenizing real-world assets," a statement that holds true in specific market segments rather than the entire market. Ethereum (ETH) still holds the largest share of the total value of tokenized real-world assets, while Solana has established a more solid position in tokenized stocks. As of early September, its share in this market segment reached 19.3%, up from 18.2% a year ago.
Background and Outlook
This release is based on previous collaboration: Earlier this year, JPMorgan Chase arranged a U.S. commercial paper offering on Solana through Galaxy Digital Holdings, created on-chain tokens and handled the delivery-versus-payment settlement of the single transaction. Solana DvP summarizes this approach as a reusable standard. However, the Solana Foundation said that no major bank has committed to real-time transaction settlement through the platform, and that the foundation is still recruiting design partners ahead of the release of full-scale production.
