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zeekayandHanzo Dev
70f6883235
A July commit removed eight papers on the premise "no license — DEX/non-custodial only". That premise is wrong: Lux operates an ATS, a broker-dealer, a transfer agent and a bank, and this material is resold at lux.financial. The merge that brought main in preserved the removal because the commit stated a reason, which is how a stale reason outlives the fact it rested on. Back, at the versions main carried — main never received the removal, so its copies are the later ones: the ATS architecture, the security-token standard, smart order routing, institutional custody, MPC custody, post-quantum securities, the SSB partnership and the CoinBridge brief. 83 files. Co-authored-by: Hanzo Dev <[email protected]>
73 lines
2.1 KiB
TeX
73 lines
2.1 KiB
TeX
\section{Settlement}
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\label{sec:settlement}
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\subsection{Atomic T+0 Settlement}
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Settlement occurs atomically on Lux EVM. A settlement transaction bundles the securities transfer and the payment transfer into a single atomic operation:
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\begin{lstlisting}[language=Solidity,caption={Atomic settlement contract.}]
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contract AtomicSettlement {
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function settle(
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address securityToken,
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address paymentToken,
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address seller,
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address buyer,
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uint256 securityAmount,
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uint256 paymentAmount,
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bytes calldata mpcSignature
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) external {
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require(
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verifyMPCSignature(
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keccak256(abi.encodePacked(
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securityToken, paymentToken,
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seller, buyer,
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securityAmount, paymentAmount
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)),
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mpcSignature
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),
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"invalid MPC signature"
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);
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IERC1400(securityToken).transferByPartition(
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DEFAULT_PARTITION,
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seller,
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buyer,
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securityAmount,
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""
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);
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IERC20(paymentToken).transferFrom(
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buyer, seller, paymentAmount
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);
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emit Settled(
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securityToken, seller, buyer,
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securityAmount, paymentAmount,
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block.timestamp
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);
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}
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}
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\end{lstlisting}
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\subsection{Settlement Finality}
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Lux consensus provides probabilistic finality within 1--2 seconds. For securities settlement, the ATS waits for deterministic finality (block confirmation) before updating the settlement status. The settlement timeline comparison:
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\begin{table}[H]
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\centering
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\caption{Settlement time comparison.}
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\label{tab:settlement}
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\begin{tabular}{lll}
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\toprule
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\textbf{System} & \textbf{Settlement Time} & \textbf{Counterparty Risk} \\
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\midrule
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Traditional equities (DTCC) & T+1 & Full during settlement period \\
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tZERO & T+0 (claimed) & Custodial during settlement \\
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Securitize Markets & T+1 to T+3 & Custodial during settlement \\
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INX & T+0 to T+2 & Custodial during settlement \\
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\textbf{Lux ATS} & \textbf{T+0 atomic} & \textbf{None (non-custodial)} \\
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\bottomrule
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\end{tabular}
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\end{table}
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